Gelcoat Market

Growing demand from the automotive and transportation industry

The automotive and transportation industry occupies a significant share of the market. To comply with government rules and improve vehicle fuel efficiency, automakers in regions are focusing on producing lightweight vehicles with composites to minimize carbon dioxide (co2) emissions, which have a negative impact on the global climate. Gelcoats are utilized to maintain and enhance the aesthetic appeal of these composite components.

In February 2024,

INEOS Automotive and BASF’s Coatings division entered into a global agreement for automotive refinish body and paint advancement. They will establish a long-term strategic partnership that enables them to go beyond industry standards in vehicle body repair and paint refinishes. The venture involves delivering sustainable refinish solutions, knowledge, advanced digital color-matching solutions and training.Jasco Industrial Cranes signed an agreement with TC/American Crane Company in September 2021. After the partnership, TC/American Crane Company will be the sole distributor in the United States for Jasco industrial cranes. This will increase its global presence and customer base.

The Global Gelcoat Market Industry is poised for substantial growth, with projections indicating a market value of 1.53 USD Billion in 2024 and an anticipated increase to 3.71 USD Billion by 2035. This growth trajectory suggests a compound annual growth rate of 8.38% from 2025 to 2035. The expansion is driven by diverse applications across marine, automotive, and construction sectors, highlighting the versatility of gelcoat products. As industries increasingly adopt composite materials and prioritize sustainability, the Global Gelcoat Market Industry is likely to experience a robust and dynamic evolution.

The Global Gelcoat Market Industry experiences a notable surge in demand driven by the marine sector. Gelcoat is extensively utilized in the production of fiberglass boats, which are favored for their durability and aesthetic appeal. As the recreational boating industry expands, particularly in regions with vast coastlines, the need for high-quality gelcoats is expected to rise. This trend is reflected in the projected market value of 1.53 USD Billion in 2024, indicating a robust growth trajectory. The marine industry's growth, coupled with advancements in gelcoat formulations, positions the Global Gelcoat Market Industry favorably for sustained expansion.

The automotive industry is emerging as a significant driver for the Global Gelcoat Market Industry. Gelcoat is utilized in the production of composite parts for vehicles, enhancing aesthetics and providing protective coatings. As the automotive sector shifts towards lightweight materials to improve fuel efficiency, gelcoat's role becomes increasingly vital. The integration of gelcoat in electric vehicles and high-performance cars is particularly noteworthy, as manufacturers seek to optimize both performance and design. This trend is likely to contribute to the overall growth of the market, reinforcing the relevance of gelcoat in contemporary automotive applications.

The Global Gelcoat Market Industry is significantly influenced by the construction and infrastructure sectors. Gelcoat is increasingly employed in the manufacturing of composite materials used in building facades, roofing, and other structural components. As urbanization accelerates globally, the demand for lightweight, durable materials is on the rise. This trend is expected to contribute to the market's growth, with projections indicating a market value of 3.71 USD Billion by 2035. The construction industry's shift towards sustainable practices and the adoption of composite materials further bolster the relevance of gelcoat in modern construction applications.

Technological innovations play a crucial role in shaping the Global Gelcoat Market Industry. Advances in production techniques, such as the development of low-VOC gelcoats and enhanced curing processes, are driving efficiency and sustainability. These innovations not only improve the performance characteristics of gelcoats but also align with global environmental regulations. As manufacturers adopt these technologies, the market is likely to witness an increase in product offerings that cater to diverse applications. This adaptability suggests a promising growth outlook, potentially leading to a compound annual growth rate of 8.38% from 2025 to 2035.

The Global Gelcoat Market Industry is influenced by increasing environmental regulations and a growing emphasis on sustainability. Governments worldwide are implementing stricter regulations regarding the use of volatile organic compounds (VOCs) in coatings, prompting manufacturers to innovate and develop eco-friendly gelcoat formulations. This shift towards sustainable practices not only meets regulatory requirements but also caters to the rising consumer demand for environmentally responsible products. As a result, the market is expected to adapt, with a focus on low-VOC and bio-based gelcoats, thereby enhancing its appeal in various industries.

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for a significant portion of the market. During the forecast period, the tendency is expected to continue. The region's market is being propelled by the rising maritime and transportation industries. One of the primary factors supporting the growth of the market is the growing relevance of renewable energy in the region.

The increased need for water protection, anticorrosion, and anti-weather coats in the wind energy industry, as well as an increase in gel coat use among end users because it is formulated to be UV and water-resistant with no additional chemicals, are driving market expansion.

Figure 3: GELCOAT MARKET SHARE BY REGION 2022 (%) Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

Europe accounts for a significant share of the gelcoat industry, which is seeing a resurgence in the maritime industry as a result of the significant transformation of the shipbuilding industry. The demand for gelcoat in the region is driven by growing investment in the construction sector. Germany's construction industry is expected to grow by 3.0% this year, according to forecasts. The construction industry in Spain is predicted to rebound strongly over the next decade, with yearly building volume expected to rise by 4%.

As a result of the economic recovery, foreign investments, and a return of corporate confidence, the industry will improve. In many European countries, residential development will continue to be the most prominent category, which, in turn, is projected to drive the demand for gelcoat in the region.

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Gelcoat industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Gelcoat industry to benefit customers and expand the market sector. Major market players, including INEOS Composites, Revex Group, Azelis Americas CASE, CF Composites, Tuff Bond Industrial Adhesives Pvt. Ltd, and others, are attempting to increase market demand by funding R&D initiatives. INEOS Composites is a global leader in the manufacture and supply of composite materials for a variety of applications in industries such as transportation, construction, and marine. The company produces a wide range of composite materials including unsaturated polyester resins,

vinyl ester

resins, gelcoats, colorants, and additives. These materials are used in the production of a wide variety of composite products such as boats, wind turbine blades, pipes, and automotive components. Polynt is a business that creates, markets and develops organic anhydrides and their derivatives. Moreover, it supplies specialized esters, unsaturated polyester resins, compounds, and composites, as well as dibasic acids. The materials are used to make lubricants, paper, electrical and electronic materials and components, paints, inks, and adhesives. The transportation, building, and electrical industries all use the compounds.

The business also serves the food, feed, and fragrance industries.M-series cranes designed by Konecranes for heavy lifting applications were also launched in September 2019. They have a high-performing, reliable core of lifting components as well as a modular design that makes it easy to add smart features or state-of-the-art user interfaces, such as remote operating stations, thus improving efficiency while ensuring safety during operations.