New York, NY, April 26, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Gelcoat Market By Resin Type (Polyester, Vinyl Ester, and Epoxy) and by End-Use (Marine, Transportation, Construction, and Wind Energy): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global gelcoat market was approximately USD 1.05 billion in 2018 and is expected to generate USD 1.80 billion by 2025, at a CAGR of around 8.1% between 2019 and 2025.
Gelcoats are framed in a mold surface coating that is used to provide a protective layer to the substrate and give an aesthetic value to the fiber reinforced composites. There are primarily four types of resins that are used in making gelcoats—polyester, vinyl ester, epoxy, and other resins that include polyurethane, phenolic, and acrylic.
Browse through 92 Tables & 23 Figures spread over 110 Pages and in-depth TOC on “Global Gelcoat Market Size 2018 Report: By Type, Industry Share, Trends and Forecast 2025”.
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The rapid increase in gelcoat applications across emerging economies is the major factor supporting the gelcoat market growth globally. Various R&D activities are conducted by the key market players to enhance product use in marine and wind energy sectors. This, in turn, is anticipated to further fuel the development of the gelcoat market globally. Gelcoats are broadly used in producing marine products like ship hulls, decks, motor yachts, and power boats, which need protective coatings to bear the impact of powerful water tides. The rising demand for trading and growing expenditure of high-class people for boating for leisure has fuelled the marine industry. However, the uncertainty in PTC affecting the wind energy industry is affecting the growth of the gelcoat market. On the other hand, the escalating product demand from the Asia Pacific region is projected to contribute to the growth of the global gelcoat market. This, in turn, will provide new growth opportunities for the players operating in the gelcoat market across the globe.
Based on resin type, the global gelcoat market is fragmented into polyester, vinyl ester, and epoxy. Polyester resin is the most widely used resin type in the market, due to its easy availability and low pricing. It is resistant to water and chemicals apart from having low shrinkage properties.
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On the basis of end-use, the global gelcoat market is classified into marine, transportation, construction, and wind energy. The use of fiber reinforced plastics increases gelcoat use in the marine industry, as gelcoat improves the aesthetic quality of fiberglass products and provides corrosion resistance to structural-layered materials.
The North American gelcoat market is expected to witness significant growth over the forecast timespan. This can be attributed to the various key breakthroughs witnessed across the region, which have increased the regional demand for gelcoat products. The region is experiencing a high production of speed boats in the U.S. for racing purposes, which is indirectly supporting the growth of the gelcoat market in North America.
Browse the full “Gelcoat Market By Resin Type (Polyester, Vinyl Ester, and Epoxy) and by End-Use (Marine, Transportation, Construction, and Wind Energy): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/gelcoat-market
Europe held a significant share of the global gelcoat market in 2018 and is expected to witness a huge demand for gelcoat in the future. This can be attributed to the recovery of the region’s marine industry. The German shipbuilding industry has undergone a substantial transformation in the last decades. There are approximately 400 mostly medium-sized companies comprising this segment of the industry. This recovery of the regional marine industry is indirectly supporting the gelcoat market growth in the region.
The Asia Pacific gelcoat market is expected to show the highest growth rate over the forecast timeline. The flourishing transportation and construction industries are responsible for the growth of the gelcoat market in this region. China is one of the key gelcoat consumers in the region. The country has also become the single-largest consumer of gelcoat in the wind energy industry and is expected to strengthen its position further in the years ahead. This, in turn, will indirectly support the gelcoat market development in the region.
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Latin America and the Middle East and Africa are expected to witness moderate growth in the global gelcoat market over the forecast time period, owing to an increase in the demand for gelcoat by the construction sector in these regions.
Some major players operating in the global gelcoat market are Synergys Technologies, Bang and Bonsomer, Ashland, Alpha Owens-Corning (AOC) Resins, HK Research, Nuplex Industries Ltd., Reichhold LLC, CCP Composites, Fibre Glass Development Corporation, Axson Technologies, and Scott Bader.
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This report segments the global gelcoat market into:
Global Gelcoat Market: Resin Type Analysis
- Polyester
- Vinyl Ester
- Epoxy
Global Gelcoat Market: End-Use Analysis
- Marine
- Transportation
- Construction
- Wind Energy
Global Gelcoat Market: Regional Analysis
- North America
- U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Middle East and Africa
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