The marine adhesives market is projected to reach USD 466.2 Million by 2022, at a CAGR of 4.6% from 2017 to 2022. Marine adhesives are widely used as substitutes for rivets, and welding, among other traditional fastening methods, due to their improved performance and aesthetics. The use of marine adhesives results in weight reduction and enables the construction of lightweight ships. Furthermore, the adhesive bonding is durable in highly corrosive environments.
New product launches, investments & expansions, and partnerships & agreements were the key strategies adopted by the industry players to achieve growth in the marine adhesives market. Companies are focusing on new product launches to expand their product portfolios and fulfill the growing demand from consumers. Besides these strategies, companies are also adopting mergers, acquisitions, and partnerships & agreements as strategies to expand into emerging regions and cater to the rising demand for marine adhesives from these regions.
Europe and North America were the most active region between January 2015 and September 2017, in terms of strategic developments. New product launches and partnership & agreement were the most preferred strategies adopted by manufacturers in these regions to strengthen their position and product portfolio in the global marine adhesives market. Companies such as Henkel (Germany) and Sika (Switzerland) are the key players in Europe. Key companies in the North American region include 3M (U.S.), Huntsman (U.S.), ITW (U.S.), and H.B. Fuller (U.S.).
Key manufacturers including Henkel (Germany), 3M (U.S.), Sika (Switzerland), ITW (U.S.), Huntsman (U.S.), H.B. Fuller (U.S.), Ashland (U.S.), Bostik (France), LORD Corporation (U.S.), Scott Bader (U.K.), MAPEI (Italy), Permabond (U.K.), SCIGRIP (U.S.), WEICON (Germany), Gurit (Switzerland), Master Bond (U.S.), Parson Adhesives (U.S.), Anabond (India), HYBOND (U.K.), SABA Dinxperlo (The Netherlands), Chemique Adhesives & Sealants (U.K.), RiŽd B.V. (The Netherlands), Hernon Manufacturing (U.S.), Engineered Bonding Solutions (U.S.), and Gougeon Brothers (U.S.) have been profiled in this report.
H.B. Fuller, LORD Corporation, SCIGRIP, and Scott Bader were the most active players in the global marine adhesives market between January 2015 and September 2017. For instance, in January 2017, H.B. Fuller signed an agreement to acquire Royal Adhesives and Sealants (U.S.) for USD 1.58 billion. With this acquisition, the company will diversify its marine adhesives product portfolio and expand its presence in North America, Europe, and China.
LORD Corporation is another key manufacturer of marine adhesives. In February 2015, the company introduced a new product Fusor 208B, which is an epoxy-based adhesive used for bonding panels. It is used for bonding steel, aluminum, and composite-based panels with quarter panels, floor pans, rear body panels, and roof skins in marine composite repair.
In January 2017, Scott Bader invested in the installation of a new adhesive mixer at its plant in the U.K. With this investment, the production capacity of the plant for Crestabond brand primer-less Methyl Methacrylate (MMA) structural adhesives will increase by 50%.
Marine Adhesives Market by Resin Type (Epoxy, Acrylic, Polyurethane), Substrate (Metals, Composites, Plastics), Vessel (Cargo Ships, Passenger Ships, Boats), Application (Deck System, Glazing System, Panel Bonding), and Region - Global Forecast to 2022
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