Global marine sealants market share is anticipated to gain momentum in the forthcoming years, as a result of the rapid rise in trading activities of coal, crude oil, and other resources across the globe. Nearly 90% of the overall international trade is via seaborne routes.

The demand for marine sealants and adhesives has been witnessing a steep decline amid the COVID-19 pandemic, as governments have imposed travel restrictions to limit the virus spread. This has resulted in transportation-related delays and other issues related to the shortage of drivers. Despite these uncertainties, the pandemic has not impacted the raw material supplies for these products as yet.

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Furthermore, rapid urbanization, rising global GDP, as well as strong recovery from the economic crisis will create ideal growth conditions for the global marine sealants market in years ahead.

As per Global Market Insights, Inc. estimates, the global marine sealants market size is expected to surpass $330 million by 2024.

Accelerating expansion of trade routes across the globe

The global market has been observing an escalating demand for food, thereby giving a significant boost to the grain trade. The U.S. is likely to account for 40% of the total grain exports worldwide by 2030. Furthermore, expansion of the trade routes will further escalate the marine sealants market trends over the forecast spell.

Moreover, the product has gained widespread adoption across various applications such as repair and shipbuilding. Mounting acceptance in military ships, tankers, cargo ships, and passenger ships production will add impetus to the industry growth in the coming years.

Strong targets towards ensuring coastal security to drive industry size

Superior features of marine grade sealants include waterproofing, watertight isolation, and vibration damping, in addition to the caulking and bonding properties. These factors, along with the strong focus on ensuring coastal security, will extensively drive the marine industrial sealants demand over the estimated timeline.

With regards to type, the cargo ships segment held more than 55% market share in 2016, which is attributable to the seaborne fleet expansion and high shipments of consumer products. On the other hand, the tankers segment is poised to exhibit a growth rate of nearly 3.5% through 2024, owing to the increasing trade of product oil, LNG, crude oil, and natural gas.

The global marine sealants market from the shipbuilding segment registered revenue of more than $140 million in 2016, owing to the mounting production of tankers, container ships, LNG, and bulk carriers.

Economic downturn due to COVID-19 pandemic may hinder business expansion

Despite the robust focus of manufacturers on maintaining the safety and regulatory compliance of their products, the global marine sealants market may face roadblocks to its steady growth in years to come. Key challenges to its growth include rising economic uncertainties due to the ongoing pandemic, which have adversely affected the global trade.

High investments in R&D in North America to influence regional industry outlook

The North America marine sealants industry is set to expand at a growth rate of 3.8% through 2024, which can be attributed to the escalating investments in R&D activities and rapid advances in technology. The regional market will also be bolstered by the accelerating military shipbuilding orders.

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Key marine sealants market players include SABA, Henkel AG, Sika AG, Dow Corning, 3M, and Bostik, among others. These key players are adopting strategies such as new product launches, M&A, and business expansions to increase their footprint in the global market.

To illustrate, in October 2020, Pettit launched unique simplified marine sealant solutions named as AnchorTech™ Premium Fast Dry Adhesive Sealant, AnchorTech™ UV Resistant Adhesive Sealant, and AnchorTech™ Advanced Hybrid Sealant. The product launch was geared towards ensuring a rapid and easy selection of a project-specific product as per the needs of manufacturers, boatyards, and boaters.

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