Global Marine Sealants Market - Rising Demand From Developing Countries to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--The global marine sealants marketis 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 f....