What's Driving The Marine Sealants Market Growth ? | Top Key Players SABA, Dow Corning, 3M, Bostik, Henkel, Sika and RPM International Inc.
This innovation is a prime instance demonstrating the fact that the increasing introduction of advanced products in marine sealants industry is likely to help companies expand their consumer pool. Ship builders are known to use sealants and adhesives on a rather large scale, to increase the stability and performance of the ship amidst a harsh marine environment inclusive of salt water, high humidity, and strong UV radiations.
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Marine sealants also provide airtight and watertight seals between two surfaces by reducing use of metal fasteners, which aids the reduction of noise and vibration – a major factor that is likely to augment marine sealants market share. A research report compiled by Global Market Insights, Inc., in fact, claims marine sealants industry to have generated a revenue of USD 200 million in 2016.
Marine sealants market players are bound to act in accordance with a strict regulatory framework that ensures the manufacture of highly efficient and superior quality products. Sealant manufacturers, it is observed, are consistently involved in the development of an advanced range of high quality products that suitably comply with industry standards.
In addition, marine sealants industry has also been witnessing a slew of strategic partnerships with shipbuilders that would ensure the creation of a favorable growth path for this business space. The competitive hierarchy of marine sealants market is replete with notable biggies such as 3M, SABA, Henkel AG & Company, Bostik, Franklin International, H.B. Fuller, Dow Corning Corporation, Adshead Ratcliffe & Co Ltd., Illinois Tool Works, Sika, RPM International, and Avery Dennison.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
2. Dow Corning Corporation
4. Bostik Marine
5. Henkel AG & Company
6. Adshead Ratcliffe & Co
8. Illinois Tool Works
9. RPM International
10. Royal Adhesives & Sealants
11. Franklin International
12. Avery Dennison
13. H.B. Fuller
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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.
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.
- 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)
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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.
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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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