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Marine Sealants Market to depict appreciable growth prospects over 2019-2024

Author : Rahul Varpe | Published Date : 2019-10-03 

The Marine Sealants Market study by Global Market Insights, Inc., is a collation of valuable insights related to market size, market share, profitability margin, growth dynamics and regional proliferation of this business vertical. The study further includes a detailed analysis pertaining to key challenges, growth opportunities and application segments of the market.

3M, one of most renowned giants partaking in Marine Sealants Market share is reputed for consistently innovating new sealant systems for marine applications, pertaining to the vast expanse of shipbuilding activities across the globe. The multi-billion-dollar company recently formulated a new polishing compound designed to enhance surface glass fiber hulls. This innovation is a prime instance demonstrating the fact that the increasing introduction of advanced products in marine sealants industry is likely to help companies expand their consumer pool.

Ship builders are known to use sealants and adhesives on a rather large scale, to increase the stability and performance of the ship amidst a harsh marine environment inclusive of salt water, high humidity, and strong UV radiations. Marine sealants also provide airtight and watertight seals between two surfaces by reducing use of metal fasteners, which aids the reduction of noise and vibration – a major factor that is likely to augment marine sealants market share.

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A research report compiled by Global Market Insights, Inc., in fact, claims marine sealants industry to have generated a revenue of USD 200 million in 2016. Marine sealants market players are bound to act in accordance with a strict regulatory framework that ensures the manufacture of highly efficient and superior quality products. Sealant manufacturers, it is observed, are consistently involved in the development of an advanced range of high quality products that suitably comply with industry standards.

In addition, marine sealants industry has also been witnessing a slew of strategic partnerships with shipbuilders that would ensure the creation of a favorable growth path for this business space. The competitive hierarchy of marine sealants market is replete with notable biggies such as 3M, SABA, Henkel AG & Company, Bostik, Franklin International, H.B. Fuller, Dow Corning Corporation, Adshead Ratcliffe & Co Ltd., Illinois Tool Works, Sika, RPM International, and Avery Dennison.

Major geographies across the globe have been witnessing a robust increase in the number of shipbuilding factories, pertaining to the rapidly growing requirement of ships for commercial, defense, and general-purpose applications. Given that shipbuilders are increasingly seeking newer methodologies to enhance ship manufacturing and performance, the surging use of sealant and adhesive bonding methods for joint formation, sealing bulkhead, portholes, and trims is certain to massively influence marine sealants industry size.

For the record, marine sealants market share from the shipbuilding sector was pegged at more than USD 140 million in 2016. Additionally, in a bid to promote tourism, government bodies and private companies have been looking out for reliable shipbuilding partners. Taking in account the growing demand for cruise ships and commercial fleets, the requirement of sealants is undeniably slated to escalate over the coming years – a factor that will dynamically stimulate marine sealants market trends.

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Speaking of tourism and the contribution of shipbuilding companies for the same, it is prudent to mention that recently, WIGHT Shipyard, a leading high-speed craft and aluminum ship builder in Europe, has won an order to manufacture a 21-meter passenger catamaran for promoting Scottish tourism.

The September of 2017 witnessed the British Parliament announcing a new National Shipbuilding Strategy to expand the marine industry in England. Through this strategy, it intends to procure 31e General Purpose Frigates, each costing lesser than USD 300 million. The shipbuilding operations are expected to be carried out at multiple shipyards. This designing approach of the British government to maximize exports is likely to have a marginal impact on Europe marine sealants industry size.

Read more news - https://www.marketwatch.com/press-release/structural-steel-market-2019-usd-420-billion-opportunity-by-2024-2019-10-03 

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. 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. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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