LONDON--(BUSINESS WIRE)--The global marine sealants market is expected to grow at a CAGR of over 6% during the period 2018-2022, according to a new market research study by Technavio.
The report categorizes the global marine sealants market based on type of products which includes polysulfide, silicone, polyurethane, butyl, and others. This report also presents an analysis of the growth prospects of the market across various geographic regions such as the Americas, APAC, and EMEA.
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Market driver: rising demand for marine sealants from developing countries
Developing countries such as China, India, Brazil, Mexico, the Philippines and Indonesia exhibit a high demand for marine sealants. Factors such as low transportation costs; availability of land, inexpensive labor, and raw materials; and lenient government regulations have led many OEMs of marine sealants to relocate their manufacturing plants to these countries.
According to a senior analyst at Technavio for additives, adhesives, and sealants research, “The growing population, high disposable incomes, and rising purchasing power in the developing countries of APAC and South America have led to an increase in investments in the travel and tourism industry. High foreign direct investments in countries such as China are expected to fuel shipbuilding activities. The growth of the shipbuilding industry is likely to have a significant influence on the global marine sealants market during the forecast period.”
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Market trend: 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. The food and beverages (F&B) industry also exhibits high demand for commercial cargoes, which use marine sealants.
Market challenge: 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 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. For instance, Dow Polyurethanes Europe, India, the Middle East, and Africa announced an increase in prices of raw materials such as polyols, toluene diisocyanate (TDI), and methylene diphenyl diisocyanate (MDI) products from May 2016.
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Some of the major contributors in the global marine sealants market:
- 3M
- ARKEMA
- DowDuPont
- Henkel
- Sika
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