According to Global Market Insights Inc., global marine sealants market size is slated to reach over USD 330 million projections by 2024.
With the emergence of globalization and rapid expansion in global trade for agriculture products, consumer goods, coal, crude oil, and other resources, the demand for marine sealants is predicted to surge exponentially in sea vessels. Notably, seaborne trade holds 90% of the overall international trade. Excellent waterproofing, water isolation, vibration damping, along with superior bonding and caulking, are some notable characteristics of marine sealant making them an ideal material for a rugged maritime environment.
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Rising grain trade globally, on account of soaring demand for food, is expected to positively impact the marine sealants business. For instance, the United States is estimated to hold around 40% share of the global grain exports by 2030. This is resulting in the growing number of new trade routes globally, which will complement the industry expansion.
Marine sealants are widely used in shipbuilding to enhance the toughness of internal as well as external components to withstand rugged marine environments. Sealants are used across the ship from deck to hull and above water-line applications. Significant growth in shipbuilding of tankers, bulk carriers, and LNG & container ships is creating tremendous demand for the product.
Growing demand for military ships and submarines worldwide owing to rising government investment and initiatives to strengthen the naval front is expected to increase the adoption of marine adhesives and sealants. This will further be supported by the substantial expansion in the tourism industry, particularly in Europe, which is propelling cruises, passenger ships, and yachts demand. Owing to this, the marine sealants industry share from shipbuilding was valued at over USD 140 million in 2016.
Marine polysulfide sealant owing to its long-lasting elastomeric seal and ability to withstand prolonged immersion conditions is observing strong demand from ships that serves long sea time. Cruises, heavy-duty ships, and fishing vessels extensively require such robust marine sealants to resist adverse aquatic environments owing to their presence in the sea for a longer duration. As a result, marine polysulfide sealant held a market share of 50% in 2016.
Flourishing global trade and emerging international e-commerce businesses are creating robust demand for cargo ships. The large carrying capacity and low cost make cargo ships the most favored mode of volume shipment.
Private and public organizations extensively invest in the refurbishment of carriage vessels to enhance their efficiency and reduce the cost of in-word and out-word trade. This increases the significant application scope for marine sealants in cargo ships. Owing to this, cargo ships held over 55% share of global marine sealants industry in 2016.
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Global marine sealants industry share from North America is slated to rise at over 3.8% through 2024. Substantial growth in international oil trade has led to the tremendous demand for oil tankers in the country. This apart, the increasing building of military ships backed by significant government expenditure to consolidate naval capacity is likely to generate exponential demand for marine sealants.
Moreover, booming trade business and growing emphasis on offshore oil expeditions are expected to complement the marine sealants industry landscape in North America.
Leading companies operating in global marine sealants industry include SABA, 3M, Bostik, Henkel AG, Sika AG, and Dow Corning, among others. These marine sealant manufacturers are emphasizing on product innovations for nature-friendly applications to adhere to stringent maritime norms.
In short, growing focus on international trade expansion, along with booming tourism resulting in increasing investment towards shipbuilding and renovation of cargo vessels, passenger ships, oil & gas tankers, and military ships is likely to complement global marine sealants industry trends.
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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