The global Gelcoat market size is projected to grow from USD 974 million in 2020 to USD 2141.6 million by 2027, at a CAGR of 11.9 %. The Gelcoat industry is growing due to the rise in demand for high performance composite materials, globally. The demand for Gelcoat is expected to decline in 2020 due to COVID-19. However, the end of lockdown and recovery in the end-use industries will stimulate the demand during the forecast period.
The automotive & transportation industry has the second largest share in the Gelcoat market in terms of volume. The industry commits to comply with stringent regulations such as the Corporate Average Fuel Efficiency (CAFE) standards and the European Emission Standards (EES) by the US and European governments. To reduce carbon dioxide (CO2) emissions, which have an adverse effect on the global climate, the automakers in these regions are focusing on the production of lightweight vehicles with composites to comply with the government regulations and enhance the fuel efficiency of vehicles. Gelcoats are used to coat these composites components to protect them and increase aesthetic appeal.
Open molding is widely employed for the manufacturing of bathtubs, spas, shower stalls, decks, boat hulls, and others. This process involves a spray up process and a hand lay-up process along with the use of gelcoats. Gelcoat is mostly not used in the closed molding process. The closed molding process includes the vacuum infusion process (VIP), light resin transfer moulding (LRTM), closed cavity bag moulding (CCBM), and other processes. The use of closed molding processes is increasing to attend mass production and increase dimensional precision in the composite industry.
The key players in the global gelcoat market are: HK Research Corporation (US), Scott Bader (UK), Ineos (UK), Bufa Composite Systems Gmbh (Germany), Allnex (Germany), Alpha Owens Corning (US), PolyntReichold (US), Turkuaz Polyester (Turkey), Poliya Composites Resins and Polymers (Turkey), Interplastic Corportion(US)
The market for Gelcoat is mainly concentrated in North America and Europe. However, in recent years, there has been a significant shift toward emerging economies in APAC. The growth of the end-use industries such as transportation, wind energy, and construction in key countries such as China, India, and Japan is expected to drive the demand for Gelcoat in the next five years. China is the largest market for Gelcoat in APAC, and currently, transportation and construction industries account for a major share of the market. China has a strong wind energy industry with the highest number of wind installations across the globe. The wind energy industry in the country offers growth opportunities for the Gelcoat market. In addition, the government initiatives in India to enhance the country’s manufacturing sector are expected to generate a positive impact on the growth of the wind energy and transportation industries. This, in turn, is expected to drive the demand for Gelcoat in the country.
Report : Gelcoat Market - By Resin Type (Polyester, Vinyl Ester, Epoxy, Others) By End-Use Industry (Marine, Wind Energy, Transportation, Construction, Others) By Region (North America, Europe, APAC, MEA, Latin America) - Industry Analysis, Opportunity and Forecast 2020 To 2027