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Gelcoat Market Trends

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

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 OverviewSource: 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.

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.


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 & 2030Source: 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 2022Source: 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.

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.


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.

In April 2020: Powdura ECO Hybrid Coatings were launched by the General Industrial Coatings division of Sherwin-Williams


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





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