Marine Adhesives Market - Forecast(2023 - 2028)

Marine Adhesives Market Overview

The Marine Adhesives Market size is estimated to reach US$540.3 million by 2027 after growing at a CAGR of 5.9% during the forecast period 2022-2027. Marine adhesives are mechanical sealants that are used for blocking the fluid passage as these adhesives pose superior flexibility, durability, better performance, UV resistance and effectiveness for marine and water applications. Various adhesives based on epoxy, polyurethane, silicone rubber sealant, acrylic and others have a growing demand for applications in the repairing of ships, commercial ships, passenger ships, cargo and others, which acts as a driving factor in the marine adhesives market. In addition, rising production for passenger and commercial ships and seawater activities and interregional trade activities are propelling the growth of the marine adhesives industry. The covid-19 outbreak disturbed the functioning and growth of the marine adhesives market size due to the closure of marine and offshore production and a halt in ship manufacturing, logistics disruptions and supply chain issues. However, with recovery and an established base for the maritime sector post-pandemic, the applications of marine adhesives are rising, thereby offering major demand in the market. Thus, the Marine Adhesives industry is anticipated to rise during the forecast period.

Report Coverage

The “Marine Adhesives Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Marine Adhesives Market.

Key Takeaways

• Asia-Pacific dominates the Marine Adhesives Market, owing to growing sea-borne trading activities and projects, maritime transportation, defense marine projects and expansion of the shipbuilding activities in APAC, thereby boosting the growth of the Marine Adhesives industry.
• The growing cargo ships sector offers flourishing demand in the Marine Adhesives industry owing to rise in the commercial shipping and trade activities, thereby boosting the applications of marine adhesives for deck systems, panel systems, boat frames and others.
• The demand for polyurethane resin type for Marine Adhesives is rising due to its advantageous features over silicone rubber sealant, epoxy, acrylic and others for resistance, durability, long-term finishing and performance, thereby boosting the growth in the market.
• However, toxicity associated with the high volatile organic compounds (VOC) based adhesives poses a major environmental threat, thereby creating a major challenge in the Marine Adhesives market.

Figure: Asia-Pacific Marine Adhesives Market Revenue, 2021-2027 (US$ Million)

Marine Adhesives Market Segment Analysis – by Resin

Polyurethane held the largest share in the Marine Adhesives Market share in 2021 and is forecasted to grow at a CAGR of 5.8% during the forecast period 2022-2027. The demand and applicability of the polyurethane resin in the marine adhesives industry are high compared to other resin types due to its superior advantages such as unrivaled resistance, long-lasting finish and better adhesion compared to acrylic and epoxy types. Due to its superior advantages over other types, the demand for polyurethane resin for marine adhesives is growing for applications in deck bonding, hull, below the waterline, glass window bonding and others. In addition, the growing maritime trading and seaborne trading activities are influencing the growth of marine adhesives. Thus, with comparatively beneficial and superior advantages of polyurethanes in marine over other resin types, the polyurethane resin segment is anticipated to grow rapidly during the forecast period.

Marine Adhesives Market Segment Analysis – by End-Use Industry

The cargo ships segment held a significant share in the Marine Adhesives Market share in 2021 and is forecasted to grow at a CAGR of 6.3% during the forecast period 2022-2027. The marine adhesives are widely used in cargo ships for above and below the waterline, repair, sealing, bonding and others. The cargo ships sector is flourishing rapidly owing to factors such as a rise in commercial shipping activities, sea-trading projects and growing maritime transportation for goods import and export. For instance, according to the United Nations Conference on Trade and Development (UNCTAD), the commercial fleet grew by 63 million DWT between January 2020 and January 2021. The general cargo ships fleet rose from 4,616.4 thousand DWT in 2015 to 6,333 thousand DWT in 2020 for China. According to BIMCO, the production orders for cargo container ships grew by 119% in the first five months of 2021 compared to 2020. With an increase in various cargo ships production and shipbuilding trends, the applications of marine adhesives for the hull, deck panels, bonding, boat frames and others in commercial ships are rising, which in turn is anticipated to boost the Marine Adhesives market size in the cargo ships sector during the forecast period.

