Gelcoat Market Foreseen to Grow Exponentially by 2025


Posted February 25, 2022 by RohanPatnakar

Gelcoat Market by Resin Type (Polyester, Vinyl Ester, Epoxy, and Others), End-use Industry (Marine, Transportation, Wind-Energy, Construction, and Others), and Region - Global Forecast to 2025
 
The global gelcoat market size is projected to grow from USD 974 million in 2020 to USD 1,808 million by 2025, at a CAGR of 13.2%. The gelcoat industry is growing due to the rise in demand for high performance composite materials, globally. The demand for gelcoats is expected to decline in 2020 due to COVID-19. However, the end of lockdown and recovery in the end-use industries will stimulate the demand during the forecast period.

Browse 214 market data Tables and 38 Figures spread through 184 Pages and in-depth TOC on "Gelcoat Market by Resin Type (Polyester, Vinyl Ester, Epoxy, and Others), End-use Industry (Marine, Transportation, Wind-Energy, Construction, and Others), and Region - Global Forecast to 2025"

The marine end-use industry accounts for the largest market share in the global gelcoat market during the forecast period in terms of value and volume.

The marine end-use industry accounted for the largest consumer of gelcoats in terms of value. Gelcoat offers various useful properties such as chemical resistance, corrosion resistance, high gloss, and UV resistance. As a result, its use is increasing in marine industry for coating composite components. Glass fiber reinforced plastics are widely used in the marine industry. Entire decks and complete ship hulls for powerboats or sailing/motor yachts are completely made up of high-quality glass fiber reinforced plastics. However, due to Covid-19 the demand from marine industry is expected drop in 2020, as there is less demand for sail boats and luxury yactches globally.

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North America is expected to account for the largest market share in the gelcoat market during the forecast period.
North America accounts for the biggest share of the global gelcoat market. The marine and transportation end-use industry are the major consumers of gelcoats in the region. The region is home to some of the major composite manufacturers such as ACP Composites and Owens Corning. Moreover, the US is a manufacturing hub of various commercial, military, private aircraft and one of the major automobile manufacturers. Europe is the second major consumer of gelcoats. Marine, wind energy, and transportation are the major industries fuelling the growth of the gelcoat market in this region.

The major manufacturers profiled in this report include HK Research Corporation (US), Scott Bader, Ineos (UK), Bufa Composite Systems Gmbh (Germany), Allnex (Germany), Alpha Owens Corning (US), Polynt Reichold (US) , and among others. The gelcoat business of these companies is severely affected due to the outbreak of COVID - 19 pandemic. Reduced demand for composites from several OEMs and disruption in the supply chain has compelled the gelcoat manufacturing companies to operate at partial capacities. However, several gelcoat manufacturers have focused their concentration on new product development. These developments, coupled with end-use industries resuming their operations at full capacities, would create demand for gelcoats during the forecast period. For instance, Bufa Composite Systems Gmbh developed a new conductive gelcoat, which is capable of eliminating electrostatic charges. The new product launch helped the company enhance its tooling capabilities.

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Impact of COVID-19 on global gelcoat market
COVID-19 has negatively affected the demand for composites across various end-use industries such as marine, transportation, wind energy, and construction, which intern reduced the consumption of gelcoats. The disruption in the supply chain resulting in delays or non-arrival of raw materials, disrupted financial flows, and growing absenteeism among production line workers have compelled marine and automobile manufacturers to operate at zero or partial capacities. This is leading to reduced demand for gelcoats.

The major manufacturers profiled in this report include HK Research Corporation (US), Scott Bader, Ineos (UK), Bufa Composite Systems Gmbh (Germany), Allnex (Germany), Alpha Owens Corning (US), Polynt Reichold (US) , and among others. The gelcoat business of these companies is severely affected due to the outbreak of COVID - 19 pandemic. Reduced demand for composites from several OEMs and disruption in the supply chain have compelled the gelcoat manufacturing companies to operate at partial capacities. However, several gelcoat manufacturers have focused their concentration on new product development. These developments, coupled with end-use industries resuming their operations at full capacities, would create demand for gelcoats during the forecast period. For instance, Bufa Composite Systems Gmbh developed a new conductive gelcoat, which is capable of eliminating electrostatic charges. The new product launch helped the company enhance its tooling capabilities.

Recent Developments
• In February 2020, The Polynt Group announced that it is going to establish it’s fully owned subsidiary by name Polynt Composites Turkey. This development will help the company to expand its gelcoat business in Turkey.
• In November 2018, Ashland entered into a distribution partnership with Velox (Germany) for distribution of gelcoats, vinyl ester resin, bonding pastes, polyester resins, fire retardant resins, and additives. The partnership helped the company increase the sales of its products in the Nordic region.
• In September 2019, Ineos completes the acquisition of Ashland’s composite business segment that offers gelcoat. The agreement helped the company consolidate its product portfolio
• In September 2018, Bufa Composite Systems GmbH developed a new conductive gelcoat, which is capable of eliminating electrostatic charges. It also increases the component quality, as it provides protection against dust and dirt buildup. The new product launch helped the company enhance its tooling capabilities

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Tags gelcoat , gelcoat industry , gelcoat market , gelcoat market growth , gelcoat market size , gelcoat market trends
Last Updated February 25, 2022