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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.
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.
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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.
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.
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Government contributions toward marine sealants industry is not limited only to the UK, even the Indian government has been investing heavily to enhance the nation’s marine infrastructure. Recently, a delegation from Ukraine met the Secretary, Ministry of Shipping in New Delhi, India, with an aim to discuss the possibilities of partnering with the country for potential shipbuilding projects. This is evidence enough to state that the shifting focusing of countries across the globe toward shipbuilding will lucratively impact the growth of marine sealants market.
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