Various wind energy and aerospace retailers increasingly demand gelcoats for better fire resistance and U.V. rays. As a result, manufacturers are investing considerably in the growth and development of the gelcoats market. Furth more, polyester is anticipated to be the fastest-growing resin segment because of the variety of characteristics of polyester resins. Polyester resins are less expensive and possess temperature tolerance, fast curing, durability, low thermal expansion, and good corrosion resistance.
Data Bridge Market Research shows that the Gelcoat Market accounted for USD 1,403.80 million in 2022 and is expected to reach 2,756.37 million by 2030. The market is expected to grow with a CAGR of 8.80% from 2023 to 2030.
"Growing demand for gelcoat from automotive and transportation industry is expected to drive the market growth"
Increasing demand for gelcoat from the automotive and transportation industry is expected to propel the gelcoat market's growth from 2023 to 2030. The transportation and automotive sector cover the major share of the overall market of gelcoat. To comply with government rules and guidelines and surge vehicle fuel efficiency, automakers are highly focusing on manufacturing lightweight vehicles with composites to reduce the emission of carbon dioxide (CO2) emissions, which harmfully impact the global climate. Hence, gelcoats are used to improve and maintain the aesthetic appeal of these composite components and carbon dioxide (CO2) emissions. Therefore, rising demand for gelcoat from the automotive and transportation industries is expected to boost the market growth rate.
What restraints the growth of the gelcoat market?
"Stringent government rules and regulations for gelcoat manufacturers"
Styrene is the highly used monomer of polyester resin-based gelcoats. The high usage of styrene has been a major worry for workers' health and safety. This makes the growth of the gelcoat market very difficult. Various countries' governments have imposed strict regulations to reduce styrene emissions from gelcoats. This is eventually reducing the growth of the gelcoat market during the forecast period. This is a major factor that is likely to obstruct market growth in the forecast period of 2023 to 2030.
Segmentation: Global Gelcoat Market
The gelcoat market is segmented on the basis of product type, resin, application method, and end user.
- On the basis of product type, the gelcoat market is segmented into standard gelcoat and specialty gelcoat.
- Based on resin, the gelcoat market is segmented into polyester, vinyl ester, epoxy and others.
- On the basis of application method, the gelcoat market is segmented into spray, brush and roller.
- Based on end user, the gelcoat market is segmented into construction and architecture, healthcare and medical, hospitality, retail, automotive and transportation, food and beverages, electrical and electronics, sanitary ware.
Regional Insights: North America is expected to dominate the gelcoat market
North America is expected to dominate the market and is expected to grow significantly because of increasing marine applications, especially in the U.S. and Canada. Moreover, the growing need for water protection, anticorrosion and anti-weather coats in the wind energy sector will further increase the growth of the gelcoat market in this region.
In addition, the Asia-Pacific is likely to register the highest growth rate from 2023 to 2030 because of the high economic growth in evolving countries and the development of several end-user industries. Furthermore, increasing building and construction activities, a growing number of major market players, and abundant availability of raw materials are other major factors that will further boost the market growth in this region.
Recent Developments: Global Gelcoat Market
- In 2020, Scott Bader Australia Pty Ltd announced the acquisition of the resources of Summit Composites Pty Ltd, which distributes gelcoats, high-performance adhesives, and resins to the Australian market. This aids the company in maintaining and strengthening its long-term presence in the Australian composites market
- In 2020, The Polynt Group announced that launch of its fully-owned subsidiary, Polynt Composites Turkey. This expansion will help the company maintain and strengthen its long-term presence in Turkey.
To know more about the study, visit https://www.databridgemarketresearch.com/reports/global-gelcoat
The Prominent Key Players Operating in the Gelcoat Market Include:
- Akzo Nobel N.V. (Netherlands)
- Ashland Inc. (U.S.)
- LyondellBasell Industries Holdings B.V (Netherlands)
- 3M (U.S.)
- Sika AG (Switzerland)
- Bang & Bonsomer (Finland)
- Sino Polymer Co. Ltd. (China)
- Eastman Chemical Company (U.S.)
- Hexion (U.S.)
- Huntsman International LLC (U.S.)
- BASF SE(Germany)
- Aditya Birla Group Chemicals (India)
- Ashland (U.S.)
- Reichhold LLC (U.S.)
- Scott Bader Company Limited (U.K.)
- Atul Ltd (India)
- New Japan Chemical Co. Ltd. (Japan)
- Kukdo Chemicals Co. Ltd. (South Korea)
- Anhui Xinyuan Chemical Co. Ltd. (China)
- SIR Industriale (Italy)
- LANXESS (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of gelcoat market companies contact? https://www.databridgemarketresearch.com/contact
Research Methodology: Global Gelcoat Market
- Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
