Global Marine Sealants Market 2018-2022
About Marine Sealants
Sealant is a substance used to block the flow of fluids from joints or openings in materials. It is a type of mechanical seal that can be used above and below the waterline in marine applications. Sealants used in marine applications block the passage of air and water between two or more surfaces. They provide adhesion to surfaces and protect them from vibrations, electrolysis, and noise.
Technavio’s analysts forecast the global marine sealants market to grow at a CAGR of 6.14 % during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global marine sealants market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of marine sealants.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Marine Sealants Market 2018-2022
Technavio recognizes the following companies as the key players in the global marine sealants market: 3M, ARKEMA, DowDuPont, Henkel, and Sika.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is increasing demand for marine sealants from commercial segment. The growing oil and gas industry and increasing use of petroleum products have led to an increase in the demand for tankers. Oil and gas are shipped in tankers that require marine sealants. Energy and related sectors fuel the demand for coal. Coal reserves are concentrated in specific regions and are transported through sea-routes. The increase in ore trading has fueled the demand for dry bulk carrier cargoes.”
According to the report, one of the major drivers for this market is Increasing investments in R&D activities. Manufacturing and commercialization of biodegradable marine sealants are anticipated to drive market growth during the forecast period. R&D activities on biodegradable marine sealants focus on using feedstock such as polyols, soybean, vegetable oil, and other organic materials. The adoption of biodegradable sealants is expected to contribute to the demand for marine sealants.
Further, the report states that one of the major factors hindering the growth of this market is Volatile prices of raw materials. Polymeric materials are commonly used for producing marine sealants. Acrylic, silicone, and polyurethane are some of the raw materials. Most of the raw materials used for in the production of marine sealants are the downstream products of crude oil. The high price of crude oil is expected to have an impact on the prices of raw materials.
3M, ARKEMA, DowDuPont, Henkel, and Sika.