Gelcoat Market Research Report—Global Forecast till 2030

Global Gelcoat Market Research Report Information By Resin (Polyester gelcoat, Epoxy gelcoat, Others) Application (Construction & architecture, Healthcare & medical, Hospitality, Retail, Automotive & transportation, Food & Beverages, Electrical & Electronics, Sanitary Ware) Forecat 2030

ID: MRFR/CnM/1748-CR | May 2022 | Region: Global | 100 pages         

Gelcoat Market

Gelcoat Market was valued at USD 1,185.9 million in 2020 and expected to reach USD 2,236.1 million by 2030, registering a CAGR of 6.6% over the forecast duration

Segmentation

By Resin Polyester gelcoat Epoxy gelcoat Others
By Application Construction & architecture Healthcare & medical Hospitality Retail Automotive & transportation Food & Beverages Electrical & Electronics Sanitary Ware

Key Players

  • 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
  • Bufa Composite Systems GmbH
  • Aypols Polymers Pvt. Ltd.
  • Scott Bader

Drivers

  • Increasing demand for manufacturing of various everyday commercial goods
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Gelcoat Market Overview


The global gelcoat market was valued at USD 1,185.9 million in 2020 and expected to reach USD 2,236.1 million by 2030, registering a CAGR of 6.6% over the forecast duration.


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 gelcoat formulation are polyester, vinyl ester, and epoxy. Gelcoat offers unique properties and characteristics such as resistance against corrosion, UV degradation, water absorption, and 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.


COVID-19 Impact on the Gelcoat Market:


COVID-19 has had a detrimental impact on composite demand in a variety of end-use industries, including maritime, transportation, wind energy, and construction, resulting in lower gelcoat use. Marine and vehicle manufacturers have been forced to operate at zero or partial capacity due to supply chain disruptions that have resulted in delays or non-arrival of raw materials, delayed cash flows, and rising absenteeism among production line personnel. As a result, demand for gelcoats is falling.


The economic impact of the COVID-19 pandemic is mostly due to a drop in demand, which means that fewer people are ready to buy the commodities and services that are available in the global economy. This dynamic was readily visible in businesses that were highly impacted, such as travel and tourism. Countries have imposed travel restrictions to slow the spread of the virus, and many people have been unable to book flights for vacations or business trips. Airlines lost expected revenue due to the decrease in customer demand, and as a result, they had to cut costs by lowering the number of flights they performed.


The COVID-19 epidemic, as well as the resulting travel restrictions and lockdowns, has disrupted the supply chains of a number of markets including gelcoat market. However, in the second half of the year, players changed their operations in reaction to the pandemic, reducing the pandemic's influence on the market.


Market Dynamics


Drivers


  • Growing demand from automotive and transportation industry : the automotive and transportation industry occupies the significant share in the gelcoat 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.


Restraints


  • Growing shift towards closed molding process : bathtubs, spas, shower stalls, decks, boat hulls, and other products are all made using open moulding. This procedure includes a spray-on application, a hand-lay-up application, and the application of gelcoats. In the closed moulding process, gelcoat is rarely employed. Closed moulding methods are becoming more popular in the composite industry as mass manufacturing and dimensional perfection become more important.


Opportunity


  • Increasing demand from asia pacific region : north america and europe account for the majority of the gelcoat market. However, there has been a considerable movement toward rising economies in apac in recent years. In the next five years, demand for gelcoat is likely to be driven by the rise of end-use industries such as transportation, wind energy, and construction in important countries such as china, india, and japan.


Challenges


  • Stringent government regulations for gelcoat manufactureres : styrene is the most common monomer in polyester resin-based gelcoats, and excessive styrene emissions have long been a source of worry for workers' health and safety. This makes market expansion difficult. The governments of several countries have enacted a slew of rules and regulations to reduce styrene emissions from resins and gelcoats, ultimately lowering their impact on human health and the environment


Segmentation


By Resin



  • Polyester gelcoat

  • Epoxy gelcoat

  • Others


By Application



  • Construction & architecture

    • Commercial

    • Residential

    • Industrial



  • Healthcare & medical

    • Hospitality

    • Retail



  • Automotive & transportation

    • Electric vehicles

    • Gas powered vehicles

    • others



  • Food & beverages

  • Electrical & electronics

    • Visual communication

    • Others



  • Sanitary ware

    • Commercial

    • Residential

    • Industrial



  • Marine

  • Aerospace & defense

    • Glazing

    • Windows

    • Partitions

    • Others



  • Others


By Region



  • North america

  • Europe

  • Asia-pacific

  • Middle east and africa

  • South america


Regional Analysis


North America accounted for a significant portion of the total gelcoat market in 2020. 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 gelcoat 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 gelcoat use among end users because it is formulated to be UV and water resistant with no additional chemicals, are driving market expansion.


