Gelcoat Market Overview
The Gelcoat market is enhanced by the surging demand from the emerging countries rapid growth in applications. Gelcoat helps in delivering high-quality finish on the surfaces of fiber-reinforced composites and protects structural laminates. Isophthalic acid-based resins are used in the manufacturing of gelcoats and are available in spray and brush versions so that laminate is not prone to cracking damage. The global gelcoat market, as per a report by Market Research Future (MRFR) is touted to register a CAGR of 7.6% during the forecast period (2017-2025).
The recent boom in the marine industry is one of the key factors contributing to the market growth across the globe. Gelcoats are generally used to paint the exterior and interior surfaces and protect metal components from the attack of UV radiation and chemicals. Due to their superior properties, high durability, and supreme quality, gelcoats are extensively used in the marine industry. The mounting demand for low-styrene emission gelcoat is considered one of the primary global COVID-19 analysis on gelcoat market trends, which will gain traction over the review period.
Global Gelcoat Market: Segmental Analysis
The global gelcoat industry growth has been segmented on the basis of resin type and end use industry.
By resin type, the market constitutes of vinyl ester, polyester, epoxy, and others. Of these, polyester is the most extensively used resin for gelcoat. It is easily available and has a low price compared to other resins. Polyester offers useful properties like low shrinkage and is resistant to chemicals and water. Such attributes enable polyester resin-based gelcoat to be used in the construction and marine industries.
The end use industry incorporates wind energy, marine, construction, transportation, and others. Of these, the marine industry is considered to gain significant prominence in the years to come. Glass fiber reinforced plastics are extensively used in the marine industry. Decks and ship hulls for sailing/motor yachts and powerboats are made up of premium quality glass fiber reinforced plastics. The use of fiber-reinforced plastics augments the use of gelcoat in the marine sector as the product helps to enhance the aesthetic quality of fiberglass, besides offering corrosion resistance to structural layered materials.
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Gelcoat Market Regional Frontiers
Based on the region, the gelcoat market covers growth opportunities and latest trends across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Considering the global scenario, the Asia Pacific region was considered the fastest growing and the largest market in 2018. The region is anticipated to follow a similar trend in the foreseeable future due to the booming transportation and wind energy sectors. Countries like Japan, South Korea, and China are considered among the world’s top shipbuilding nations and thereby register high demand for gelcoat for coating ships. Moreover, the recent boom in the construction industry is fueling the demand from the gelcoat market as buildings are consuming fiber plastics for several applications.
Europe has managed to seize the second-largest share in the global market due to the recovery of the marine industry. The booming wind energy industry in the region is also encouraging the market growth in Europe.
North America, on the other hand, is likely is register significant growth, with the U.S. holding 16.5% share of the total wind installed capacity. This is likely to encourage the demand for gelcoat in the wind energy industry. Moreover, the increased adoption of fiber-reinforced for several building applications is contributing to the market growth in the region.
Gelcoat Market Competitive Dashboard
The top players operating in the gelcoat market include 3M (US), Scott Bader Company Ltd (UK), INEOS (UK), Polynt SpA (Italy), Oy Kokko-Fiber Ab (Finland), Mechemco (India), Vetroresina Spa (Italy), BÜFA Composite Systems GmbH & Co. KG (Germany), AOC LLC (US), Interplastic Corporation (US), Allnex Netherlands BV (Netherlands), HK Research Corporation (US), Fibre Glast Developments Corp. (US), Reichhold LLC (US), and Axson Technologies (France).
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