Marine Sealants Market (By Material Type: Polysulfide, Butyl, Silicone, Polyurethane, Others; By Applications: Above Water-Line, Below Water-Line, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast 2020 - 2027
The market for marine sealants is expected to grow at a CAGR of around 3.7% from 2020 to 2027 and expected to reach the market value of around US$ 373.7 Mn by 2027.
Marine sealants are used to provide a watertight and airtight seal between two or more surfaces on a boat. These also help in improving the boat's aesthetics, durability, and longevity, along with the noise deadening and vibration dampening qualities. It cures by forming a firm, rubbery, waterproof seal on joints and boat hardware with qualities like high-strength, moisture-curing, gap-filling polyurethane for permanent bonding of wood, gelcoat, and fiberglass. Some of the common types of sealants include acrylic resins, butyl rubber, epoxy thermosets, expanding foam, hot wax, latex sealants, metal sealants, paint sealants, polysulfide sealants, polyurethane sealants, rubber sealants, silicone sealant, urethane sealants, and varnish.
Market Dynamics
The growing shipbuilding industry owing to increasing sea trade and cyclic nature of the shipbuilding industry is propelling the market value. The increasing demand for yachts and leisure boats owing to increasing aspirations of an affluent populace worldwide is propelling the market value. The shifting government focus on tourism has encouraged the production of yachts and cruise ships are additionally contributing to the market value. The increasing defense budget to provide advanced product range to the forces is further propelling the market value. Along with these, the superior product features including thermal insulation, high noise reduction, and low material weight are further bolstering the market value. Furthermore, technological advancement through various industrial R&D initiatives is anticipated to provide potential opportunities over the forecast period.
On the other side, recent economic downturn and uncertainties are likely to restrict the market to an extent over the estimated timeframe from 2020 to 2027.
Silicone segment is projected to exhibit maximum CAGR (%) over the forecast period
The silicone segment by material type is likely to exhibit the fastest growth over the period from 2020 to 2027. The versatile polymeric adhesion properties providing stronger bind between the surface materials are supporting the segmental market value. The highly water-resistant property offering a wide range of applications in passenger ships, high-speed crafts, tankers, aquaria, and cargo ships is further bolstering the market value. These are basically used in above-the-waterline applications along with its minimum thickness and strong vinegar-like smell caused by acetic. The property of being extremely resistant to chemicals makes it a highly preferred choice for separating unrelated surfaces is additionally boosting the segmental market value.
Asia Pacific accounted for the maximum share in the global market
In 2019, Asia Pacific is leading the market with major revenue share (%) in the global marine sealants market. The region is also projected to maintain its dominance over the estimated time period from 2020 to 2027. The region is particularly gaining pace on account of its major economies including China, South Korea, and India. The developing economies along with the global trade and increasing production capacity is accelerating the regional market value. The regions are gaining potential investment from the major players due to available opportunities is propelling the regional market value. Furthermore, the region is also anticipated to exhibit the fastest growth over the estimated timeframe from 2020 to 2027.
The players profiled in the report include Adshead Ratcliffe & Co Ltd., Avery Dennison, Bostik S.A., Dow Corning Corporation, Franklin International, H.B. Fuller, Henkel AG & Company, KGaA, Illinois Tool Works Inc, Royal adhesive and sealant, RPM International Inc., SABA, Sika AG, and The 3M Company. The major marine sealants players were involved in strategic developments for escalating the profit share in regional as well as global market. The major investments were announced for the technological advancements associated with the changing consumer demand for the marine sealants.
Market Segmentation
Market By Material Type
Polysulfide
Butyl
Silicone
Polyurethane
Others
Market By Applications
Above Water-Line
Below Water-Line
Others
Market By Geography
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
What will be the market value of the global marine sealants market?
The market for marine sealants is expected to reach a market value of around US$ 373.7 Mn by 2027.
At what CAGR, the marine sealants market is expected to grow during the forecast period (2020-2027)?
The marine sealants market is expected to grow at a CAGR of around 3.7% from 2020 to 2027.
Which is the fastest growing segment by material type in the marine sealants market?
Silicone is the fastest growing segment by material type in the marine sealants market.
What are the key drivers of the global marine sealants market?
The growing shipbuilding industry owing to increasing sea trade, cyclic nature of the ship building industry, increasing demand for yachts and leisure boats, shifting government focus on tourism has encouraged the production of yachts and cruise ships, and superior product features including thermal insulation, high noise reduction, and low material weight are driving the global marine sealants market.
Which are the prominent players in the marine sealants market?
Adshead Ratcliffe & Co Ltd., Avery Dennison, Bostik S.A., Dow Corning Corporation, Franklin International, H.B. Fuller, Henkel AG & Company, KGaA, Illinois Tool Works Inc, Royal adhesive and sealant, RPM International Inc., SABA, Sika AG, and The 3M Company are the prominent players in the market.
Which region held the highest market share in the marine sealants market?
Asia Pacific held the highest market share in the marine sealants market.
Which region is expected to be the fastest growing market over the forecast period?
Asia Pacific is expected to be the fastest growing market over the forecast period.
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