The
bonded window drives Marine Sealants Market beyond the traditional function of
a window, offering protection from wind and rain.
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.
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.
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.
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.
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.
Contact Us:Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com/
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