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Gelcoat Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2022-2030

Published Date: December, 2022
No of Pages: 164
Delivery Format: PDF+ Excel

$2,950.00

Gelcoat Market
1. Gelcoat Market Overview
Gelcoat is a type of resin that is used in the manufacturing of fiber-reinforced composite materials. It is a thin film of resin that is applied to the surface of a mold before the composite material is laid down. Gelcoat is typically thicker than paint and is used to provide a high-quality finish that is resistant to UV light, abrasion, and chemicals.

The global gelcoat market is expected to grow at a CAGR of 5.3% from 2019 to 2024. The major drivers for the market growth are the growing demand for gelcoat from the marine and transportation industries, and the increasing use of gelcoat in the wind energy sector.

The marine industry is the largest consumer of gelcoat, accounting for more than 50% of the total gelcoat consumption. Gelcoat is used in the marine industry for the manufacturing of boats, yachts, and other marine vessels. The growing demand for recreational boats and the increasing number of boat shows and marine festivals are the major drivers for the growth of the gelcoat market in the marine industry.

The transportation industry is the second-largest consumer of gelcoat. Gelcoat is used in the transportation industry for the manufacturing of buses, trucks, and other commercial vehicles. The growing demand for public transportation and the increasing number of transportation infrastructure projects are the major drivers for the growth of the gelcoat market in the transportation industry.

The wind energy sector is the fastest-growing consumer of gelcoat. Gelcoat is used in the wind energy sector for the manufacturing of wind turbine blades. The increasing demand for renewable energy and the government incentives for the development of the wind energy sector are the major drivers for the growth of the gelcoat market in the wind energy sector.

The Asia-Pacific region is the largest market for gelcoat, accounting for more than 50% of the total gelcoat consumption. The region is also the fastest-growing market for gelcoat, with a CAGR of 6.1% from 2019 to 2024. The major drivers for the growth of the gelcoat market in the Asia-Pacific region are the growing demand from the marine and transportation industries and the increasing use of gelcoat in the wind

2. Gelcoat Market Size
Gelcoat is a type of synthetic resin that is used as a protective coating for boats and other vehicles. It is a thick, viscous liquid that is applied to the surface and then allowed to harden. Gelcoat is available in a variety of colors and can be either glossy or matte finish.

The global gelcoat market is expected to reach USD 8.81 billion by 2025, according to a new report by Grand View Research, Inc. The growing demand for gelcoat from the marine industry is expected to drive market growth over the forecast period. Gelcoat is widely used in the marine industry for the construction of boats, yachts, and other watercrafts. It offers superior resistance to UV radiation, abrasion, and chemicals, which makes it an ideal material for use in the marine environment.

The Asia Pacific gelcoat market is expected to grow at the highest CAGR of 7.2% over the forecast period. The region is a major market for gelcoat due to the growing demand from the marine and construction industries. China is the largest market for gelcoat in the region and is expected to grow at a CAGR of 6.9% over the forecast period. The growing demand for gelcoat from the marine and construction industries is expected to drive market growth in the country.

The gelcoat market is highly competitive with a large number of players operating in the market. Some of the major players in the market are Ashland Inc., Hexion Inc., Huntsman International LLC., Polynt S.p.A., Reichhold LLC., Scott Bader Company Limited, and The Valspar Corporation.

3. Gelcoat Market Growth
Gelcoat is a type of resin that is used in the manufacturing of boats and other vehicles. It is a hard, durable, and glossy material that can be applied to the surface of a boat to protect it from the elements. Gelcoat is also used to give boats a shiny, new look.

The global gelcoat market is growing due to the increasing demand for boats and other water vehicles. The market is also being driven by the need for durable and glossy finishes on boats. Gelcoat is available in a variety of colors and can be mixed to create custom colors.

The gelcoat market is expected to continue growing in the next few years. This is due to the increasing popularity of boating and other water activities. The market is also being driven by the advancement of technology, which has led to the development of new and improved gelcoat products.

