Newark, NJ, Feb. 04, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global gelcoat market is expected to grow from USD 1.07 Billion in 2017 to USD 2.01 Billion by 2025 at a CAGR of 8.21% during the forecast period 2018-2025. Growing demand from the end user industries such as marine transportation and construction is the factors fuelling the gelcoat market.
Gelcot is a coating material that is used to provide the high-quality finish on the visible surface of a fibre-reinforced composite materials. Gelcoat exhibit unique properties such as resistance to corrosion, UV rays, water absorption and abrasion. Thus Gelcoat is widely used in the production of marine crafts. Thus rising use of the fibre-reinforced composites in the manufacturing of the marine boats and wind turbine blades is anticipated to boost demand for the gelcoat.
Rising utilization of composites in the various industries as well as growth of the transportation industry are driving the demand for the gelcoat. Whereas increasing preference for closed molding process and susceptibility of gelcoat to cracks development are projected to hamper the market growth. Over the period of time,there is a significant transformation in the use of composites in various industries like marine, wind energy, defense, aerospace, construction, transportation and military. There is a drastic increase in demand for composites by various end-use industries because of awareness regarding environmental protection, stringent government regulations and lighter weight compared to other materials. Compare to traditional materials such as aluminium, wood, steel composites are expensive but they provide many benefits such as higher tensile strength, corrosion resistance and fuel & weight savings over traditional materials across different applications. Parts, components, and molds made from composites require versatile and durable coatings, i.e., gelcoats.
The utilization of gelcoat in composite parts or molds ranges from the applications in the marine and wind energy enterprises to sanitaryware applications. The blend of fiberglass and carbon composites is utilized in the manufacturing of wind blades to improve stiffness and elasticity. GFRP is utilized in the manufacturing of wind blades, and CFRP is used in energy storage batteries. Gelcoats are utilized in the composite section of blades, thereby, providing adequate chemical protection and UV resistance properties. The increasing use of composites in different industries is adding to the growing demand for gelcoat.
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The major players in global gelcoat market include Ineos Enterprise, Bufa Composite Systems GmbH, HK Research Corporation, Allnex, Scott Bader Company, Poliya Composites Resins and Polymers, Interplastic Corporation, Alpha Owens Corning (AOC) Aliancys , Polynt-Reichhold Group, Turkuaz Polyester, Ashland Inc, Interplastic Corporation, Reichhold LLC, Synergys Technologies, Fibre Glass Development Corporation, Bang & Bonsomer Group Ab, Polynt Spa among others.
- To serve the ever increasing demand from marine industry, firms are incresingly launching newer, improved products. For instance Ashland Inc in 2018, announced the launch of Maxguard EZM. Maxguard EZM exhibits high level of ultraviolet (UV) and blister resistance required by the world’s top boat builders to deliver an alluring finish desired by consumers.
- To compete effectively and increase their market footprint firms are increasingly taking the mergers and acquisition route. For instance Ineos Enterprise in 2017, announced the acquisition of Ashland’s composites business for USD 1.10 billion. Ashland’s Composites Business is a global leader in unsaturated polyester resins, vinyl ester resins and gel coats. In addition to its wide range of gelcoats.
- Scott Bader Company is one of the prime manufacturers of gelcoat in the European region. The company has extensive product portfolio related to gelcoats. The organization gives very much importance on the development of high-grade gelcoats for usage in various end-use industries. As a part of its growth strategy, the company is highly focused on expansion strategy. For instance, in September 2018, the company has opened a facility named Scott Badder Japan KK. This has expanded the organization presence in the Japanese market also.
Polyester resin segment had a market value of USD 479.20 million in 2017
Resin type is segmented into polyester, vinyl ester epoxy and others. On account of its cost effectiveness and easy availability polyester segment emerged as the leader in global demand for the gelcoat with USD 479.20 million revenue in 2017. On account its superior bonding ability with different materials and moisture-resistance property, epoxy resin type gelcoat segment is projected to grow at the highest CAGR of 10.65% over the forecast period.
Wind energy segment is anticipated to grow at a CAGR of 11.29% in 2018-2025
End user industry is divided into marine, transportation, construction, wind energy and others. Wide ranging use ofgelcoat in the production of sailing vessels, powerboats, yachts that are made out of fiber reinforced plastics, propelled Marine segment to emerge as the leading segment in global gelcoat market with USD 401.34 million revenue in 2017. Increasing global emphasis on the wind energy production is anticipated to drive wind energy segment to grow at the highest CAGR of 11.29% over the forecast period.
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Regional Segment Analysis of the Gelcoat Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific region emerged as the largest market for the gelcoat with a 34.72% share of revenues in 2017 followed by the North America. Flourishing transportation as well as construction industry and wind energy sector in India and China led Asia Pacific region to dominate the global demand for the gelcoat in 2017. Growing demand for the yachts and speed boats in the North America region and well developed shipping industry is increasing the demand for the gelcoats.
About the report:
The global gelcoat market is analysed on the basis of value (USD Billion), volume (Kilotons), consumption (Kilotons), imports (Kilotons) and exports (Kilotons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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