Global Marine Sealants Market: Overview
Basically, sealants are used to form an airtight and watertight seal between two or more surfaces. Some sealants form an adhesive bond between surfaces while some isolate one surface from the other against agents such as noise, vibration, and electrolysis. In the marine industry, owing to the perpetual presence of moist conditions surrounding vessels and other varieties of marine vehicles, the foremost feature expected of marine sealants is excellent water resistant features, while strength of the sealant considered secondary. The thriving shipbuilding industry across a number of regional markets and a constant rise in international sea trades present vast growth opportunities for the global marine sealants market.
Global Marine Sealants Market: Key Trends
The market for marine sealants is chiefly driven by the steady growth achieved by the global shipbuilding market in the past few years. Rising international sea trade, the increasing consumer base of luxury yachts and leisure boats owing to the rising population of affluent people across the globe are also expected to drive the market in the next few years.
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However, the slow pace of economic growth, resulting in an overall decline in shipbuilding orders and imports and exports, across a number of regional markets across the globe is expected to negatively affect the growth prospects of the global marine sealants market to a certain extent in the next few years. Moreover, fluctuating freight rates and raw material prices are also expected to impact the global shipbuilding industry, consequently hampering the growth prospects of the global marine sealants market in the next few years.
Global Marine Sealants Market: Market Potential
The market has excellent growth opportunities in the area of sustainable and environment-friendly sealants. Several emission regulation norms, especially for marine vehicles trading across Europe, are restricting the use of a large varieties of sealants previously used on an extensive basis. Regulations are putting limits on the usage of sealants with contents of VOCs more than the subscribed limit. This presents an excellent opportunity for players operating in the area of bio-derived or organic products, which are expected to be the de facto product varieties in the marine sealants market in the near future.
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Global Marine Sealants Market: Regional Analysis
From a geographical perspective, the report examines the state of the marine sealants market across regions such as North America, Europe, Asia Pacific, and Middle East and Africa. Of these, the Europe marine sealants market, one of the most lucrative regional markets owing to the thriving marine trade and yacht building industries in the region, is expected to witness the impact of economic uncertainties and stringent emission-related regulations compelling marine traders to shift to environment-friendly products. While these factors could largely impact the market in a negative way, leading to decline in sales of a variety of marine sealants, the increased demand for environment friendly products could lead to promising developments.
Over the report’s forecast period, the Asia Pacific market will emerge as the most promising regional market for marine sealants owing to the steadily expanding shipbuilding industry. Thriving marine trade in the region owing to the rising demand for oil and gas products will also drive the market for marine sealants.
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Global Marine Sealants Market: Competitive Dynamics
In the highly competitive market for marine sealants, a large number of small and large players operate on regional and global levels. Supply and cost of raw materials play a critical role in the overall profitability of market players. The focus on the development of sustainable and environment friendly products is a key trend. Some of the notable players operating in the global marine sealants market are H.B. Fuller, 3M, Sika AG, H.B. Fuller, Henkel AG & Company, Royal Adhesives & Sealants, Illinois Tool Works Inc, RPM International Inc., Avery Dennison, and Franklin International.