Marine Adhesives Market Segment Analysis – by Geography

The Asia-Pacific region held the largest share in the Marine Adhesives Market share in 2021 up to 41%. The robust growth of marine adhesives in this region is influenced by surging seawater or marine trade activities and rapid growth in the shipbuilding sector. The marine sector is rapidly flourishing in Asia-Pacific owing to factors such as growing sea trade, rise in port activities and established marine shipbuilding production facilities in major countries such as China, Indonesia, India and others. For instance, according to the China State Shipbuilding Corporation (CSSC), the marine vessel newbuilding and equipment orders accounted for worth US$1.9 billion in China, with construction orders for 8 marine vessels and 8 marine equipment projects in December 2021. According to United Nations Conference on Trade and Development (UNCTAD), the shipbuilding in Indonesia accounted for 36,388 GT in 2020 and a rise of 6.7% for the national fleet capacity in 2020 over 2019. With the increase in marine production and shipbuilding activities, the demand for marine adhesives for various applications in deck systems, exterior seals, boat frames and others is rising, which in turn is anticipated to boost the Marine Adhesives industry in Asia-Pacific during the forecast period.

Marine Adhesives Market Drivers

Surging Sea Trade Activities & Projects:

Global maritime transportation and trade activities are growing rapidly. Marine Adhesives are widely used in passenger ships, cargo ships, offshore ships and others for application in deck systems, panel systems, glass window glazing, under the waterline and others. The maritime transportation and shipbuilding sector is flourishing rapidly owing to factors such as rising sea trading, technological advancements and growth in marine recreational and commercial activities. For instance, according to the United Nations Conference on Trade and Development (UNCTAD), the annual growth in the marine trade was estimated to grow at 4.3% in 2021 after a contraction of 3.8% in 2020. Furthermore, an increase in projects for sea- trading and ports are influencing the growth. According to the India Brand Equity Foundation (IBEF), the total cargo capacity of all Indian ports rose from 1399.99 MTPA in 2014 to 2562.85 MTPA in 2021. Furthermore, the under Union Budget 2021, the total allocation for Ministry of Shipping accounted for US$233.48 million in 2020-21. With the increasing sea-borne trading projects and transportation activities, the applicability of marine adhesives in the deck, hull, ship repair and others is growing, which is boosting the growth prospects and driving the Narine Adhesives industry.

Rising Number of Shipbuilding Projects:

The Marine Adhesives have major demand for their applicability in various maritime vessels such as cargo ships, passenger ships, naval ships and others. The shipbuilding sector is growing rapidly owing to factors such as a rise in sea transportation, establishing sea-trade-related activities and demand for shipping services. For instance, the Daewoo Shipbuilding & Marine Engineering Co. received shipbuilding orders worth US$1.5 billion from Europe in February 2022. According to the National Marine Manufacturers Association (NMMA), the monthly shipment report states the growth in shipments of new boats by 6.1% in the US in January 2022, compared to January 2021. With an increase in shipping and marine vessel production, the demand for marine adhesives in applications for deck, hull, panel systems, waterline and others is rising, which in turn is driving and boosting the growth opportunities in the Marine Adhesives industry. 

Marine Adhesives Market Challenges

Environmental Hazards Associated with Adhesives:

The toxicity associated with various Marine Adhesives containing high volatile organic compounds (VOCs) creates a major impact on the environment due to hazardous emissions to marine life. The resins such as epoxy are considered toxic to marine ecosystems and lead to severe pollution and health effects involving skin irritation, burn and others. For instance, according to the U.S. Environment Protection Agency (EPA), Annex VI of MARPOL addresses marine pollution and checks for NOx emissions and VOC from marine equipment. Thus, toxicity associated with epoxy and high VOC-based adhesives in marine results in a major growth hamper and slow down and hinder the demand for various marine-based applications, thereby creating a challenge in the marine adhesives market.

Marine Adhesives Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Marine Adhesives market. The top 10 companies in Marine Adhesives Market are:

1. 3M Company
2. MAPEI
3. Bostik
4. Hunstman
5. LORD Corporation
6. Permabond
7. H.B. Fuller
8. Sika
9. ExxonMobil Corporation
10. Fujia Group

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