The
global Marine
Sealant Market was worth USD 6 billion in 2015 and is expected to
witness substantial growth on account of exponential technological developments
and increasing customer preference for sustainable products. The rapid growth
of shipbuilding industry owing to rising emphasis on boosting import and export
has further fuelled the demand for marine sealants on a global scale.
Owing
to tough consistency, firm adherence to surface and rubbery flexibility, marine
sealants are predominantly sought by industries requiring adhesives providing
flexible surface movement at the joints while retaining adhesion at the same
time. Marine sealants primarily find their applicability in bonding material
surfaces together, often with the help of mechanical fasteners, and isolating
two surfaces to prevent vibration as well as the passage of noise and
electricity.
The
property of forming a watertight and airtight seal between two bodies is the
prime characteristic shaping the marine sealants utility. Providing a
relatively greater degree of flexibility and permitting a considerable degree
of movement to the attached surfaces without losing cohesion are the prime
factors which are expected to trigger the global marine sealant demand over the
forecast period.
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Commercial
segments for the marine sealant market comprises of bulk-shipping companies,
strong commercial fleet of vessels and cruise ship operators. The Ship-building
industry is the major proponent responsible for driving growth in the marine
sealants market. Leisure boats having higher sales volume as well as the
craftsmen and packaging industry forms the consumer market for the global
marine sealant industry.
Increasing
emphasis on Maritime defense and Marine security developments in the recent
times has triggered a positive response towards global marine sealants market.
Amplified defense spending with greater stress on enhancing and updating the
depository arsenal is one of the key drivers expected to propel the growth of
marine sealants over the foreseeable future.
Depending
on the chemical composition, the global marine sealant market is segmented into
silicones, polyurethane, butyl and polysulfide based sealants. Amongst these,
silicone based marine sealants are the most common and widely used sealant
type. They are projected to be the fastest growing category and accounts for
the major share of the overall marine sealants market on account of their
versatility and high degree of cohesion with almost all the hardware materials.
Silicone
based sealants are basically used in above-the-waterline caulking applications
and are characterized by minimum thickness and strong vinegar-like smell which
is caused by acetic acid. Owing to their property of being extremely resistant
to chemicals, these types of sealants are highly preferred for separating
unrelated surfaces. However, on account of their acid-curing properties, some
of the silicon based sealants are not recommended for use on metal hardware.
Polyurethane
sealants are differentiated by their strong and permanent adhesion strength on
account which they are preferred for both above and below the waterline
applications. Owing to their high gluing strength and permanent bonding, the
silicon based sealants are highly sought after by ship-building and
marine-infrastructure development industry. However, impossible segregation of
the attached items after use and incompatibility with plastic items are
expected to remain prime constraints in the product growth.
Butyl
based marine sealants are basically recommended for above the water-level
sealing applications. They are highly compatible with almost all the caulking
products and thus are highly preferred for any hardware above the waterline.
Congruency with any hardware and cost-effectiveness are the prime factors
expected to drive the product demand. However, sensitivity to other chemicals
and weak adhesion strength may hinder the product growth over the forecast
period.
Polysulfide based
sealants are much more flexible and elastic but possess less adhesive strength
as compared to their other counterparts. Their special adhesive properties with
teak make them highly preferable for bedding wooden material like cockpit
coamings and rub rails. However, incompatibilities with common plastics like
acrylic and polycarbonate may impede the product growth in near future.
Asia-Pacific
is the key regional market for marine sealant industry with the significant
developments witnessed in China, India and Japan. Asia-pacific is expected to
maintain its global dominance in marine sealant market in the near future on
account of increasing emphasis on ship-building, marine infrastructure
development and naval defense activities in the region.
The
major players in marine sealant industry include Royal adhesive and sealant, 3M
Co., Bostik and Franklin International. Owing to highly volatile raw material
prices, the global marine sealant market price decisions are greatly shaped by
the raw material cost and supply equations. Thus, increased focus on R&D,
mergers and acquisitions, and joint-ventures are the fundamental strategies
adopted by top players with a view to streamline the operations and enhance the
production efficiency.
Other
crucial market players include Henkel AG & Company, Illinois Tool Works
Inc, Avery Dennison, H.B. Fuller, Sika AG and RPM International Inc. Greater
emphasis on developing sustainable, cost-effective and hardware-compatible
products by the major players is expected to effectively leverage the market
growth over the forecast period.
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