Marine Adhesive Market Overview
The Global
Marine Adhesive Market is projected to reach
USD 545.9 million in 2023, which is further expected to reach
USD 838.5 million at a
CAGR of 4.9% in the forecasted period of 2023 to 2032.
It is used in the shipping industry for repairing, maintaining, & constructing damaged sea vessels. It is also highly used in shipbuilding, yacht manufacturing, and cargo shipments. These chemicals are particularly created for marine vessels to experience the unique challenges in the marine environment, which involves exposure to saltwater, extreme temperature, constant moisture, and changing weather environments. Also, marine adhesives are popular in the shipping industry as they are
water & heat-resistant and provide protection against moisture.
OEC found that passenger and cargo ships ranked as the 40th-most traded product globally with an estimated value of USD 65.0 billion in 2020, accounting for 0.39% of global trade. South Korea (USD 17.3 billion), China (13.5 billion), Japan (USD 11.0 billion), Germany 4.5 billion), Italy (2.8 billion). These key exporters included South Korea (17.3 billion), China (13.5 billion), Germany 4.5 billion) and Italy (2.8 billion). Their shipbuilding industries in Asia-Pacific and Europe significantly increase demand for marine adhesives which in turn boost market growth.
The UK marine leisure industry also plays a pivotal role, producing an estimated annual turnover of USD 7 billion and contributing USD 3.02 billion to gross value added (GVA). Furthermore, this sector has created approximately 28,500 jobs to strengthen the marine adhesives market.
COVID-19 had a profound effect on maritime trade, leading to a 3.8% contraction by 2020 as reported by UNCTAD. After lifting of restrictions however, marine adhesives recorded 4.3% growth during 2021 which indicated its recovery as a market opportunity.
Marine Adhesive Market Key Takeaways
- Market Size & Share: Marine Adhesive Market is projected to reach USD 545.9 million in 2023, which is further expected to reach USD 838.5 million at a CAGR of 4.9% in the forecasted period of 2023 to 2032.
- Type Analysis: In terms of types, Epoxy dominates this market as it holds the highest market share in 2023.
- Substrate Analysis: Metal dominates the global marine adhesive market-based substrate as it holds 69.2% of the market share in 2023.
- Application Analysis: The deck system dominates the global marine adhesive market as it holds 40.0% of the market share in 2023.
- End User Analysis: Cargo ships dominate this segment as they hold 47.3% of the market share in 2023.
- Regional Analysis: The Asia-Pacific region stood out as the dominant player in terms of both production & consumption of marine adhesives, with a 43.9% share worldwide.
Marine Adhesive Market Use Cases
- Shipbuilding & Structural Bonding: Marine adhesives are widely used in shipbuilding for bonding metal, fiberglass, and composite materials. They enhance structural integrity, reduce welding requirements, and improve corrosion resistance, making vessels more durable and lightweight.
- Boat Repair & Maintenance: Marine adhesives play a crucial role in sealing leaks, repairing hulls, and reinforcing joints in boats and yachts. Their waterproof and UV-resistant properties ensure long-lasting performance in harsh marine environments.
- Deck & Flooring Applications: Adhesives are used for decking installations, flooring systems, and interior panel bonding in ships and boats. They offer high adhesion strength, flexibility, and vibration resistance, ensuring durability under extreme conditions.
- Underwater & Submarine Applications: Specialized underwater adhesives are used in submarine construction, underwater pipeline sealing, and marine research equipment assembly. These adhesives maintain strong bonding even in submerged and high-pressure conditions.
Marine Adhesive Market Dynamic
The global marine adhesive market is influenced by different factors that drive the growth of this market. The main factor that drives the growth of this market is the shipping industry as it positively impacts the growth of the global marine adhesive market as these adhesives are utilized in the maintenance & repair of marine vessels.
The growth in the need for marine adhesives in the shipping industry not only reflects the industry's focus on providing safety & durability but also shows the important role of marine adhesives in assisting the basic structure of ships & their equipment.
Rising awareness about the repercussions of different industries on the environment has led to the need for the advancement of eco-friendly & sustainable marine adhesives, which not only meet regulatory requirements but also fulfill the consumer's demand for sustainable & cost-efficient solutions
Marine Adhesive Market Research Scope and Analysis
By Type
In terms of types, Epoxy dominates this market as it holds the highest market share in 2023 and is expected to show significant growth in the upcoming years of 2023 to 2032, as this segment is known for its exceptional performance & versatility when it faces the marine environment. It is highly used in this industry for its strong bonding strength allowing the structural safety of marine vessels & their components.
