Marine Sealants
Marine Sealants Market Forecasts to 2030 - Global Analysis By Marine Type (Passenger Ships, High Speed Craft, Fishing Vessel, Cargo Ships, Tankers and Other Marine Types), Material, Application, End User and By Geography
According to Stratistics MRC, the Global Marine Sealants Market is accounted for $290.8 million in 2024 and is expected to reach $419.6 million by 2030 growing at a CAGR of 6.3% during the forecast period. Marine sealants are specialized compounds used to seal and protect various components in marine environments. These sealants are designed to withstand harsh conditions such as saltwater exposure, UV radiation, temperature fluctuations, and mechanical stress. They are commonly applied to seal joints, seams, and gaps in boats, ships, and other marine structures to prevent water intrusion, corrosion, and structural damage.
Market Dynamics:
Driver:
Growing marine industry
The marine industry is experiencing significant growth in the market, driven by expanding maritime activities worldwide. Key factors contributing to this expansion include increased demand for commercial shipping, offshore energy exploration, and marine infrastructure development. Moreover, advancements in sealant technologies, such as improved durability and environmental sustainability, are further fueling market growth. This trend is expected to continue as the marine sector continues to evolve and expand its operations across various segments.
Restraint:
Environmental concerns
The market faces significant environmental challenges due to the potential for toxic ingredients in traditional formulations. Regulatory pressures are increasing, pushing for more eco-friendly alternatives that maintain high performance standards. A major problem is striking a balance between these demands and maintaining water resistance, durability, and compliance with strict marine regulations. Innovations focusing on biodegradability, reduced emissions, and sustainable sourcing are crucial for addressing these environmental concerns in the market.
Opportunity:
Regulations and safety standards
Navigating regulations and safety standards is a significant challenge for the Marine Sealants market. Stringent requirements for environmental sustainability, toxicity levels, and performance criteria pose hurdles for manufacturers. Maintaining competitiveness and building consumer and regulatory body trust require striking a balance between these rules and assuring the efficacy and safety of products.
Threat:
Fluctuating raw material prices
The market experiences fluctuating raw material prices due to various factors like geopolitical tensions impacting trade routes, and fluctuations in oil prices affecting petrochemical-based ingredients. These dynamics create challenges for manufacturers in cost management and pricing strategies, leading to potential margin pressures and supply chain vulnerabilities. Continuous monitoring and strategic sourcing are crucial for companies in this market to navigate these uncertainties effectively and maintain competitiveness.
Covid-19 Impact:
The COVID-19 pandemic significantly impacted the market. Supply chain disruptions, reduced manufacturing activities, and logistical challenges led to fluctuations in raw material prices, affecting production costs. With restrictions on maritime trade and shipbuilding activities, demand for marine sealants experienced a downturn. However, the market is gradually recovering as economies reopen, leading to increased demand for sealants in ship repair and maintenance, although recovery is expected to be gradual due to ongoing uncertainties.
The fishing vessel segment is expected to be the largest during the forecast period
The fishing vessel segment is expected to be the largest during the forecast period. In the market, products tailored for fishing vessels are in high demand. These sealants must withstand harsh marine environments, including exposure to saltwater, UV radiation, and extreme temperatures. Additionally, they should offer excellent adhesion, flexibility, and durability to ensure long-term performance and minimal maintenance costs for fishing vessel operators.
The silicone segment is expected to have the highest CAGR during the forecast period
The silicone segment is expected to have the highest CAGR during the forecast period driven by demand for durable and weather-resistant sealing solutions. Silicone-based sealants offer excellent adhesion, flexibility, and resistance to harsh marine environments, including saltwater, UV rays, and extreme temperatures. Additionally, advancements in silicone technology have led to improved performance, longer lifespan, and eco-friendly formulations, further enhancing their appeal in the marine industry.
Region with largest share:
North America is projected to hold the largest market share during the forecast period owing to increasing demand for marine vessels. The market is characterized by a competitive landscape with several prominent players offering a range of marine sealant products. Key players often compete based on product quality, innovation, pricing, and distribution networks. These sealants play a crucial role in preventing water ingress, corrosion, and structural damage, thus enhancing the longevity and safety of marine vessels and structures.
Region with highest CAGR:
Asia Pacific is projected to hold the highest CAGR over the forecast period. The market is competitive, with both local and international players vying for market share. Regulatory standards and compliance play a crucial role in shaping the market. As environmental concerns grow, there's an increasing emphasis on using sealants that meet eco-friendly certifications and standards. With the region witnessing economic growth and urbanization, there's a parallel expansion in industries like shipping, offshore energy, and marine tourism.
Key players in the market
Some of the key players in Marine Sealants market include 3M Marine, Bostik Marine, Henkel AG & Co. KGaA, Sika AG, Hempel A/S, Akzo Nobel N.V., Wacker Chemie AG, Permabond Engineering Adhesives, PPG Industries, Inc., Jotun Group, Star Brite, Loctite, Better Boat and DAP Global.