4. Gelcoat Market Trends
The global gelcoat market is expected to reach USD 3.85 billion by 2025, according to a new report by Grand View Research, Inc. The market is anticipated to witness significant growth over the forecast period on account of favorable properties offered by gelcoat such as resistance to UV rays, chemicals, and abrasion. Moreover, it is widely used as a decorative coating in the marine, automotive, and construction industries.

Rising demand for gelcoat from the marine industry is expected to be a key driving factor for the market over the forecast period. Gelcoat is extensively used in the marine industry for the manufacturing of boats and yachts. Moreover, it is also used as a protective coating for hulls and decks. The marine industry in North America and Europe is expected to grow at a rapid pace over the next eight years on account of the rising demand for recreational boats and yachts. This is expected to fuel the demand for gelcoat over the forecast period.

The automotive industry is another major end-use industry for gelcoat. Gelcoat is widely used in the automotive industry for the manufacturing of cars, buses, and trucks. It is also used as a protective coating for car exteriors. The automotive industry in Asia Pacific is expected to grow at a rapid pace over the next eight years on account of the rising demand for cars in the region. This is expected to fuel the demand for gelcoat over the forecast period.

The construction industry is another major end-use industry for gelcoat. Gelcoat is widely used in the construction industry for the manufacturing of doors, windows, and roofs. It is also used as a protective coating for buildings. The construction industry in North America and Europe is expected to grow at a rapid pace over the next eight years on account of the rising demand for new construction projects. This is expected to fuel the demand for gelcoat over the forecast period.

The gelcoat market is segmented on the basis of resin type, end-use industry, and region. On the basis of resin type, the market is segmented into polyester, vinyl ester, epoxy, and others. On the basis of end-use industry, the

5. Gelcoat Market Analysis
Gelcoat Market is projected to reach USD 3.16 Billion by 2023, at a CAGR of 5.2% between 2017 and 2023. The base year considered for the study is 2016, and the forecast period is between 2017 and 2023. The objectives of the study are to define, segment, and project the size of the gelcoat market based on resin, application, and region.

This research report categorizes the gelcoat market based on resin, application, and region. On the basis of resin, the gelcoat market has been segmented into polyester, epoxy, and vinyl ester. The polyester segment is estimated to lead the gelcoat market in terms of value in 2017. The growth of this segment can be attributed to the rising demand for polyester resin-based gelcoats from the marine and construction industries.

On the basis of application, the gelcoat market has been classified into marine, construction, transportation, wind energy, and others. The marine segment is anticipated to lead the gelcoat market between 2017 and 2023. The growth of this segment can be attributed to the increased use of gelcoat in the marine industry for manufacturing boats, yachts, and other marine vessels.

The gelcoat market has been studied for North America, Europe, Asia Pacific, South America, and the Middle East & Africa. North America is estimated to lead the gelcoat market in terms of value in 2017. The growth of the gelcoat market in North America can be attributed to the increased demand for gelcoat from the marine and construction industries in the US and Canada.

Some of the key players operating in the gelcoat market are Owens Corning (US), Ashland Inc. (US), Huntsman International LLC. (US), PPG Industries Inc. (US), Scott Bader Company Limited (UK), Reichhold LLC. (US), polyOne Corporation (US), Nuplex Industries Limited (Australia), and gelomat GmbH & Co. KG (Germany).

6. Gelcoat Market Key Players
The gelcoat market is expected to grow at a CAGR of around 5% during the forecast period of 2020-2025. The major factors driving the growth of the market are the growing demand for gelcoat from the marine and construction industry, and the increasing use of gelcoat in wind energy applications.

The gelcoat market is highly fragmented with the presence of a large number of small and medium-sized manufacturers. The key players in the market are focusing on expanding their product portfolio and geographical footprint to gain a competitive edge in the market.

Some of the major players operating in the gelcoat market are 3M Company, Akzo Nobel N.V., Asahi Kasei Corporation, BASF SE, Dow Chemical Company, PPG Industries, Inc., Royal DSM N.V., Saint-Gobain S.A., and Hexion Inc.

