The Marine Adhesives Market Is Estimated at USD 371.9 Million in 2017 and Is Projected to Reach USD 466.2 Million by 2022, at a CAGR of 4.6% from 2017 to 2022

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Dec 05, 2017, 02:33 ET

NEW YORK, Dec. 5, 2017 /PRNewswire/ -- The marine adhesives market is expected to grow at a CAGR of 4.6% from 2017 to 2022

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The marine adhesives market is estimated at USD 371.9 million in 2017 and is projected to reach USD 466.2 million by 2022, at a CAGR of 4.6% from 2017 to 2022. The market is mainly driven by factors such as increased demand for marine adhesives to bond substrates such metals, plastics, composites in place of conventional fasteners to enable reduction in weight of vessels, rising demand for recreational and passenger vessels from emerging countries, as marine adhesive bonds provide safety, and due to the ease of application, there is an increasing demand for glazing and panels in new ships

Based on resin type, the epoxy segment is projected to lead the marine adhesives market during the forecast period

The epoxy segment is expected to lead the marine adhesives market during the forecast period. Epoxy-based marine adhesives have different properties, which include rigid bonding, room temperature or heat cure capability to fill large gaps, and very high strength and chemical resistance. These adhesives offer excellent resistance to oil, moisture, and many solvents. Epoxy resins are one of the most versatile materials available for boat repair and construction.

Asia-Pacific backed by the demand from South Korea, China, and Japan to lead the marine adhesives market

China has been driving the marine adhesives market not only in the Asia-Pacific but also globally due to the rapid expansion of manufacturing abilities and increasing global orders. The global shipbuilding industry is expected to be led by the Asia-Pacific and particularly by China, South Korea, and Japan during the forecast period due to cheaper wages, strong government backing, and strong forward & backward linkage industries. The top five shipbuilding groups of 2016 in terms of order book value are Hyundai Heavy Industry (South Korea), Daewoo Shipbuilding (South Korea), China State Shipbuilding Corp. (China), Samsung Heavy Industry (South Korea), and Imabari Shipbuilding (Japan) which are present in the Asia-Pacific.

The Asia-Pacific accounts for over half of the world's population, making it an important region for global trade and commerce. Rapid developments in the marine adhesives technology in countries such as China, India, Indonesia, Thailand, and Malaysia is expected to fuel the growth of the Asia-Pacific Marine adhesives market during the forecast period.

Breakup of primary interviews:
• By Company Type - Tier 1 – 41%, Tier 2 – 33%, and Tier 3 – 26%
• By Designation - C level – 35%, D level – 36%, and Others – 29%
• By Region - Asia-Pacific – 29%, Europe – 27%, North America – 26%, South America – 10%, and the Middle East & Africa – 8%

Key companies profiled in this report are Henkel (Germany), 3M (U.S.), Sika (Switzerland), ITW (U.S.), Huntsman (U.S.), H.B. Fuller (U.S.), Ashland (U.S.), Bostik (France), LORD Corporation (U.S.), Scott Bader (U.K.), MAPEI (Italy), Permabond (U.K.), SCIGRIP (U.S.), WEICON (Germany), Gurit (Switzerland), Master Bond (U.S.), Parson Adhesives (U.S.), Anabond (India), HYBOND (U.K.), SABA Dinxperlo (The Netherlands), Chemique Adhesives & Sealants (U.K.), Riëd B.V. (The Netherlands), Hernon Manufacturing (U.S.), Engineered Bonding Solutions (U.S.), and Gougeon Brothers (U.S.).

Research Coverage

The marine adhesives market report covers segmentations, which include by resin type (epoxy, acrylic, polyurethane, and others), by substrate (metals, composites, plastics, and others), by vessel (cargo ships, passenger ships, boats, and others), and by application (deck system, glazing system, panel bonding, and others). The application segments have been further analyzed for each country across regions.

Reasons to buy the Report

From an insight perspective, this research report has focused on various levels of analyses—industry analysis (industry trends), market share analysis of top players, benchmarking analysis, and company profiles, which together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments of the marine adhesives market, high-growth regions, and market drivers, restraints, and opportunities.

The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on marine adhesives offered by the top players in the global marine adhesives market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the marine adhesives market
• Market Development: Comprehensive information about lucrative emerging markets – the report analyzes the markets for marine adhesives across regions
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the global marine adhesives market
• Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of the leading players in the global marine adhesives market

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