Marine Sealants Market to Surpass $330mn by 2024
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.
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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.
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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.
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.
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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.
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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