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The marine sealants market size is forecast to increase by USD 88.8 million at a CAGR of 6.36% between 2023 and 2028. The market is experiencing significant growth due to the expanding shipbuilding industry and the increasing demand for these products in the commercial sector. This includes applications in deck-to-hull bonding, window bonding, plastic components, fuel systems, and other areas of ship construction. However, the market faces challenges such as the volatility of raw material prices and freight rates. Mergers and partnerships are common strategies being employed by key players to remain competitive. Technological advancements and regulatory scenarios are also shaping the market, focusing on sustainability and safety. The market caters to various types of vessels, including cargo ships, tankers, passenger ships, and fishing vessels, in the global maritime industry. The tourism sector is another significant end-user, with a growing demand for marine sealants in the construction and maintenance of cruise ships.
The market is a significant sector within the larger industrial adhesives and sealants industry. Marine sealants are essential components in shipbuilding and maintenance activities, ensuring the watertight integrity of ships and vessels. This market encompasses various types of sealants, including silicone, polyurethane, Polysulfide, and butyl. The demand for marine sealants is primarily driven by the shipbuilding industry, which includes the construction of cargo ships, tankers, passenger ships, cruise ships, ferry boats, yachts, and fishing vessels. In addition, it offers excellent resistance to gasoline, teak oil, and diesel fuel. The growth in water tourism and the affluent populace's increasing preference for luxury yachts and cruises further boost the market.
Moreover, substrates, such as steel, aluminum, and composites, used in shipbuilding and vessel construction necessitate the application of marine sealants for water-line sealing, deck to hull bonding, and window bonding. These applications ensure the longevity and durability of the ships, making marine sealants an indispensable part of the shipbuilding process. Raw material prices and freight rates can significantly impact the market. Mergers and acquisitions within the industry can also influence market dynamics, leading to changes in market competition and pricing. The market is witnessing the emergence of advanced technologies, such as polysulphides and hybrids, which offer improved performance and longer service life compared to traditional sealants.
Furthermore, these advancements cater to the increasing demand for high-performance, cost-effective, and eco-friendly solutions in the shipbuilding industry. In conclusion, the market is a vital segment within the industrial adhesives and sealants industry, driven by the shipbuilding industry's growth and the increasing preference for water tourism. The market is influenced by raw material prices, freight rates, and technological advancements, making it an interesting area for investment and innovation.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The polysulfide segment is estimated to witness significant growth during the forecast period. The market in North America is experiencing notable expansion, particularly in the deployment of polysulfide sealants for various marine applications. Polysulfide, a versatile marine sealant, functions effectively as a bedding compound and aids in sealing surfaces. This synthetic rubber sealant is widely utilized in marine fittings fabricated from epoxy, Delrin, or nylon. The marine industry's increasing adoption of polysulfide in plastic fittings is a significant growth driver for The market. Polysulfide's popularity stems from its ability to adhere to wooden objects and marine surfaces, making it an ideal choice for sealing marine fittings. Moreover, polysulfide marine sealants can be sanded and painted, enhancing their aesthetic appeal.
Furthermore, cargo ships, tankers, passenger ships, fishing vessels, and other marine vessels are the primary consumers of marine sealants. Raw material prices and freight rates significantly impact the market's growth. Mergers, partnerships, and technological advancements are shaping the competitive landscape. Regulatory scenarios and tourism trends also influence the market dynamics. In conclusion, the market in North America is thriving due to the increasing demand for polysulfide sealants in various marine applications. Polysulfide's versatility, ability to adhere to various surfaces and ease of application make it a preferred choice for marine applications. The market's growth is influenced by factors such as raw material prices, freight rates, mergers, partnerships, technological advancements, regulatory scenarios, and tourism trends.
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The polysulfide segment accounted for USD 99.60 million in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 55% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The marine industry's expansion, driven by the growing demand for efficient cargo transportation and increased investments in shipbuilding, is fueling The market. Bulk tankers, cargo ships, cruise ships, and container ships are key contributors to this industry's growth. South Korea, Japan, and China are leading investors in shipbuilding, creating a significant demand for marine sealants. Government initiatives to enhance bilateral trade relationships further boost the marine industry, leading to increased usage of marine sealants. Macro-economic indicators, such as consumer preferences and policy amendments, also impact the market. Geopolitical tensions and inventory management strategies are regional-specific factors influencing the market.
Furthermore, the energy transition towards sustainable shipping is another trend shaping the market dynamics. Effective insulation of hulls, deck joints, fittings, and trims using marine sealants is crucial for maintaining the structural integrity and energy efficiency of ships. Inventory management and regional-specific strategies are essential for companies to remain competitive in the market.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growth of the shipbuilding industry is the key driver of the market. The market experiences significant demand from the shipbuilding industry, which is witnessing expansion due to increasing foreign direct investments, rising seaborne trade, and the growth of multinational corporations. New ship construction and the need for repairs and maintenance of existing vessels are key factors fueling market growth. However, the demand for offshore vessels has decreased due to volatile oil prices. Bio-chemicals and advanced materials are increasingly being used in marine sealants to ensure sustainable practices and improve performance.