Further, it is also broadly used to provide high durability & capability to the vessels to resist prolonged exposure to saltwater & constant moisture, which in such critical conditions, ensures the longevity of marine vessels being another factor that plays a major role in its market dominance. Moreover, epoxy adhesives can adapt to various applications like bonding, laminating, and sealing in the marine industry. Due to these exceptional qualities, epoxy adhesives dominate the global marine adhesive market.
By Substrate
Metal dominates the global marine adhesive market-based substrate as it holds 69.2% of the market share in 2023 and is expected to show subsequent growth in the upcoming period of 2023 to 2032. Metal substrates, like steel and aluminum, are used in shipbuilding due to their strength, lightweight & durability as they play a critical role in mitigating corrosion by making a protective layer around the vessel.
The metal components in marine applications often require strong and durable bonding so they can function properly when the vessel is out in the ocean.
Epoxy adhesives are well suited for this task as they provide metal with superior bonding strength which is crucial in shipbuilding where metal components must withstand heavy loads and extreme conditions.
So, in other words, the metal substrate in the Global Marine adhesive Market is used for their inherent strength, water resistance, and structural integrity. These attributes make metal substrates the ideal choice for marine vessel construction and repair, which drives the demand for marine adhesives designed to be used with metal.
By Application
Based on application, the deck system dominates the global marine adhesive market as it holds 40.0% of the market share in 2023 and is projected to show the following growth rate in the forthcoming years as well. Deck Systems in marine vessels and structures are an essential component for both functionality and safety.
In terms of functionality, they are designed to withstand heavy loads, seawater and constant exposure to harsh environmental conditions. While in terms of safety, they also provide secure footing and base for passengers and crew.
For these structural requirements, a reliable and durable bonding solution is paramount. Decks are highly vulnerable to water as it leads to corrosion, damage and safety hazards. Epoxy adhesives are the most effective for the deck system as they offer exceptional bonding, and are water resistant which ensures the durability of decks as it saves them from corrosion, damage and safety hazards.
So, the deck system dominates the global marine adhesive market because of its structural importance in marine vessels and structures and the high use of marine adhesive in its maintenance and repair.
By End User
Cargo ships dominate this segment as they hold 47.3% of the market share in 2023 and are projected to show subsequent growth in the upcoming period as well. Cargo ships play a vital role in facilitating global commerce and supply chain operations.
The substantial need for the export and import of shipping goods across the sea has resulted in the growth of the construction of cargo ships, subsequently driving the growth of marine adhesives.
These ships require and use marine adhesives for a variety of reasons like hull construction, bonding cargo holds, and sealing compartments. Marine adhesive like epoxy offers the strength and versatility that are needed to meet these diverse requirements.
The marine environment poses a significant risk of corrosion to the cargo ships that are constantly exposed to saltwater. In such cases, marine adhesives provide an effective solution to this issue of corrosion as they preserve the durability and safety of these vessels.
The Marine Adhesive Market Report is segmented on the basis of the following
By Type
- Epoxy
- Polyurethane
- Acrylic
- Others
By Substrate
- Metal
- Composites
- Plastic
- Others
By Application
- Deck Systems
- Glazing
- Panel Bonding
- Others
By End User
- Cargo Ships
- Passenger Ships
- Boats
- Others
How Does Artificial Intelligence Contribute To Improve Marine Adhesive Market ?
- Optimized Adhesive Formulation: AI-driven predictive analytics and machine learning algorithms help in designing advanced adhesive formulations by analyzing material properties and environmental conditions. This leads to the development of stronger, more durable, and eco-friendly marine adhesives tailored for specific applications.
- Enhanced Quality Control: AI-powered computer vision systems and sensor-based monitoring ensure precise mixing, consistency, and defect detection in marine adhesive production. This reduces errors, minimizes material waste, and enhances product reliability.
- Improved Adhesion Performance Prediction: AI models analyze temperature, humidity, and substrate compatibility to predict adhesive performance in real-world marine conditions. This helps manufacturers develop customized solutions for ships, submarines, and offshore structures.
- Process Automation in Manufacturing: AI-powered robotics streamline adhesive application in shipbuilding and repairs, ensuring precision, speed, and uniform bonding while reducing manual labor costs.
- Supply Chain Optimization: AI-driven demand forecasting and inventory management help manufacturers optimize raw material procurement, reducing costs and ensuring timely delivery of marine adhesives.
