The marine sealants market is set to strengthen its roots at a CAGR of 4.3% during 2022 and 2032. The market is likely to cross a revenue of US$ 392.27 million by 2032 while it holds a value of US$ 257.48 million in 2022.
Market Size (2022E)
US$ 257.48 Mn
Market Size (2032F)
US$ 392.27 Mn
Value CAGR (2022-2032)
4.3%
The rising shipbuilding industry, coupled with the higher maintenance activities around the shores, has started fueling the sales of marine sealants. From window bonding to deck hatch sealing, marine sealants play a crucial role in keeping the yacht/ship fixed. The sealants also fix the small holes on the boat to prevent water from coming inside.
The demand for marine sealants rises with their application as a preventive layer against water chemical, weather, and environmental degradation. The restoration of water tourism after the pandemic has taken time. The time has been utilized in fixing, maintaining, and reselling the ships. Thus, there are specific marine sealants for fixing different parts, such as silicone, butyl, polysulphides, polyurethane, and hybrids. Hybrid sealants are used in creating better products with the help of the best elements, fueling the demand for marine sealants globally.
Increasing emphasis on the launch of application-specific product offerings along with increasing demand for yachts and leisure boats owing to increasing aspirations of the affluent populace across the globe is another factor that is expected to positively impact the global marine sealants market.
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.
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.
The report covers exhaustive analysis on
Market Segments
Market Dynamics
Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies involved
Technology
Value Chain
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Regional analysis includes
North America (U.S., Canada)
Latin America (Mexico, Brazil)
Western Europe (Germany, Italy, France, U.K, Spain)
Eastern Europe (Poland, Russia)
Asia Pacific (China, India, ASEAN, Australia & New Zealand)
Japan
Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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
Frequently Asked Questions
What is the Growth Outlook for Marine Sealants Market?
The market is likely to register a CAGR of 4.3% through 2032.
What is the Current Valuation of the Market?
The market is currently valued at US$ 257.48 Mn in 2022.
How is the Future of the Market?
The market is likely to grow to a valuation of US$ 392.27 Bn by 2032
Which is the Leading Region in the Market?
Asia Pacific is likely to be a leading market during the forecast period.
