Marine Sealants Market to exceed $330mn by 2024
Published Date: August 24, 2017 Authors: Kunal Ahuja, Amit Rawat
Marine Sealants Market size is estimated to exceed USD 330 Million by 2024; according to a new research report by Global Market Insights, Inc.
Growth in global trade for crude oil, coal and other resources along with rapid globalization will propel the marine sealants market growth. Seaborne trade accounts for 90% of the overall international trade. Increasing global GDP coupled with recovery from economic crisis will stimulate the industry growth.
Rising food demand resulting in increasing grain trade will open new avenues for business growth. U.S. is anticipated to account for 40% of the global grain exports by 2030. Moreover, increasing number of trade routes is expected to boost the industry demand.
Strong outlook in both shipbuilding and repair applications has enhanced the product demand. Increasing product usage in passenger ships, cargo ships, tankers and military ships production will drive the industry size. Superior vibration damping, watertight isolation, waterproofing along with high bonding and caulking properties are supporting the product penetration.
Shifting focus towards naval power along with increasing necessity for coastal security has driven the demand for military ships and submarines. Increasing government investments on navy due to growing potential for conflicts will further encourage the product demand. Expansion in tourism industry along with rising initiatives to develop tourist ambience particularly in European countries will fuel the yachts, cruises and passenger ships demand.
Marine sealants market from shipbuilding exceeded USD 140 Million in 2016. Growth in global shipbuilding of bulk carriers, tankers, LNG and container ships will drive the demand. High product scope in deck to hull and above waterline applications will propel the industry growth.
Increasing manufacturers focus on safety along with regulatory compliance remain the key factors driving the marine sealants market. However, economic uncertainties affecting the global trade may pose a challenge for industry growth.
Browse key industry insights spread across 300 pages with 352 market data tables & 12 charts & figures from the report, “Marine Sealants Market Size By Material (Silicone, Polyurethane, Polysulfide, Butyl), By Application (Above Water-Line Sealing, Below Water-Line Sealing, Deck To Hull, Window Bonding), By Type (Cargo Ships, Tankers, Passenger Ships, Fishing Vessel, High Speed Craft), By End-Use (Shipbuilding, Repair) Industry Analysis Report, Regional Outlook (U.S, Canada, Mexico, Germany, UK, France, Italy, Spain, Russia, Norway, Poland, Sweden, Finland, China, India, Japan, South Korea, Thailand, Singapore, Brazil, Panama, Colombia, Peru, Saudi Arabia, UAE, South Africa, Egypt), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Marine sealants market share was led by polysulfide accounting for over 50% in 2016. Durable elastomeric seal along with superior properties under prolonged immersion conditions has stimulated the product penetration. Potential applications in assembly of fishing vessels, heavy duty ships, and cruises will drive the overall industry size.
Deck to hull application generated more than 20 kilotons in 2016. Short clamping time, high strength, solvent free and superior performance under high temperature will support the business growth.
Cargo ships accounted for more than 55% of the global marine sealants market share in 2016. Expansion in seaborne fleet along with increasing shipments for numerous consumer products has fueled the industry growth. Tankers are estimated to witness gains over 3.5% up to 2024. Increasing trade of natural gas, crude oil, LNG, product oil will propel the marine sealants market growth. Europe market is estimated to worth over USD 150 Million by 2024. Changing lifestyles along with shifting government focus on tourism development are the key driving factors of the industry demand.
North America marine sealants market will grow at 3.8% up to 2024. Increasing R&D spending and technological advancement to develop application specific products has enhanced the product penetration. Additionally, increasing shipbuilding orders for military ships is the key factor driving the regional demand.
Global industry share is highly competitive with the key industry players including Bostik, 3M, Dow Corning, Sika AG, Henkel AG and SABA. Product innovations for sustainable & ecofriendly applications along with joint ventures and acquisitions are the key strategies adopted by the manufacturers.
Marine sealants market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2013 to 2024, for the following segments:
Marine Sealants Market, By Material
- Others (SMP)
Marine Sealants Market, By Application
- Above water-line sealing
- Below water-line sealing
- Deck to hull
- Window bonding
Marine Sealants Market, By Type
- Cargo ships
- Passenger ships
- Fishing vessel
- High speed craft
- Others (Warships, submarine)
Marine Sealants Market, By End-Use
The above information has been provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa