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.
| Attributes | Details |
|---|---|
| Market Size (2022E) | US$ 257.48 Million |
| Market Size (2032F) | US$ 392.27 Million |
| Value CAGR (2022 to 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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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.
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.
Principal Consultant
Some of the key players operating in global marine sealants market include:
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The market is likely to register a CAGR of 4.3% through 2032.
The market is currently valued at US$ 257.48 Mn in 2022.
The market is likely to grow to a valuation of US$ 392.27 Bn by 2032
Asia Pacific is likely to be a leading market during the forecast period.
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Marine Sealants Market
