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Sealants are defined as those materials, which are applied to the substrates in order to restrict the passage of fluids and to fulfill the space between them. The marine sealants serve a diverse set of functions which include vibration damping, insulation, and waterproofing. The material such as silicone, polyurethane, polysulfide, and butyl are utilized to create marine sealants. Additionally, the shipbuilding industry comprising cruise ships & ferry boats building, yachts industry, commercial shipbuilding, are some of the prominent consumers of sealants. The marine sealants find its application in the water-line sealing, below water-line sealing, deck to hull, and window bonding.
The increasing demand for polyurethane sealants in various applications will fuel the marine sealants market growth. The polyurethane sealants are user-friendly and offer various beneficial properties including elasticity, fast cure time, and resistance to chemicals, fire, and water. It is also available in wide ranges of colors, which makes it an ideal choice in various applications. The polyurethane sealants are majorly used in cargo ships, tankers, passenger ships, and fishing vessels. Hence, rising product demand will boost the consumption of marine sealant and aid to propel the market growth during the forecast timeline.
However, the fluctuation in the raw material prices and freight rates are impacting the overall demand. This restricts its adoption in various applications. Hence, this іѕ anticipated hindering the market growth.
Key Market Driver -
The rising demand for polyurethane based sealants will drive the product demand.
Key Market Restraint -
Fluctuation in the raw material prices to restrict the market growth
Based on material, the marine sealants market is segmented into silicone, polyurethane, polysulfide, butyl, and others. Based on marine type, the market is segmented into cargo ships, tankers, passenger ships, fishing vessel, high speed craft, and others. Based on application, the market is segmented into above water-line sealing, below water-line sealing, deck to hull, window bonding, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The key players in the marine sealants market include SABA, Dow Corning Corporation, 3M, Bostik Marine, Henkel AG & Company, Adshead Ratcliffe & Co, Sika, Illinois Tool Works, RPM International, Royal Adhesives & Sealants, Franklin International, Avery Dennison, and H.B. Fuller.
Europe is anticipated to witness sustainable growth in the marine sealants market. The growth is attributed to the rising adoption of the product in the window bonding application. Further, the shifting government focus on tourism particularly has encouraged the cruise ships and yachts production in this region. The rising use of silicon and butyl material in the marine sealants will fuel the market growth in the Asia Pacific. The rapidly growing marine industry in North America will propel the product demand in this region. The Middle East & Africa is anticipated to witness significant growth, owing to the adoption of the product in the above and below water-line sealing.
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By Marine Type
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