New York, United States, May 14, 2024 (GLOBE NEWSWIRE) -- The Global Gelcoat Market Size is to Grow from USD 1.28 Billion in 2023 to USD 4.42 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 13.1% during the projected period.
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Gelcoat is a surface coating used in the manufacture of fiberglass-reinforced composite materials like boats, swimming pools, and other marine and automotive components. The most prevalent gel coatings are thermosetting polymers composed of unsaturated polyester or epoxy resin. Gelcoats are complex resins that be poured into molds while they are still liquid. Gelcoats offer distinct traits and properties, including resistance to water absorption, corrosion, UV degradation, blistering, and cracking. Moreover, polyester gelcoats are commonly utilized in a wide range of industries, including transportation and maritime. Polyester resin gelcoats are widely utilized in the marine industry because of their unique properties and capacities, such as water absorption, UV degradation, and anti-corrosion. As a instance, the increasing demand for polyester gelcoats boosts the market's growth pace. The increased demand for gelcoat in the transportation and automotive industries is expected to drive market expansion. However, low-quality control, such as variable color or texture during application, can lead to consumer dissatisfaction and harm the company's reputation.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Gelcoat Market Size, Share, and COVID-19 Impact Analysis, By Resin Type (Vinyl Ester, Epoxy, Polyester, Others), By End-Users (Automotive, Transportation, Construction, Marine, Aerospace, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033)."
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The polyester segment is expected to grow at the fastest pace in the global gelcoat market during the forecast period.
Based on the resin type, the global gelcoat market is divided into vinyl ester, epoxy, polyester, and others. Among these, the polyester segment is expected to grow at the fastest pace in the global gelcoat market during the forecast period. Polyester resins are more affordable and possess characteristics like resistance to rust, quick curing, durability, heat resistance, and minimal thermal expansion. Polyester resin-based gelcoats are long-lasting and suitable for use in molds and parts. Conventional gelcoats are available in white, neutral, and transparent textures, while tooling gelcoats are offered in orange and black options.
The marine industry segment is expected to grow at the fastest pace in the global gelcoat market during the forecast period.
Based on the end-users, the global gelcoat market is divided into automotive, transportation, construction, marine, aerospace, and others. Among these, the marine industry segment is expected to grow at the fastest pace in the global gelcoat market during the forecast period. Gelcoat is essential in safeguarding yachts from harsh marine environments, protecting against scratches, corrosion, and harmful UV rays to preserve both their durability and aesthetic appeal. The ability to resist water is essential in maintaining a boat's structure and ability to float.
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Asia Pacific is expected to hold the largest share of the global gelcoat market over the forecast period.
Asia Pacific is expected to hold the largest share of the global gelcoat market over the forecast period. Government initiatives and funding for construction and shipping infrastructure stimulate the expansion of the industry. Due to the increased focus on the environment, the Asia-Pacific region is becoming more influential in the global gelcoat industry, primarily due to the adoption of environmentally friendly gelcoat products. Toshiba, Hitachi, Zosen Corp, and JFE Steel are collaborating to construct the world's biggest offshore wind farm near Fukushima, Japan. It is expected that the demand for gelcoats will likely rise due to this project, which involves as many as 143 floating turbines and is expected to start operating after 2025. At the I2U2 Summit, leaders announced that the UAE intends to invest $2 billion in developing a wide-ranging network of food parks in India. Additionally, the team has expressed its dedication to moving forward with a hybrid renewable energy project in the Gujarat State of India. This project will involve 300 MW of wind and solar energy, as well as a battery storage system. Moreover, the substantial growth of the building sector, particularly in China, is a significant factor driving the expansion of gelcoat in the construction industry.
Europe is predicted to grow at the fastest pace in the global gelcoat market during the projected timeframe. As the shipbuilding industry undergoes major restructuring, Europe is seeing a renewal in the marine sector. Europe's increasing demand for gelcoats is fueled by the many original component manufacturers (OCMs) and original equipment manufacturers (OEMs) present in the region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global gelcoat market include Aditya Birla Group Chemicals, Ashland, Huntsman International LLC, Eastman Chemical Company, Ashland Inc., Akzo Nobel N.V., LyondellBasell Industries Holdings B.V, 3M, Sika AG, Bang & Bonsomer, Sino Polymer Co. Ltd., Hexion, BASF SE, Reichhold LLC, Scott Bader Company Limited, Atul Ltd, and Others.
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Recent Developments
In March 2024, INEOS Vehicle and BASF's Coatings division signed an agreement to enhance vehicle refinishing, bodywork, and paint technology globally. The partners will enter into a long-term strategic collaboration that will allow them to outperform the industry standard in vehicle body repair and paint refinish. The relationship includes offering sustainable refinishing solutions, information, innovative digital color-matching technologies, and training.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Gelcoat Market based on the below-mentioned segments:
Global Gelcoat Market, By Resin Type
- Vinyl ester
- Epoxy
- Polyester
- Others
Global Gelcoat Market, By End-Users
- Automotive
- Transportation
- Construction
- Marine
- Aerospace
- Others
Global Gelcoat Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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