Marine Adhesives Market Statistics – 2027
Marine adhesives are special quality adhesives that offer high effectiveness in conditions involving over exposure to moisture and saline water. These adhesives have superior qualities such as high bond strength, elasticity and chemical inertness. Moreover, marine adhesives also have the ability to absorb vibrations and impacts. Marine adhesives are extensively used in the production of commercial boats, vessels, yachts, cruise ships and ferryboats.
COVID-19 scenario analysis:
The global marine adhesives market has been severely affected by the outbreak of the COVID-19 pandemic around the world.
- Since the outbreak of the pandemic, different countries have imposed nationwide lockdowns in order to mitigate the effect of the virus. This has caused severe damage to the manufacturing sector and decreased the demand for marine adhesives in the shipbuilding industries.
- Outbreak of COVID-19 has drastically impacted all industries across the globe. The marine adhesives-based industry is among the severely hit industries, owing to its dependence on the China and other Asian markets.
- Also, the marine machinery & equipment industries such as passenger boats, deck systems, panels and others have been negatively impacted due to the outbreak of COVID-19 pandemic, which led to decrease in demand for marine adhesive market.
- The demand and supply chain disruptions have led to the price changes of the marine adhesive-based products. The volatility in prices amid the COVID-19 scenario may retrain the small players from entering into the marine adhesives market due to high investment risks.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
One of the major factors responsible for driving the growth of marine adhesives market is the growing usage of cargo ships, vessels and passenger ships for different purposes such as transportation. In recent past there has been a rapid expansion in the global cargo trade and a steep growth in intra-regional trades for various products. In addition, to promote the marine sports and international relations, the developed economies such as the U.S., Australia, and Switzerland have started marine adventure sports. These sports are gaining wide popularity among the people. As a result, the increasing usage of sports ships, boats and cruise has reported an increase in the use of (epoxy) marine adhesive; owing to its quick harden property. This may propel the growth of marine adhesives market during the forecast period. Also, ongoing research and development programs to develop better quality marine adhesives for instance Sika developed i-Cure technology to make the application of adhesives works simpler. This is one of the key growth drivers of this market. However, the fluctuating prices of the raw materials might act as a restraining factor for the market.
The Asia-Pacific region accounts for the major share of the global marine and ships market. This is because of the frequent applications of ships and water boats in the region and the high demand for marine adhesives in the shipbuilding industries of the region. Also, the increase in marine trade related activities in countries like China, India and others, to meet the growing population demand is expected to create new opportunities in the region. Furthermore, the Middle-East countries are anticipated to witness surge in export of oil through sea routes. Attributed to the use of marine adhesives in oil tankers to prevent any leakages may fuel the market growth in the region.
Key benefits of the report:
- This study presents the analytical depiction of the global marine adhesives industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global marine adhesives market share.
- The current market is quantitatively analyzed to highlight the global marine adhesives market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global marine adhesives market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the Marine Adhesives Market research report:
- What are the leading market players active in the marine adhesives market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Marine Adhesives Market Report Highlights
Key Market Players
Illinois Tool Works, Dow Corning Corporation, 3M, Henkel AG & Company, Sika, Adshead Ratcliffe & Co, Franklin International, Bostik Marine, H.B. Fuller, Royal Adhesives & Sealants, Avery Dennison, RPM International, SABA