The marine adhesives market is projected to reach USD 466.2 million by 2022, at a CAGR of 4.6% from 2017 to 2022. Asia-Pacific is estimated to be the leading market for marine adhesives in 2017, in terms of value. Countries in this region, including China, South Korea, Japan, and the Philippines have witnessed an increase in the use of marine adhesives in the recent years.
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Asia-Pacific is expected to be the fastest-growing market for marine adhesives, owing to the presence of rapidly growing economies such as China and Philippines in the region. Various companies operating in the global marine adhesives market are shifting their production base to Asia-Pacific, owing to the low cost of production and ease of serving emerging local markets. The global shipbuilding industry will be dominated by Asia-Pacific, particularly China, South Korea, and Japan, due to cheaper wages and various favorable government initiatives in the region. The region 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, are expected to fuel the growth of the Asia-Pacific marine adhesives market.
Based on resin type, the polyurethane segment is expected to witness the highest growth during the forecast period. The growth of this segment can be attributed to the increasing use of polyurethane adhesives in the deck to hull bonding, general purpose bonding above and below the waterline, glass window bonding, wood deck caulking, bonding hatches & port lights, bonding deck hardware, and interior & exterior decorative panels. Polyurethane adhesives can be elastic or rigid, depending on the structure of thermoset or elastomer and curing technique.
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Based on vessel type, the boats segment is projected to witness the highest growth during the forecast period. In the coming years, with the increasing disposable income and rising spending on recreational and leisure activities, the population in various countries across the globe is expected to indulge in recreational boating activities. The growing coastal and maritime tourism is also expected to contribute significantly to the growth of the recreational boating market in North America and Europe. The marine adhesives market in Asia-Pacific, South America, and the Middle East & Africa is expected to witness a significant growth in the coming years.
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