CHICAGO, July 30, 2020 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets, the Gelcoat Market size is expected to grow from USD 974 million in 2020 to USD 1,808 million by 2025, at a CAGR of 13.2% during the forecast period. Composites are increasingly used in the marine, transportation wind energy, construction and aerospace & defense end-use industries due to light weight, high strength, corrosion resistance, and other properties. The increasing demand for composites supports the demand for gelcoates in these industries.
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Polymer resin-baes gelcoats comprise a major share of the gelcoat market in terms of value and volume.
The polyester resin-based gelcoats accounted for a larger share in the gelcoat market. Polyester resins are less expensive and possess properties such as good corrosion resistance, fast curing, durability, tolerance to temperature, and low thermal expansion. Polyester resins used in gelcoats offer durability for molds and parts. Traditional gelcoats are available in white, neutral, and clear textures; and tooling gelcoats are available in colors such as orange and black.
There is a high demand for polyester resin-based gelcoats from the marine, construction, and transportation end-use industry. However, the demand for gelcoats is expected to decline in 2020 due to COVID-19 that has enforced lockdown across national and international borders. This has resulted in reduced sales in marine, transportation, and construction industry. The recovery in the end-use industries would restore the demand for polyester resin-based gelcoats during the forecast period.
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 manuafacturer. Europe is the second major consumer of gelcoats. Marine, wind energy, and transportation are the major industries fueling the growth of the gelcoat market in this region.
However, the COVID-19 outbreak has affected the demand for gelcoats in the region. On the positive side, support packages offered by US government will help to maintain the liquidity in composite industry. Such initiatives coupled with recovery in the end-use industries will increase the demand for gelcoat in North America.
The key players in the gelcoat market 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., among others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the composites market. These players have taken different organic and inorganic developmental strategies over the past five years.
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