Increasing Use of Marine Adhesives in Shipbuilding Drives Market Expansion

The global marine adhesives market has grown significantly over the past decade, driven by rapid urbanization, infrastructural development, and increasing industrial activity. Their role in the market is pivotal across different sectors, such as automotive, construction, packaging, and healthcare.

The market for marine adhesives is expected to reach a value of US$ 5.4 billion by the end of 2033, growing at a compound annual growth rate of 5.2% from an estimated US$ 3.3 billion in 2023.

Market Dynamics

Construction Industry

The Indian construction industry was one of the prime drivers for adhesives and sealants demand. Government initiatives have been encouraging affordable housing, smart cities, and infrastructure development projects, thereby enhancing the use of adhesives in all such applications for bonding, sealing, and insulation. This has contributed a lot to the present market growth because without adhesives, life and strength of such constructions may not be appropriate.

Automotive Sector

The automotive industry has been demanding advanced adhesive solutions with the imperative need for lightweight, fuel-efficient vehicles. Applications of adhesives in vehicles have helped improve vehicle performance and have led to increased vehicle lifespan, which supports the growth of the market. Adhesives and sealants have gained popularity as they help in reducing the weight of the vehicle, without compromising on the structural integrity of the vehicle.

Packaging Industry

The e-commerce driven packaging industry, FMCG, and pharmaceutical sectors have been huge drivers of growth in adhesives demand. These go into packaging materials, laminates, and label applications. High-quality adhesive demand remains very robust due to the online shopping and the drive for better packaging solutions that will protect product safety and integrity.

Adhesives and sealants are versatile products used in industries ranging from the manufacture of medical devices to adhesive-based wound care products and drug delivery systems. Again, the reliance of the healthcare industry on the products in the market has led to growth. As medical technologies become more sophisticated, the demand for more advanced and specialized technologies in adhesives will also reflect adherence to strict standards of health and safety in the industry.

List of Key Companies Profiled in The Report

Henkel
3M
Sika
ITW
Huntsman
B. Fuller
Ashland
LORD Corporation
Others

Challenges

Even though the growth prospects of the Indian marine adhesives market are quite on the higher scale, it remains susceptible to raw material price instability—more so the petrochemical-based derivatives, including resins and solvents. Such inherent volatility in raw material prices affects manufacturing costs and profitability. Thus, securing a sustainable supply chain and managing cost pressures remain paramount to maintaining sustained market growth and competitiveness.

Notable Developments

Noteworthy among the advancements is nanotechnology and overall polymer chemistry, which made the development of adhesives possible with superior bonding and high resistance to corrosion and UV degradation. Governed approvals have set a trend toward bio-based adhesives, supported by manufacturing practices, making for market differentiation and customer preference toward green products. Moreover, investments in digitalization and automation of adhesive manufacturing processes are increasing production efficiency and product quality, making products more competitive in the market and better ready for future challenges in different industries.

Competitive Landscape

The marine adhesives market can be considered fragmented as companies fight for increasing their production capacities in response to increasing global demand driven by the practice of water sports and leisure activities. A prime example is the December 2022 increase in production capacity by Henkel, a foremost international manufacturer of adhesives and sealants, at its sites in North Carolina. This is projected to create tremendous growth for the marine adhesives market since manufacturers are better positioned to take advantage of the growing opportunities worldwide.