Key Developments:
In March 2024, 3M and HD Hyundai has announced partnership to insulate liquid hydrogen storage tanks. The project will see 3M and HD Hyundai develop large liquid hydrogen storage tanks using a high-strength, low-density hollow glass microsphere called Glass Bubbles from 3M.
In May 2023, 3M and Svante will partnered to develop Direct Air Capture (DAC) products for the carbon dioxide removal (CDR) industry, driving their shared commitment to find materials science-based solutions to achieve net-zero emissions and combat global warming.
Marine Types Covered:
• Passenger Ships
• High Speed Craft
• Fishing Vessel
• Cargo Ships
• Tankers
• Other Marine Types
Materials Covered:
• Polysulfide
• Polyurethane
• Butyl
• Silicone
• Acrylic
• Wood
• Other Materials
Applications Covered:
• Deck To Hull
• Window Bonding
• Above Water-Line Sealing
• Below Water-Line Sealing
• Other Applications
End Users Covered:
• Shipbuilding Industry
• Repair and Maintenance Sector
• Recreational Boating Industry
• Naval Defense
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Marine Sealants Market, By Marine Type
5.1 Introduction
5.2 Passenger Ships
5.3 High Speed Craft
5.4 Fishing Vessel
5.5 Cargo Ships
5.6 Tankers
5.7 Other Marine Types
6 Global Marine Sealants Market, By Material
6.1 Introduction
6.2 Polysulfide
6.3 Polyurethane
6.4 Butyl
6.5 Silicone
6.6 Acrylic
6.7 Wood
6.8 Other Materials
7 Global Marine Sealants Market, By Application
7.1 Introduction
7.2 Deck To Hull
7.3 Window Bonding
7.4 Above Water-Line Sealing
7.5 Below Water-Line Sealing
7.6 Other Applications
8 Global Marine Sealants Market, By End User
8.1 Introduction
8.2 Shipbuilding Industry
8.3 Repair and Maintenance Sector
8.4 Recreational Boating Industry
8.5 Naval Defense
8.6 Other End Users
9 Global Marine Sealants Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 3M Marine
11.2 Bostik Marine
11.3 Henkel AG & Co. KGaA
11.4 Sika AG
11.5 Hempel A/S
11.6 Akzo Nobel N.V.
11.7 Wacker Chemie AG
11.8 Permabond Engineering Adhesives
11.9 PPG Industries, Inc.
11.10 Jotun Group
11.11 Star Brite
11.12 Loctite
11.13 Better Boat
11.14 DAP Global
List of Tables
1 Global Marine Sealants Market Outlook, By Region (2022-2030) ($MN)
2 Global Marine Sealants Market Outlook, By Marine Type (2022-2030) ($MN)
3 Global Marine Sealants Market Outlook, By Passenger Ships (2022-2030) ($MN)
4 Global Marine Sealants Market Outlook, By High Speed Craft (2022-2030) ($MN)
5 Global Marine Sealants Market Outlook, By Fishing Vessel (2022-2030) ($MN)
6 Global Marine Sealants Market Outlook, By Cargo Ships (2022-2030) ($MN)
7 Global Marine Sealants Market Outlook, By Tankers (2022-2030) ($MN)
8 Global Marine Sealants Market Outlook, By Other Marine Types (2022-2030) ($MN)
9 Global Marine Sealants Market Outlook, By Material (2022-2030) ($MN)
10 Global Marine Sealants Market Outlook, By Polysulfide (2022-2030) ($MN)
11 Global Marine Sealants Market Outlook, By Polyurethane (2022-2030) ($MN)
12 Global Marine Sealants Market Outlook, By Butyl (2022-2030) ($MN)
13 Global Marine Sealants Market Outlook, By Silicone (2022-2030) ($MN)
14 Global Marine Sealants Market Outlook, By Acrylic (2022-2030) ($MN)
15 Global Marine Sealants Market Outlook, By Wood (2022-2030) ($MN)
16 Global Marine Sealants Market Outlook, By Other Materials (2022-2030) ($MN)
17 Global Marine Sealants Market Outlook, By Application (2022-2030) ($MN)
18 Global Marine Sealants Market Outlook, By Deck To Hull (2022-2030) ($MN)
19 Global Marine Sealants Market Outlook, By Window Bonding (2022-2030) ($MN)
20 Global Marine Sealants Market Outlook, By Above Water-Line Sealing (2022-2030) ($MN)
21 Global Marine Sealants Market Outlook, By Below Water-Line Sealing (2022-2030) ($MN)
22 Global Marine Sealants Market Outlook, By Other Applications (2022-2030) ($MN)
23 Global Marine Sealants Market Outlook, By End User (2022-2030) ($MN)
24 Global Marine Sealants Market Outlook, By Shipbuilding Industry (2022-2030) ($MN)
25 Global Marine Sealants Market Outlook, By Repair and Maintenance Sector (2022-2030) ($MN)
26 Global Marine Sealants Market Outlook, By Recreational Boating Industry (2022-2030) ($MN)
27 Global Marine Sealants Market Outlook, By Naval Defense (2022-2030) ($MN)
28 Global Marine Sealants Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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