San Francisco, California, December 07, 2017: A recent market research report by TMR Research, titled “Marine Sealants Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025,” presents a comprehensive analytical overview of the global market for marine sealants, its scope of development, and the factors affecting its growth prospects over the period between 2017 and 2025.
The report states that the global marine sealants market will chiefly benefit from the steady expansion of the global shipbuilding industry over the past few years, a significant rise in international sea trade, and the constant rise in the number of people buying leisure boats and luxury yachts. The constant rise in affluent people globally is expected to continue to reflect positively on the consumer-base of leisure boats and luxury yachts in the next few years as well, driving the market for marine sealants.
While the market has mostly positive growth prospects, its potential growth dynamics in the next few years could be negatively affected to a certain extent owing to the sluggish economic expansion of several key nations involved in marine trade and shipbuilding activities. The reduction in volumes of imports and exports through the marine transport line owing to these factors could act a negative force for the global marine sealants market, reining in its future growth. Moreover, constant fluctuations in the costs of raw materials and freight rates could also negatively impact the overall development of the global shipbuilding industry, thus hampering the expansion of the global marine sealants market to a certain extent in the near future.
The report presents an overview of the marine sealants market and its growth prospects across regions such as North America, Asia Pacific, Europe, and Middle East and Africa. The report states that of these markets, the market in Europe is presently one of the most prominent regional markets for marine sealants owing to the well-established yacht building and marine transport industries in the region. Presence of some of the world’s leading international marine ports in the region could also add to its growth potential in the near future. However, the Europe marine sealants market could be challenged due to sluggish economic development of several countries and strict emission-relations norms that are compelling the shift towards costlier but cleaner bio-based products.
Over the report’s forecast period, the report states that the market in Asia Pacific could emerge as one of the most promising regional markets for marine sealants. Factors such as the steady expansion of the region’s shipbuilding industry and a significant rise in marine trade in the region in the recent past owing to the massive rise in demand for oil and gas products are also likely to drive the market for marine sealants in the region.
The report states that the global marine sealants market features a highly competitive vendor landscape owing to several large and small players on international as well as regional levels. Owing to the increased demand for bio-based products across key regional markets, companies are focusing on the development of cleaner and greener products. The trend is likely to remain strong in the future years as well. Some of the leading companies in the global marine sealants market are Henkel AG & Company, H.B. Fuller, 3M, Illinois Tool Works Inc, Royal Adhesives & Sealants, Avery Dennison, RPM International Inc., H.B. Fuller, Sika AG, and Franklin International.
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