The marine sealants market is expected to grow at a CAGR of 4.3% between 2022 and 2032. The market is expected to generate US$ 392.27 million in revenue by 2032, with a value of US$ 257.48 million in 2022. Sealants are defined as those materials that are applied to two or more substrates so as to fill the space between them, thereby restricting the passage of fluids.
Sealants are often used in order to help resist relative movement of the substrates that compose the assembly. Ship building industry comprising commercial ship building, cruise ships & ferry boats building and yachts industry are among the prominent consumers of sealants.
Marine sealants serve diverse set of functions ranging from waterproofing, vibration damping to insulation. Here, sealants find a variety of applications both above the water line and below the water line, and are used for sealing hull or deck joints, fittings and trims among others.
Some of the prominently used marine sealants are polyurethane, silicone and polysulfide based sealants. Depending on the intended application area, one or more types of sealants are used.
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Global Marine Sealants Market Dynamics
Steady growth in shipbuilding industry owing to increasing sea trade is expected to primarily drive growth of marine sealants market during forecast period. Besides, increasing demand for yachts and leisure boats owing to increasing aspirations of affluent populace across the globe is another factor that is expected to positively impact global marine sealants market during forecast period.
However, economic down turn and uncertainties especially in key markets across the globe are likely to impact the global trade and shipbuilding order book and completions therein, thus, acting as an impediment to the growth of global marine sealants market during initial phase of forecast period.
Moreover, cyclic nature of the ship building industry is another factor that affects dynamics of global marine sealants market. Increasing emphasis on launch of application specific product offerings is expected to be witnessed during the forecast period in global marine sealants market.
Global Marine Sealants Market: Regional Outlook
Depending on the geographical regions, global marine sealants market has been segmented in to key market segments namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan and Middle East & Africa. Among the mentioned geographical segments, Asia Pacific region is expected to dominate global marine sealants market, registering a steady single digit growth over the forecast period.
Growth of shipbuilding industry is expected in turn drive demand for marine sealants during forecast period. Western Europe accounts for a significant share in overall global yacht building industry, as such, increasing demand for yachts during forecast period is expected to in turn drive growth of marine sealants market in the region.
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Global Marine Sealants Market Players
Some of the key players operating in global marine sealants market include:
- Dow Corning Corporation
- Henkel AG & Company, KGaA
- The 3M Company
- Bostik S.A.
- Sika AG
- SABA
- Adshead Ratcliffe & Co Ltd.
Global Marine Sealants Market Segmentation
Depending on the material type, global marine sealants market has been segmented in to following key segments:
- Polysulfide
- Butyl
- Silicone
- Polyurethane
- Others
On the other hand, depending on the applications, global marine sealants market has been segmented in to following major market segments:
- Above Water-Line
- Below Water-Line
- Others
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The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, material types and applications.
