Global Gelcoat Market – Industry Trends and Forecast to 2030

Gelcoat Market Analysis and Size

The utilization of gelcoat to deliver a high-quality finish  and a protective layer on the surface of the fiber-reinforced composite, in several end-use industries such as automotive, marine, building & construction will enhance the market growth. The polyester is expected to be the fatetest growing resin segment dueto the  wide characteristics of polyester resins. Polyester resins are less expensive  and possess properties such as fast curing, durability, temperature tolerance, good resistance to corrosion and low thermal expansion.

Data Bridge Market Research analyses that the gelcoat market is expected to undergo a CAGR of 8.80% during the forecast period. This indicates that the market value, USD 1,403.80 million in 2022, would rocket up to USD 2,756.37 million by 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Gelcoat Market Scope and Segmentation

Market Definition

Gelcoat is a material that offers a high-quality finish on the surface of a fiber-reinforced composite. The most common gel coats are thermosetting polymers based on unsaturated polyester or epoxy resin. Gelcoats are advanced resins that are applied to molds in the liquid state.  Gelcoat provides unique characteristics and properties such as resistance against water absorption, corrosion, U.V. degradation, blister, and crack. Gelcoat can be applied in spray and brush form so that proper thickness can be laminated on the composite material to avoid damage.

Global Gelcoat Market Dynamics

Drivers

• Growing demand for gelcoat in the automotive and transportation sector

Rising demand for gelcoat from the transportation and automotive industry will likely drive the market's growth rate. The automotive and transportation sector cove the major share in the gelcoat market. To comply with government guidelines and increase vehicle fuel efficiency, automakers are focusing on manufacturing lightweight vehicles with composites to reduce carbon dioxide (co2) emissions, which adversely impact the global climate. Gelcoats are used to enhance and maintain the aesthetic appeal of these composite components.

• High usage of polyester gelcoat

Polyester gelcoats have widespread usage across several sectors due to the higher demand in transportation and marine industries. Polyester resin gelcoats have widespread usage in the marine industry because of their unique features and properties, such as water absorption, U.V. degradation and corrosion resistance. Thus, increasing demand for polyester gelcoats eventually drives the market's growth rate.

• The rise in demand for gelcoat in the construction industry

The construction industry is anticipated to grow significantly during the forecast period of 2023-2030. In shelter works use gelcoat to manufacture buildings and deliver protective barriers that add visual appeal, increase the building's life and provide less maintenance and long-lasting durability. The surging demand for gelcoats in the construction industry will likely boost market growth.

Opportunities

• Rising demand for gelcoat in  wind energy and aerospace industries

Numerous aerospace and wind energy retailers are progressively demanding gelcoats for better resistance to U.V. rays and fire. These are the major factors that determine the quality and life of the product. As a result of this, manufacturers are investing significantly in the development of the gelcoats market. Gelcoat efficiently decreases the chances of damage to the coated component to prevent U.V. radiation and accidental fires and offers better durability to the product. With the remarkable growth of these end-use sectors globally, the market for gelcoats is expected to perform exceptionally well in the upcoming period.

Restraints/ Challenges

• Stringent government regulations for gelcoat manufacturers

Styrene is the most common monomer of polyester resin-based gelcoats, the excessive usage of styrene has been a major reason for worry for workers' safety and health. This makes the expansion of the market very difficult. Numerous countries' governments have imposed stringent rules and regulations to decrease styrene emissions from gelcoats and resins. This is ultimately lowering the market growth of the gelcoat during the forecast period.

 This gelcoat market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the gelcoat market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Gelcoat Market

The outbreak of covid-19 has adversely affected gelcoat market. Given the pandemic scenario, many nations had to go under a lockdown to control the increasing cases. As a result of this, the demand and supply chain of the product have been disrupted, which has affected the market worldwide. Due to the pandemic, the manufacturing units, infrastructural projects, industries, and various operations had to be put on hold. The volatile prices of raw materials due to the pandemic have restricted the growth of the market.

On the brighter side, the condition is returning to normal, which means that the market will see better growth in the upcoming years. Also, the emergence of vaccines for the coronavirus and the reopening of numerous recycling units would result in the re-initiation of the gelcoat market at its full-scale capacity worldwide.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent development

• In June 2020, Scott Bader Australia Pty Ltd acquired the assets of Summit Composites Pty Ltd, distributing gelcoats, high-performance resins, and adhesives to the Australian market. This helps the company to maintain its long-term presence in the Australian composites market.
• In February 2020, The Polynt Group announced that it would launch its fully-owned subsidiary, Polynt Composites Turkey. This expansion will aid the company in increasing its gelcoat business in Turkey.

 Global Gelcoat Market Scope

The gelcoat market is segmented on the basis of product type, resin, application method and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

• Standard Gelcoat
• Specialty Gelcoat

 Resin

• Polyester
• Vinyl Ester
• Epoxy
• Others

Application Method

• Spray
• Brush
• Roller

 End User

• Construction and Architecture
• Commercial
• Residential
• Industrial
• Healthcare and Medical
• Hospitality
• Retail
• Automotive and Transportation
• Electric vehicles
• Gas powered vehicles
• Others
• Food and Beverages
• Electrical and Electronics
• Visual communication
• Others
• Sanitary ware
• Commercial
• Residential
• Industrial
• Marine
• Aerospace and Defense
• Glazing
• Windows
• Partitions
• Others
• Others

Gelcoat Market Regional Analysis/Insights

The gelcoat market is analyzed and market size insights and trends are provided by country, product type, resin, application method and end user as referenced above.

The countries covered in the gelcoat market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the gelcoat market in market share revenue due to the growing marine applications, especially in Canada and U.S. Moreover, the increasing need for anticorrosion, water protection and anti-weather coats in the wind energy sector will likely drive market growth.

Asia-Pacific will expect to be the fastest-growing region during the forecast period of 2023-2030 due to the high economic growth in developing countries and the expansion of several end-user verticals in this region. Moreover, rising building and construction activities, abundant availability of raw materials, and an increasing number of major market players are some other factors that will likely enhance the market growth.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Gelcoat Market Share Analysis

The gelcoat market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to gelcoat market.

Some of the major players operating in the gelcoat market are:

• 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.)

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