According to the latest report by IMARC Group, titled, “Marine Adhesive Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global marine adhesive market size reached US$ 454.6 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 595 Million by 2028, exhibiting a growth rate (CAGR) of 4.53% during 2023-2028.
Marine adhesive represents a specialized type of glue that is usually formulated for use in marine environments. It is an essential element for various maritime applications where sealing, waterproofing, and bonding are necessary. Marine adhesive is specifically designed to survive the harsh circumstances seen in environments, including continuous exposure to humidity, very high or low temperatures, and the corrosive effects of seawater. It preserves its bonding strength even when exposed to or immersed in moisture. Marine adhesive shields the connected surfaces from water damage by averting water penetration and maintaining its tight connection. It produces a long-lasting and reliable seal that stops leaks from entering important marine construction or vessel spaces. Marine adhesive is extensively utilized for fiberglass, composites, metals, plastics, wood, and other materials.
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Marine Adhesive Market Trends and Drivers:
The growing offshore exploration and the inflating need for vessel modernization and maintenance are primarily driving the marine adhesive market. Additionally, the rising usage of this type of glue in shipbuilding applications, including deck bonding, hull bonding, panel bonding, and structural bonding, is further bolstering the market growth. Besides this, the widespread adoption of marine adhesives to produce lightweight materials and fuel-efficient solutions is acting as another significant growth-inducing factor. Moreover, they offer an alternative to traditional mechanical fastening methods, thereby allowing for lighter-weight designs and improved fuel efficiency. Apart from this, the introduction of marine adhesives with superior performance characteristics, such as excellent resistance to salt, chemicals, water, and UV radiation, is also positively influencing the global market. Furthermore, the development of product variants that are free from volatile organic compounds (VOCs), hazardous substances, and heavy metals is anticipated to fuel the marine adhesive market over the forecasted period.
Marine Adhesive Market 2023-2028 Competitive Analysis and Segmentation:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- 3M Company
- Bostik SA
- Gurit AG
- B. Fuller Company
- Henkel AG & Co. KGaA
- Huntsman International LLC (Huntsman Corporation)
- Illinois Tool Works
- Parson Adhesives Inc.
- Scott Bader Company Ltd.
- Sika Services AG (Sika AG), etc.
The report has segmented the market based on resin type, substrate, application, and end use.
Resin Type Insights:
- Deck Systems
- Panel Bonding
End Use Insights:
- Cargo Ships
- Passenger Ships
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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