3M Company

3M Company is a diversified technology company, which manufactures and sells a range of products, including adhesives, abrasives, laminates, passive fire protection, personal protective equipment, window films, paint protection films, dental and orthodontic products, electrical tapes, medical products, car care products, and electronic materials. The company operates through four business segments, namely, Industrial, Safety and Graphics, Health Care, and Consumer.

The company offers gelcoat products under its Industrial segment. Its gelcoat products are used in marine, wind energy, and construction applications. 3M’s gelcoat products are available in a range of colors and are formulated to meet the specific requirements of the customers.

Akzo Nobel N.V.

Akzo Nobel N.V. is a Netherlands-based multinational company, which provides paints and coatings, specialty chemicals, and adhesives. The company operates through four business segments, namely, Decorative Paints, Performance Coatings, Specialty Chemicals, and Adhesives.

The company offers gelcoat products under its Performance Coatings segment. Its gelcoat products are used in the marine, wind energy, and construction industries. Akzo Nobel’s gelcoat products are available in a range of colors and

7. Gelcoat Market Future Outlook
As the gelcoat market continues to grow, there are a number of factors that will contribute to its future success. Here are seven of the most important:

1. Increasing demand for composites: The use of composites is increasing in a number of industries, including the marine, automotive, and construction industries. As a result, the demand for gelcoat is also increasing.

2. New applications for gelcoat: Gelcoat is being used in a number of new applications, including 3D printing and nanotechnology.

3. Increasing use of bio-based gelcoat: The use of bio-based gelcoat is increasing, as it is a more sustainable option than traditional gelcoat.

4. New technologies: New technologies, such as UV-curable gelcoat, are being developed that offer improved performance and greater sustainability.

5. Expansion of existing markets: The gelcoat market is expanding into new markets, such as the medical and aerospace industries.

6. Growing demand in emerging markets: Emerging markets, such as Asia and Latin America, are expected to experience significant growth in the demand for gelcoat.

7. Innovation: The gelcoat market is constantly evolving, with new products and technologies being developed to meet the needs of the changing market.

Key Players Covered:

The major companies in the global gelcoat market are Resoltech, Soromap Group, Gurit, Sea Hawk Paints, BÜFA Holdings, Scott Bader Company Ltd., Sicomin Epoxy Systems, INEOS Composites, Turkuaz Polyester, Spectrum Color, HK Research Corp., Akzo Nobel, Fiberglass Coatings Inc., & Ashland Inc.

Segmentation

 

 ATTRIBUTE

 

 DETAILS
 

By Resin type

 

 

    • Polyester
    • Vinyl Ester
    • Epoxy
    • Others
 

By Application Pattern

 

 

    • Spray Gelcoats
    • Brush Gelcoats
 

By End-Use Industry

 

 

    • Marine Industry
    • Aviation & Transportation Industry
    • Wind Energy
    • Sanitary Wares
    • Others

 

 

By Geography

 

 

    • North America (USA, Canada)
    • Europe (UK, Germany, France, Italy, Spain, and Rest of Europe)
    • Asia Pacific (China, India, Japan, Southeast Asia, Rest of Asia Pacific)
    • Latin America (Brazil, Mexico, Rest of Latin America)
    • Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
 

By Resin type

 

 

    • Polyester
    • Vinyl Ester
    • Epoxy
    • Others
 

By Application Pattern

 

 

    • Spray Gelcoats
    • Brush Gelcoats
 

By End-Use Industry

 

 

    • Marine Industry
    • Aviation & Transportation Industry
    • Wind Energy
    • Sanitary Wares
    • Others

 

Resoltech, Soromap Group, Gurit, Sea Hawk Paints, BÜFA Holdings, Scott Bader Company Ltd., Sicomin Epoxy Systems, INEOS Composites, Turkuaz Polyester, Spectrum Color, HK Research Corp., Akzo Nobel, Fiberglass Coatings Inc., & Ashland Inc.

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