Marine Sealants Market Size

Marine Sealants Market Size

Global Marine Sealants Market size was valued over USD 200 million in 2016 and will surpass 65 kilo tons by 2024. 

Expansion in global cargo trade along with rising number of trade blocks has enhanced the marine sealants market growth. Also, growth in intra-regional merchandise trade has enhanced the product demand. Global offshore vessel industry was worth of USD 15.8 billion in 2017 and is expected to reach USD 20.13 billion by 2024, with a growth rate of 4.91%.
 

Growth in shipbuilding industry particularly in China, South Korea and Japan will drive the marine sealants market size. Potential outlook in cargo ships, tankers and passenger ships has stimulated the industry demand. Europe shipbuilding industry size was worth over USD 65 billion in 2016.
 

Technological advancement through various industrial R&D initiatives, owing to shifting trend for sustainable products will drive the industry size. For instance, in 2016, Sika developed “i-Cure” technology for shipbuilding to make the adhesives work easier. Stringent regulatory norms by EU and REACH on the product requirements and usage has enhanced the product demand.
 

Shifting government focus on tourism particularly in Europe and MEA has encouraged the yachts and cruise ships production. Moreover, increasing defense budget to provide advanced product range is amongst the major driving factor for the marine sealants market. Superior product features including high noise reduction, thermal insulation and low material weight has enhanced the product scope in military applications.
 

Rising demand from several crafts including military ships, yachts, specialized power boats, navy liners, and sea tankers is expected to propel the industry demand. However, economic down turn along with rising uncertainties regarding shipbuilding regulations for imports and exports may hamper the industry growth.