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Marine Sealants Market 2018 | Leading Players – Dow Corning, 3M, Bostik, Henkel, RPM International Inc. and Sika
Marine Sealants Market
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.
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Marine Sealants Market size is estimated to exceed USD 330 Million by 2024. 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.
Marine Sealants Market, By Material
• Silicone
• Polyurethane
• Polysulfide
• Butyl
• 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
• Tankers
• Passenger ships
• Fishing vessel
• High speed craft
• Others (Warships, submarine)
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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.
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.
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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.
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.
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