Marine Sealants Market 2018-2024 | Global Key Player; Dow Corning, 3M, Bostik, Henkel, RPM International Inc. and Sika
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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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.
- 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
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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.
- Marine Sealants Market, By Type
• Cargo ships
• Passenger ships
• Fishing vessel
• High speed craft
• Others (Warships, submarine)
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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.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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