Marine Sealants Market to surpass 65 kilo tons consumption by 2024
Date: 2018-12-11   Author: Rahul Varpe  Category: #market

Marine Sealants Market to surpass 65 kilo tons consumption by 2024

Global Market Insights, Inc. adds a new Marine Sealants Market research report for the period of 2018-2024 focuses on the major drivers and restraints for the global key players providing analysis of the market share, segmentation, revenue forecasts and geographic regions of the market.

Marine Sealants Market size is estimated to exceed USD 330 Million by 2024. Growth in global trade for crude oil, coal and other resources along with rapid globalization will propel the marine sealants market growth. Seaborne trade accounts for 90% of the overall international trade. Increasing global GDP coupled with recovery from economic crisis will stimulate the industry growth. Rising food demand resulting in increasing grain trade will open new avenues for business growth. U.S. is anticipated to account for 40% of the global grain exports by 2030. Moreover, increasing number of trade routes is expected to boost the industry demand.

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Marine sealants market, one of the rapidly expanding business spaces of recent times, has witnessed a financial acclamation over the past few years pertaining to extensive research activities in the shipbuilding sector. Technological interventions along with key players’ significant R&D initiatives are primarily responsible for the renewed dynamism in the marine sealants industry space. The aforesaid factor can be demonstrated by the introduction of i-cure technology in the shipbuilding sector that enables producing next generation sealants. 

Synonymous with “intelligent cure” this patent protected advanced cross-linking technology is invented by Sika, a globally acclaimed player in the marine sealants market. Reportedly, this new generation I-Cure based sealants amalgamates both the properties of conventional polyurethane sealants and advanced adhesive technology which ultimately leads to improvements in durability, ecology, workability, and adhesion.

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In addition to this, stringent regulatory compliances brought forth by the European Union with regards to chemical safety have restricted commercialization of several products containing methylene diphenyl diisocyanate (MDI). Reportedly, the i-Cure based sealants and adhesives are not unaffected by these legislative challenges and are labelling free. In fact, the overall marine sealants industry share from shipbuilding applications held a revenue of USD 140 million in 2016 and with the growth in shipbuilding of tankers, carriers, and LNG, the application scope is likely to expand in the coming years.

Rise in global cargo trade with regards to coal, crude oil, and other resources along with rapid globalization have impelled marine sealants market proliferation.  Accounting for 55% of the global industry share in 2016, cargo ships dominated the business landscape and is expected to witness a y-o-y growth of 6% over 2017-2024. In fact, global offshore vessel market is forecast to surpass a valuation of USD 20.13 billion by the end of 2024. These vital statistics depict the upswing in marine transport trends which is undeniably leaving a parallel impact on marine sealants market commercialization.

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Economic recovery of the major geographies along with increasing GDP are some of the other critical indirect factors that have enhanced the business outlook. For instance, the escalating food demand curve has led to an increase in the grain trade across the globe. In this regard, U.S. witnesses an upper hand, given the increasing number of grain exports in the country. Estimates claim U.S. to represent almost 40% of the overall grain exports by 2030, a statistic that is in other way translating the growth prospect of regional marine sealants market as well. Overall North America marine sealants industry is slated to grow at a CAGR of 3.8% over 2017-2024.

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Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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