- Sustainability and Environmental Compliance: AI assists in developing biodegradable, non-toxic adhesives by analyzing eco-friendly alternatives. It also ensures compliance with marine safety and environmental regulations.
Marine Adhesive Market Regional Analysis
The Asia-Pacific region stood out as the dominant player in terms of both production & consumption of marine adhesives, with a
43.9% share worldwide. This region's dominance can be attributed to its extensive maritime industry, which is engaged in shipbuilding, commercial shipping and recreational boating. Asia's growing shipbuilding industry generates a substantial demand for adhesives which solidifies its position in this market.
Major Asian countries like China, South Korea and Japan are popular for their shipbuilding industry, which mainly focuses on the construction of cargo, & container ships. Moreover, this region's coastline stretches over various climatic zones making it a most popular and extensively used trade route making it a prominent spot for establishing a shipbuilding industry.
This leads to the constant demand for marine additives, especially epoxy formulations known for their durability significantly contributes to the growth of Asia's dominance in the global marine adhesive market.
By Region
North America
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Marine Adhesive Market Competitive Landscape
The competitive landscape of this market oversees intense competition among the major players to get a competitive edge over others. For market expansion in the global marine adhesive market, major companies utilize inorganic &
organic strategies where organic strategies deal with partnerships, mergers & acquisitions while inorganic strategies include the development of new product catalogs & innovation.
These major companies focus on innovation and the development of high-performance, environment-friendly adhesive formulations specially designed for use in marine vessels and their components. The major companies in this market mainly compete with each other based on product quality and durability.
Furthermore, these mergers & partnerships further boost their market for the expansion of the global marine adhesive market. This market has many key players who hold a significant portion of the market such as Henkel, 3M, Bostik, Sika, Huntsman International, Ashland Inc., Avery Dennison Corporation, Dow, Scott Bader Company Ltd. and others key players.
Some of the prominent players in the Global Marine Adhesive Market are:
- Henkel
- 3M
- Bostik
- Scott Bader Company Ltd
- Sika
- Huntsman International
- Ashland Inc.
- Avery Dennison Corporation
- Dow
- Exxon Mobil Corporation
- H.B. Fuller
- Other Key Players
COVID-19 Pandemic & Recession: Impact on the Global Marine Adhesive Market:
The COVID-19 pandemic has left a notable aftereffect on this market. During the initial phase, it impacted the global supply chain, which was led to the temporary closure of shipyards and boat manufacturing facilities that caused delays in the ongoing construction & maintenance projects.
Additionally, the economic recession forced many major companies to reassess their budget, as this market was facing delays in getting new investments and profits.
However, the maritime industry is essential for global trade which is why in in very short time it has adapted to the changing market conditions. Despite the initial setbacks due to COVID-19 the global marine adhesive market is expected to gradually recover as the maritime industry will overcome this setback and adjust to the new economic landscape. These factors collectively led to a decrease in the demand for marine adhesives.
Marine Adhesive Market Report Details
| Report Characteristics |
| Market Size (2023) |
USD 545.9 Mn |
| Forecast Value (2032) |
USD 838.5 Mn |
| CAGR (2023-2032) |
4.9% |
| Historical Data |
2017 - 2022 |
| Forecast Data |
2023 - 2032 |
| Base Year |
2022 |
| Estimate Year |
2023 |
| Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
| Segments Covered |
By Type (Epoxy, Polyurethane, Acrylic and Others), By
Substrate (Metal, Composites, Plastic and Others), By
Application (Deck Systems, Glazing, Panel Bonding
and Others), By End User (Cargo Ships, Passenger
Ships, Boats and Others) |
| Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
| Prominent Players |
Henkel, 3M, Bostik, Sika, Huntsman International,
Ashland Inc., Avery Dennison Corporation, Dow,
Exxon Mobil Corporation, H.B. Fuller, Scott Bader
Company Ltd., and Other Key Players |
| Purchase Options |
We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively. |
Frequently Asked Questions
The Global Marine Adhesive Market is projected to reach a market value of USD 545.9 million in 2023.
Asia-Pacific dominates the Global Marine Adhesive Market with a share of 43.9% in 2023.
Some of the major key players in the Global Marine Adhesive Market are Henkel, 3M, Bostik, Sika,
Huntsman International, Ashland Inc., Avery Dennison Corporation, Dow, and many others.
The market is growing at a CAGR of 4.9% over the forecasted period.