Everything that is required to be attached to boat or ship needs to be fastened in one or another way. Albeit, the market today has abundant supply of astounding glues that have capability of making strong bonds, mechanical fastening has remained the preferred choice by the end users as it provides high strength and high confidence to the end users with regards to service life. Marine fasteners require capabilities to withstand high tensile, compressive as well as torsion force. Further, the material selection is also an important aspects as these fasteners will definitely be subjected to high corrosive environment. These aspects makes the marine fasteners market a very specialized one, where manufacturers need to comply with specific requirements and supply high quality products at a competitive prices. The complexity of the marine fasteners varies from type to type of marine vehicle. From boat to ship to oil rig, where structure remains under water corrosion protection is of high importance, thus proper selection of marine fasteners is of prime significance. The market for marine fasteners is expected to witness presence of large number of small and medium scale manufacturers. A large portion of demand for marine fasteners is anticipated from new shipbuilding followed by ship rebuilding.
Global Marine Fasteners Market: Market Dynamics
The increasing transformation in the marine vehicle body materials and transition towards light weight bodies, is a key driver as it rises demand for light weight and high performance fasteners. The market is anticipated to be driven by focus on product innovation and new product development. Increasing growth of ship rebuilding activity is also anticipated to drive market growth. However, on the other hand due to presence of large number of market participants in the market, there will be a situation of intensified competition. This, further will create price pressure on manufacturers and in turn they will have to struggle for profit margins. Growth of marine fasteners markets will also have a secondary impact of the performance of oil & gas industry. Marine industry is largely dependent on oil & gas, which is significantly subjected to uncertainty. The fluctuations in oil & gas industry could also emerge as a challenge to the growth of the marine fasteners market.
Global Marine Fasteners Market: Market Segmentation
The global marine fasteners market can be categorically dived into product type, type of material and type of application
On the basis type of fasteners available i.e. product type segment, the global marine fasteners market can be segmented into:
Others (Hog Rings, Nails, etc.)
On the basis of material used i.e. the material type segment, the global marine fasteners market can be segmented into
Others (Nylon, Plastic Polyethylene, Rubber etc.)
On the basis of area of application, the global marine fasteners market can be segmented into
Others (Military, offshore support vessels)
Global Marine Fasteners Market: Region-wise Outlook
Asia Pacific with major shipbuilding destination such as South Korea, China and Japan is anticipated to dominate the market in terms of demand for marine fasteners over the forecast period. Steady annual growth is expected in the region over the forecast period. Followed by Asia Pacific, Europe is anticipated to be the next big market in the global marine fasteners market. Europe remains a major competitor in shipbuilding and rebuilding industry with rest to luxury yachts, tugboats, naval ships and cruise ships. Countries such as Poland, Romania, Germany, U.K., etc. are anticipated to significantly contribute to market growth over the forecast period.
Global Marine Fasteners Market: Key Market Participants
The global market for marine fasteners will witness presence of number of tier-II and tier-III category of manufacturers. Examples of some of the key players identified in the global marine fasteners market includes Attwood Marine Products, SEASTAR SOLUTIONS, Marine Fasteners, Inc., Fasco Fasteners, Bainbridge Marine, HandiMan Marine, Arrow Fastener Company, LLC., Perfect Fit - McDonald Inc., Sea-Dog Corporation, etc.
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