Furthermore, geopolitical analysis and economic factors such as stagflation and economic slowdown can impact the market's growth. The historical years provide valuable insights into market trends, while the base year and estimated year serve as benchmarks for future analytics. Prospective segments include application areas, product types, and geographical regions. Potential countries with significant demand include China, the US, and Japan. The market is expected to grow steadily in the coming years, offering opportunities for stakeholders.
Increasing demand for marine sealants from the commercial segment is the upcoming trend in the market. Marine sealants play a crucial role in the shipbuilding industry, particularly in the construction of tankers and bulk carriers, which transport oil, gas, and coal. The energy sector's expansion and the resulting increase in the transportation of these resources have driven up demand for marine sealants. Sealants, such as silicone, polyurethane, polysulfide, and butyl, are used for water-line sealing and protecting substrates from water intrusion. In the US, the shipbuilding industry is witnessing growth due to the increasing demand for new vessels in the cruise ship and ferry boat sectors. According to industry reports, the commercial shipbuilding market in North America is projected to expand at a steady pace over the next few years.
The construction of new oil and gas facilities, including terminals and offshore platforms, is also expected to boost the demand for marine sealants. Such projects require high-quality marine sealants to ensure the structural integrity of the facilities and maintain their operational efficiency.
Volatile prices of raw materials is a key challenge affecting the market growth. The marine sealant market is characterized by product differentiation, a moderate degree of competition, and a significant number of suppliers. The industry's distribution channels include direct sales, wholesalers, and retailers. The capital required to enter this market can be substantial due to the need for specialized equipment and raw materials. Polyols, toluene diisocyanate (TDI), and methylene diphenyl diisocyanate (MDI) are essential raw materials for producing polyurethane sealants. Price fluctuations in these materials can significantly impact the cost structure of marine sealant manufacturers. For instance, in early 2020, Dow announced price increases for Europe, the Middle East and Africa (MEA), and India for all polyols.
The high prices have led to decreased demand due to oversupply. Moreover, escalating TDI prices have increased the production cost of end products such as polyurethane. The volatile oil prices and high supply are affecting the manufacturing cost and profit margins of companies. As a result, companies must continually monitor raw material prices and adapt their strategies to remain competitive. A beneficial alternative for marine sealant manufacturers could be to explore cost reduction measures, such as improving production efficiency or sourcing raw materials from alternative suppliers. Investment and funding updates, acquisitions, awards, and agreements are essential business activities that marine sealant companies engage in to expand their market presence and enhance their competitive position.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
3M Co. - The company offers marine sealants such as adhesive 5200 which is a high-strength, moisture-curing, gap-filling polyurethane.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Marine sealants play a crucial role in the shipbuilding industry, ensuring watertight integrity and protection against environmental elements for various types of vessels. These sealants come in different forms, including silicone, polyurethane, polysulfide, and butyl. The market caters to various segments, such as shipbuilding for cargo ships, tankers, passenger ships, fishing vessels, cruise ships, and yachts. The market is driven by factors like the increasing demand for waterproofing, vibration damping, insulation, and hull protection. Technological advancements in sealant materials, such as hybrids and polysulphides, offer improved performance and sustainability. Regulatory scenarios and macro-economic indicators also influence the market, with policy amendments and geopolitical tensions impacting freight rates and raw material prices.
Furthermore, consumer preferences for eco-friendly and sustainable practices are shaping the market, with the use of bio-chemicals and materials gaining popularity. Prospective segments include the tourism sector, where water tourism and recreational boats contribute significantly. Regional-specific strategies and inventory management are essential for businesses operating in this market. The degree of competition in the market is high, with a significant number of suppliers and distribution channels. The cost of substitutes, such as traditional sealants or alternative materials, can impact the market dynamics. Investment, funding updates, acquisitions, and awards and agreements are common in this industry.
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Market Scope |
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Report Coverage |
Details |
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Page number |
155 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.36% |
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Market growth 2024-2028 |
USD 88.8 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.57 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 55% |
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Key countries |
China, US, Germany, India, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
3M Co., Adshead Ratcliffe and Co. Ltd., Alpha Adhesives and Sealants Ltd., Archello BV, Arkema SA, Avery Dennison Corp., Comus Solutions, Dow Inc., DuPont de Nemours Inc., H.B. Fuller Co., Henkel AG and Co. KGaA, Huntsman Corp., Illinois Tool Works Inc., Love and Pieces LLC, Pioneer Adhesives Inc., RPM International Inc., SABA Dinxperlo BV, Shin Etsu Chemical Co. Ltd., Sika AG, and Star brite Inc. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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