Marine Sealants Market Analysis

Marine Sealants Market Analysis

Silicone marine sealants market was valued over USD 50 million in 2016. Versatile polymeric adhesion properties providing stronger bind between the surface materials are the key properties driving the product demand. Furthermore, it is highly water resistant offering a wide range of applications in aquaria, high speed crafts, passenger ships, tanker and cargo ships.  
 

Polysulfide is expected to register over 30 kilo tons by 2024. Effective product usage in both above and below the waterline applications will provide positive outlook for the business growth. Increasing preference for polysulfide due to its benefits including optimum elasticity and flexibility particularly in hardware sealing will fuel the product demand.
 

Polyurethane holds permanent and sturdy adhesion strength, making it feasible to be applied on both above and below the waterline application. The product is well recognized as best suited for permanent bonding owing to its high gluing strength. It is projected to observe noteworthy growth due to its effectiveness in ship building infrastructure.
 

Above water-line sealing will witness gains at 4.5% up to 2024. Effectiveness in enhancing extreme flexibility and toughness are key for both maritime repair and OEM construction applications. Excellent gap filling capability along with ability to be painted over and sanded easily will propel marine sealants demand.
 

Deck to hull application was worth over USD 95 million in 2016. Presence of critical joint between the deck and hull has made the use of sealants in marine applications. Higher strength enables mechanical fixings redundant and its elasticity absorbs much of the stresses and strains. Thus, preventing from torsion forces, impact shocks and temperature changes.
 

Window bonding will generate over 9 kilo tons till 2024. The bonded window drives beyond the traditional function of a window, offering protection from wind and rain. Its ability to provide better defense against the weathering elements than the framed window and to enhance vessel design will drive the marine sealants market size.
 

Cargo ships was valued over USD 110 million in 2016 and is anticipated to witness growth over 6% in terms of revenue up to 2024. The shipments particularly handle a wide range seaborne door-to-door shipment across the world. Increasing product demand in bonding and sealing applications for fly bridges, interior of passenger cabins, total teak deck constructions, wall panels and work surfaces is the key driving factor for overall marine sealants market.
 

High speed craft will witness CAGR over 4.5% up to 2024. These crafts are generally recognized as hydrofoils or hovercraft generates high product demand due to its advance gap filling technique prevent the vessel from any external impact. Increasing application of the product for joining lightweight materials on the high-speed craft will propel the overall business growth.
 

Shipbuilding was worth over USD 140 Million in 2016. Increasing product applications in tankers and cargo ships remains the key factor driving the product scope. Global seaborne crude oil trade was 39 million barrels per day in 2016. However, substantial slowdown of the tanker business from crude oil products may hinder the demand. Marine sealants have effectively reduced the repair and construction cost by providing high durability and water resilient features. 
 

Europe marine sealants market was valued over USD 95 million in 2016. Growth in yacht building industry coupled with increasing cargo trade will drive the regional demand. However, the region is expected to witness economic uncertainties and stringent emission regulations for fleet dealers to shift to environment friendly products. Increasing R&D initiatives for environment friendly products will create new opportunities for industry growth.
 

APAC is anticipated to value over USD 100 Million by 2024. High investments in ships maintenance mainly in China, Japan, India and South Korea will propel marine sealants market growth. This high growth is also credited to expansion of manufacturing capacity, competitive production costs, and several strategic developments.