The marine adhesives market is estimated to reach $466.2 million by 2022, growing at a compound annual growth rate (CAGR) of 4.6%, in terms of value, according to a recent report by MarektsandMarkets.
Based on vessel type, the boats segment is projected to grow at the highest rate during the forecast period. Recreational boating is expected to be driven by accelerations in personal consumption expenditures and disposable personal incomes, and due to rising spending on recreation and leisure activities, and aging used boat fleets that are expected to demand marine adhesives.
The polyurethane segment is expected to grow at the highest rate during the forecast period. The growth of this segment can be attributed to the increasing use of polyurethane adhesives for deck to hull bonding, general-purpose bonding above and below waterline, glass window bonding, wood deck caulking, bonding hatches and port lights, bonding deck hardware and interior & exterior decorative panels, according to the report.
The Asia-Pacific region is expected to be the fastest-growing market for marine adhesives, owing to rapidly growing economies such as China and Philippines in the region. Various companies in the market are shifting their production bases to the Asia-Pacific, owing to the low cost of production and ease of serving emerging local markets. The global shipbuilding industry is expected to be led by the Asia-Pacific and particularly by China, South Korea, and Japan due to cheaper wages, strong government backing, and strong forward and backward linkage industries.
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