Europe accounts for the significant share in the global market for gelcoat, 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 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.


In terms of geography, the Asia-Pacific market for gelcoats is expected to be the largest and fastest-growing during the forecast period, with China, Japan, India, and Australia being the prominent countries with promising growth prospects. The market is being driven by the rising transportation and construction sectors, as well as the presence of significant gelcoat manufacturers like Satyen Polymers and Vikram Resins & Polymers in this region. China is the major country in Asia Pacific, occupying 34.34% of the market share in 2020.


South America gelcoat market is driven by growing demand from end-use industry such as construction, marine, and automotive & transportation among others. Especially, the region is witnessing increased demand from construction sector. A return to crucial development and growth in several large countries.


Middle East gelcoat market is driven by rising demand from automotive & transportation, power & energy and construction industry. Despite the COIVD-19 outbreak the region has witnessed considerable growth in construction sector. In addition, growing infrastructure in the region further provides opportunity for the growth of shipbuilding sector. The Middle East is predicted to develop as one of the world's most competitive landscapes, offering value tourist and conference experiences to a global consumer base, thanks to world-class infrastructure and facilities and a great geographic placement on the global stage. All these factors collectively expected to propel the demand for gelcoat in the region during the forecast period 2021-2030.


Competitive Landscape


The global gelcoat market is characterized by the presence of many global, regional, and local vendors. The market is highly competitive with all the players competing to gain market shar. The vendors compete based on cost, product quality, and reliability. It is crucial for the vendors to provide cost-efficient and high-quality gelcoat products, in  order to survive and succeed in an intensely competitive market environment.


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, Bufa Composite Systems GmbH, Aypols Polymers Pvt. Ltd., Scott Bader, Graco Inc.RESOLTECH and Vikram Resins and Polymers are the major companies profiled in the market.


Some of the key developments include:



  • In June 2020 the group announced that Scott Bader Australia Pty Ltd had been established and acquired the assets of Summit Composites Pty Ltd, who had been distributing high-performance resins, gelcoats and adhesives to the Australian market. This supports the objective of establishing a long-term presence in the Australian composites market.

  • In October 2018 Polynt Composites Europe introduces their complete range of gel coats developed specifically for the Swimming Pool market, perfect for enhancing product portfolio and attract the attention of customers.

  • In September 2018 Bufa Composite Systems GmbH developed a new conductive gelcoat, which is capable of eliminating electrostatic charges. It also increases the component quality, as it provides protection against dust and dirt buildup. The new product launch helped the company enhance its tooling capabilities.

  • In September 2017 Bufa Composite Systems GmbH developed a new conductive gelcoat, which is capable of eliminating electrostatic charges. It also increases the component quality, as it provides protection against dust and dirt buildup. The new product launch helped the company enhance its tooling capabilities.


Report Overview:


The gelcoat market is segmented by resin, application and region in the report. In terms of insights, this report has focused on various levels of analysis such as market dynamics, value chain analysis, Porter's five forces, competitive landscape, and company profiles—all of which comprise and discuss views on the global gelcoat emerging and fast-growing segments, regions, and countries.


Objectives of the Study



  • To get a comprehensive overview of the global gelcoat Market

  • To get wide-ranging information about the key factors driving the market and market opportunities

  • To gain information regarding the key players in the industry, their product portfolio, strategies, and key developments

  • To gain insights about the key country/region in which the market is growing


Intended Audience



  • Gelcoat manufacturers

  • Suppliers and traders of Gelcoat and related products

  • Government, associations, and industrial associations

  • Investors and trade experts

  • Consulting in chemical experts



Report Scope:
Report Attribute/Metric Details
  Market Size   2030: 2,236.1 million
  CAGR   6.6% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2020
  Forecast Units   Value (USD Million)
  Report Coverage    Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Application, and Region
  Geographies Covered   North America ,Europe, Asia-Pacific, Latin America, Middle East ,Africa
  Key Vendors   Aristech Surfaces LLC, LUCITE INTERNATIONAL, Evonik Industries AG, 3A Composites GmbH, Arkema, Elastin International Corp., Asia Poly Industrial Sdn Bhd, Ray Chung Acrylic Enterprise Co., Ltd., Plaskolite, JuMei Acrylic, Gevacril, PT Margacipta Wirasentosa, Shen Chuen Acrylic (Ningbo) Co., Ltd., and Sun Acrylam Private Limited
  Key Market Opportunities   Environment-friendly acryclic sheets
  Key Market Drivers   â€¢ High demand for strong, compact and lightweight components in automotive industry • Increasing demand for manufacturing of various everyday commercial goods


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Frequently Asked Questions (FAQ) :

The global Gelcoat Market would register a growth of 6.6%.

Gelcoat is a substance used for coating purpose mainly in construction and health care products

Yes, Asia-Pacific country would set the trend in the Gelcoat market