Selbyville, Delaware, June 19, 2024 (GLOBE NEWSWIRE) -- Gelcoat Market is projected to accrue more than USD 4.3 billion in revenue by 2032, as per a recent study by Global Market Insights Inc.
Extensive adoption in the booming marine and automotive industries to offer superior protective and aesthetic properties will drive the industry growth. Gelcoats are essential for the construction and maintenance of boats, ships, and other watercraft given their excellent resistance to moisture, UV radiation and the harsh environment in marine operations. They are also used in the automotive industry to improve the surface appearance and durability of automotive parts for providing a smooth high-gloss finish that resists environmental degradation.
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Technological advancements and innovations in gelcoat formulations will also influence the market growth. The eco-friendly development of low-VOC (volatile organic compound) gelcoats aligns with stringent environmental regulations and the growing consumer demand for sustainable products. Advances in gel coat technology, such as increased UV resistance, improved adhesion and faster curing times to meet the evolving needs of industries and expanding applications will also favor the product uptake.
Gelcoat epoxy resins to gain traction
Gelcoat market from the epoxy resin segment may exhibit a decent growth rate over 2024-2032 due to its superior performance characteristics, including excellent adhesion, chemical resistance, and durability. Epoxy gelcoats are particularly desirable in high-performance applications, such as aerospace, automotive, and marine industries where structural integrity and long-term durability are essential. These gel coats also increase water, heat, and chemical resistance, making them ideal for hard surfaces.
Growing adoption in transportation
Based on end use industry, the gelcoat industry from the transportation segment will register a noteworthy CAGR from 2024 to 2032 due to its critical need for high-performance, durable, and aesthetically pleasing protective coatings. Gelcoat provides essential protection for vehicles, increasing resistance to environmental factors, such as UV rays, moisture, and chemicals, which is especially important for the life of a cargo vehicle as well as the longevity and appearance of trucks, buses, and trains. The growing shift in automobile manufacturing for lightweight composite materials along with the rising requirement for effective surface protection will drive the product uptake.
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North America to emerge as a lucrative market
North America gelcoat market size will register a robust CAGR from 2024 to 2032. Increasing production of recreational boats and the boom in boat repair and restoration are driving the demand for gelcoats to offer vital UV and water resistance. The strong focus of the aerospace industry on advanced composite materials for lightweight and high-strength products is accelerating the adoption of gel coats. Ongoing investments in infrastructure projects, including bridges and building facades that use gelcoats for durability and appearance are also driving the regional market growth.
Gelcoat Market Participants
AOC Resins, Sika AG, Akzo Novel N.V., Scott Bader Company Ltd., Ashland, Reichhold LLC, BUFA GmbH & Co. KG, Nuplex Industries, CCP Composites, Marcoat, Corning, Lantor BV, HK Research Corporation, and Interplastic Corporation are some of the gelcoat industry contenders. These companies are actively investing in R&D activities to tailor their products to meet specific needs while focusing on expanding their manufacturing capacities. To cite an instance, in January 2024, AOC completed the delivery of a new production line in Nanjing, China, and started production of the first batch of unsaturated polyester resins.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
