New York, USA, June 20, 2022 (GLOBE NEWSWIRE) -- Gelcoat Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Gelcoat Market Information by Resin, Application, and Region - Forecast till 2030”, the market is estimated to grow at a 6.6% CAGR to reach USD 2,236.1 Million by 2030.
Market Synopsis
Gelcoat is one of the thickest layers of resin that is used on the surface of fiber-reinforced composites to offer a protective, glossy, and high-quality finish to the product. It is the earliest layer to be applied on the inner surface of the mold.
Gelcoats can be described as thermosetting polymers that are either based on polyester or epoxy resins. Gelcoats enhance the durability and aesthetic appeal of the product, elevating the resistance level to ultraviolet degradation, and preventing hydrolysis. These properties make it ideal for applications in wind turbines, sanitary ware products, and marine vehicles and aircraft.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | 2030: USD 2,236.1 Million |
| CAGR | 6.6% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Resin, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing demand from automotive and transportation industry |
| The rise of end-use industries such as transportation, wind energy, and construction |
Market Competitive Landscape:
The important companies in the gelcoat industry include
- Aristech Surfaces LLC
- LUCITE INTERNATIONAL
- Evonik Industries AG
- 3A Composites GmbH
- Arkema
- Elastin International Corp.
- Asia Poly Industrial Sdn Bhd
- Ray Chung Acrylic Enterprise Co., Ltd.
- Plaskolite
- JuMei Acrylic
- Gevacril
- PT Margacipta Wirasentosa
- Shen Chuen Acrylic (Ningbo) Co. Ltd.
- Sun Acrylam Private Limited
Market USP Covered:
Market Drivers:
Several vendors active in the wind energy and aerospace industries are increasingly demanding gelcoats for better resistance to fire and UV rays. These are the key factors that determine the life and quality of the product, as a result of which manufacturers are investing substantially in the development of gelcoats integrated with additives for higher fire resistance. Gelcoat effectively brings down the chances of damage to the components that are coated from accidental fires and UV radiations, while offering better durability to the product. With the notable expansion of these end-use sectors worldwide, the market for gelcoats is touted to perform extremely well in the near future.
Heightened demand for gelcoat from Asia Pacific will be a major opportunity for global companies. The demand has been escalating rapidly in the emerging countries of APAC. In the next several years, gelcoat will be experiencing massive demand from end-use industries like wind energy, construction and transportation, in India, Japan, and China.
Market Restraints:
The focus on the closed molding process for developing boat hulls, spas, bathtubs, decks, shower stalls, and other products is rising worldwide. This procedure covers a hand-lay-up application, a spray-on application, and more.
In this process, the use of gelcoat is considerably low. With the rising popularity of closed moulding methods, the use of gelcoat will see a major decline in the next few years.
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COVID 19 Analysis
The gelcoat industry has been considerably affected by the COVID-19 outbreak. Given the pandemic scenario, numerous countries had to go under a lockdown, to control the rising cases. Owing to this, the demand and supply chain have been disrupted, which has affected the worldwide market. The infrastructural projects, manufacturing units, industries, and various operations had to be put on hold owing to the pandemic situation.
The volatile costs of raw materials coupled with the COVID-19 pandemic have restricted the growth rate of the global market. On the bright side, the situation is getting back to normal, which means that the market in the future will see better growth. Also, the emergence of vaccines for the novel coronavirus and the reopening of several recycling units worldwide would result in the re-initiation of the gelcoat market at its full-scale capacity.
Market Segmentation
By Resin
Polyester gelcoats and Epoxy gelcoats are the key types of resins covered in the study.
Polyester gelcoats have widespread use across a variety of sectors owing to the heightened demand in marine and transportation industries. Polyester resin gelcoats have extensive use in the marine industry because of their impressive properties such as UV degradation, water absorption and corrosion resistance.
By Application
Depending on application, the gelcoat market can be classified into healthcare & medical, Construction & architecture, Retail, Hospitality, Food & Beverages, Automotive & transportation, Sanitary Ware and Electrical & Electronics.
The automotive & transportation segment has secured the leading position in the gelcoat market. The automotive and transportation sector complies with various strict regulations including European Emission Standards (EES) and the Corporate Average Fuel Efficiency (CAFE) standards. To bring down the level of carbon dioxide emissions, which leaves a toxic impact on the climate, automakers are focused on producing lightweight vehicles using composites to adhere to government regulations while elevating the fuel efficiency of the vehicles. Gelcoats are used for coating these composites to protect them while enhancing their aesthetic appeal.
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Regional Insights
North America has become the most successful market for gelcoat and during the review period, will continue to be the highest gainer. The region's position in the global market is propelled by the rapid expansion of the transportation and maritime industries. One of the key reasons for the market growth can be the mounting importance of renewable energy and its use in the region. The escalating requirement for anticorrosion, anti-weather coats, and water protection in the wind energy sector, and the rising gelcoat demand among end-users will fuel market expansion.
Europe also occupies a big share in the worldwide market for gelcoat, as the region is seeing a notable surge in the maritime industry in conjunction with the growth of the shipbuilding industry. The gelcoat demand in the region is fostered by the increasing spending on the construction sector. The construction sector in Germany will thrive at a rate of 3.0% in the coming years while the construction sector in Spain will rebound rapidly over the coming decade. In response to the economic recovery, along with foreign investments, the gelcoat industry is escalating at a stunning rate. In various European countries, residential growth will be one of the most important categories, resulting in a massive growth of the gelcoat market.
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