Gelcoat Market Research Report—Global Forecast till 2030

Gelcoat Market Research Report Information By Resin (Polyester Gelcoat, Epoxy Gelcoat, Others), By Application (Construction & architecture, Healthcare & Medical, Hospitality, Retail, Automotive & Transportation, Food & Beverages, Electrical & Electronics, Sanitary Ware), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030

ID: MRFR/CnM/1748-CR | 100 Pages | Author: Priya Nagrale | May 2022         

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Global Gelcoat Market Overview


The Gelcoat Market Size was valued at USD 1.25 Billion in 2022. The Gelcoat industry is projected to grow from USD 1.40 Billion in 2023 to USD 2.44 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.73% during the forecast period (2023 - 2030). Gelcoat is a type of coat generally applied to fiber-reinforced plastics to provide a protective layer and increase the aesthetic appeal of the substrate. It is composed of resin, filler, and pigment. Various types of resins commonly used in gel coat formulation are polyester, vinyl ester, and epoxy. Gelcoat offers unique properties and characteristics such as resistance against corrosion, UV degradation, water absorption, blister & crack; and glossy finish. Gelcoat can be applied by both brush and spray form so that appropriate thickness can be laminated on composite material to avoid damage in diverse conditions.
Gelcoat Market Overview
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Gelcoat Market Trends




  • 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.


Gelcoat Market Segment Insights


Gelcoat Resin Insights


The market segmentation, based on Resin, includes Polyester Gelcoat, Epoxy Gelcoat, and Others. The Polyester gel coat segment may dominate the market. The causes can be attributed to the low price and wide availability. It offers practical qualities including low capacity for shrinkage and durability to chemicals and water. To these characteristics, polyester resin-based gelcoat is widely employed in the maritime and construction sectors.


Gelcoat Application Insights


Based on Application, the global market segmentation includes Construction & architecture, Healthcare & Medical, Hospitality, Retail, Automotive & Transportation, Food & Beverages, Electrical & Electronics, and Sanitary Ware. The Automotive & transportation application is holding the largest market share. The automotive and transportation industry uses gelcoat extensively in the production of boats, yachts, cars, trucks, buses, trains, and other vehicles. Gelcoat can be applied to the exterior of these vehicles to improve their resistance to corrosion, abrasion, and weathering. Gelcoat can also be used to create a glossy or matte finish, depending on the desired effect.


Figure 2: Gelcoat Market, by Resin, 2022 & 2030 (USD Billion)
Gelcoat Market, by Resin, 2022 & 2030
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Gelcoat Regional Insights


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 (%)
GELCOAT MARKET SHARE BY REGION 2022
Source: Secondary Research, Primary Research, MRFR 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.


Gelcoat Key Market Players & Competitive Insights


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.


Key Companies in the Gelcoat market include



  • INEOS Composites

  • Revex Group

  • Azelis Americas CASE

  • CF Composites

  • Tuff Bond Industrial Adhesives Pvt. Ltd

  • GRP Factors Ltd

  • Multi-Tech Products

  • Satyen Polymers

  • Polynt

  • Astrra Chemicals


Gelcoat Industry Developments


June 2020: Scott Bader Australia Pty Ltd acquired the assets of Summit Composites Pty Ltd, distributing gelcoats, high-performance resins, and adhesives to the Australian market. This helps the company to maintain its long-term presence in the Australian composites market.


February 2020: The Polynt Group announced that it would launch its fully-owned subsidiary, Polynt Composites Turkey. This expansion will aid the company in increasing its gelcoat business in Turkey.


Gelcoat Market Segmentation


Gelcoat Resin Outlook



  • Polyester Gelcoat

  • Epoxy Gelcoat

  • Others


Gelcoat Application Outlook



  • Construction & architecture

  • Healthcare & Medical

  • Hospitality

  • Retail

  • Automotive & Transportation

  • Food & Beverages

  • Electrical & Electronics

  • Sanitary Ware


Gelcoat Regional Outlook




  • North America



    • US

    • Canada


     




  • Europe



    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe


     




  • Asia-Pacific



    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific


     




  • Rest of the World




    • Middle East




    • Africa




    • Latin America





Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 1.25 Billion
Market Size 2023 USD 1.40 Billion
Market Size 2030 USD 2.44 Billion
Compound Annual Growth Rate (CAGR) 8.73% (2023-2030)
Base Year 2022
Market Forecast Period 2023-2030
Historical Data 2018 & 2022
Market Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Resin, Application, and Region
Geographies Covered North America, Europe, Asia Pacific, and Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled INEOS Composites, Revex Group, Azelis Americas CASE, CF Composites, Tuff Bond Industrial Adhesives Pvt. Ltd, GRP Factors Ltd, Multi-Tech Products, Satyen Polymers, Polynt, Astrra Chemicals
Key Market Opportunities Environment-friendly acrylic sheets
Key Market Dynamics High demand for strong, compact, and lightweight components in the automotive industry Increasing demand for manufacturing various everyday commercial goods




Frequently Asked Questions (FAQ) :

The Gelcoat Market size was valued at USD 1.25 Billion in 2022.

The global market is projected to grow at a CAGR of 8.73% during the forecast period, 2023-2030.

North America had the largest share of the Gelcoat Market.

The key players in the market are INEOS Composites, Revex Group, Azelis Americas CASE, CF Composites, Tuff Bond Industrial Adhesives Pvt Ltd, GRP Factors Ltd, Multi-Tech Products, Satyen Polymers, Polynt, Astrra Chemicals.

The Polyester gelcoat category dominated the market in 2022.

Automotive & transportation had the largest share in the global market for Gelcoat.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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