The Gelcoat market comprises major solution providers such as Ineos Enterprise (UK), Bufa Composite Systems GmbH (Germany), HK Research Corporation (US), Allnex (Germany), Scott Bader Company (UK), and Poliya Composites Resins and Polymers (Turkey).
”The gelcoat market is projected to register a CAGR of 8.0%, in terms of value between 2022 and 2031.”
The gelcoat market size is estimated at USD 1.2 billion in 2022 and is projected to reach USD 1.7 billion by 2031, at a CAGR of 8.0% between 2022 and 2031. Gelcoats are used in different industries such as marine, transportation, construction, wind energy, and others. They exhibit various properties such as gloss, long durability, flexibility, stiffness, strength, chemical resistance, corrosion resistance, weather resistance, and UV resistance. The superior properties offered by gelcoat are enabling its usage in the end-use industries. However, cracking of gelcoat and uncertainty in PTC affecting the wind energy industry are the major factors restraining the market growth.
”Epoxy resin-based gelcoat is projected to register the highest CAGR between 2022 and 2031 in terms of value and volume.”
Gelcoats are used in the FRP industry specially manufactured in-mold surface coatings to offer high-class visible surface. There are mainly four types of resins used in making gelcoats, which include polyester, vinyl ester, epoxy, and other resins that include polyurethane, phenolic, and acrylic. Gelcoats are mainly produced using polyester resins that have applications in spas, automotive body parts, hull, boats, and others. Epoxy-based gelcoat is expected to register the highest CAGR during the forecast period. Epoxy resin-based gelcoat has good covering and spreading properties. It is also easily workable inside the mold. It is used in master molds.
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‘The wind energy end-use industry is expected to register the highest CAGR between 2022 and 2031 in the global gelcoat market.”
Wind energy is projected to be the fastest-growing end-use industry of gelcoat during the forecast period, in terms of both value and volume. Gelcoat is widely used in wind blades and nacelles. The increasing wind energy installations in APAC, Europe, and North America is bolstering the use of gelcoat in the wind energy industry. Gelcoats are used on the surface of wind blades made of polymers because of their adequate chemical protection and UV resistance properties. Due to their corrosion, water, high mechanical loads, weathering, and abrasion resistance properties, gelcoats are widely used in the wind energy industry.
”The gelcoat market in APAC is projected to register the highest CAGR, in terms of value and volume, between 2022 and 2031.”
The gelcoat market in APAC is projected to register the highest CAGR during the forecast period, in terms of both value and volume. This growth can be attributed to the increasing demand for gelcoat from the transportation, marine, construction, and wind energy end-use industries. The booming transportation and construction industries are responsible for the growth of the gelcoat market in the region. China is one of the prominent consumers of gelcoat in the region. The country has become the single-largest consumer of gelcoat in the wind energy industry and is expected to strengthen its position further.
Breakdown of profiles of primary interviews for the report on the gelcoat market
- By Company: Tier 1 – 37%, Tier 2 – 42%, and Tier 3 – 21%
- By Designation: C level – 30%, Director level – 25%, and Others – 45%
- By Region: North America – 20%, Europe – 27%, Asia Pacific -40%, Middle East & Africa – 7%, and Latin America – 6%
The gelcoat market comprises major solution providers such as Ineos Enterprise (UK), Bufa Composite Systems GmbH (Germany), HK Research Corporation (US), Allnex (Germany), Scott Bader Company (UK), Poliya Composites Resins and Polymers (Turkey), Interplastic Corporation (US), Alpha Owens Corning (AOC) Aliancys (US), Polynt-Reichhold Group (US), and Turkuaz Polyester (Turkey). The study includes an in-depth competitive analysis of these key players in the gelcoat market, with their company profiles, recent developments, and key market strategies.
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The market study covers the gelcoat market. It aims at estimating the market size and the growth potential of this market across different segments, such as resin, end-use industry, and region. Porter’s Five Forces analysis and the key market dynamics, such as drivers, restraints, challenges, and opportunities, influencing the growth of the gelcoat market have been discussed in the report. The report also provides company profiles and competitive benchmarking of major players operating in the market.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall gelcoat market and its subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. It will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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