Gelcoat Market: Current Analysis and Forecast (2024-2032)

Report Description

Gelcoat Market Size & Forecast

The Gelcoat market was valued at USD 1,328.3 Million in 2023 and is expected to grow at a strong CAGR of around 13.1% during the forecast period (2024-2032) owing to rising usage in Marine Industry.

Gelcoat Market Analysis

The gelcoat market has shown good growth only and has major usage in marine, construction, wind power, and automotive industries. Gelcoats form a fabric layer of resin that improves the surface velour, strength, and outer look of the composite products. They offer a shield against environmental conditions such as ultraviolet radiation, moisture, and corrosion hence suitable for durable composites. This market has stimuli such as the increasing marine recreational boat production, the utilization of composite materials in structures, and derivation through power generation especially wind power production. Besides, changes in the gel coat technology such as sealants that are environmentally friendly and superior quality sealants are also contributing to the growth of the market.

The Region Analysis reveals that Asia-Pacific will likely emerge as the leading market for gel coats because of increasing marine and construction industries in emerging economies such as China and India. This is especially so because an important market such as China sees the government providing significant support for renewable energy projects and new incentives for wind energy development thus pushing the demand for gel coats in the production of turbine blades. Likewise, India’s growth has made construction and architectural development denser which in turn makes consumers use gelcoats. With an escalating focus towards sustainability across the world, policies supporting environmental products are compelling manufacturers to create enhanced gel coats to conform to these standards, in turn, significantly boosting the market growth in the region.

Gelcoat Market Trends

This section discusses the key market trends that are influencing the various segments of the Gelcoat market as identified by our team of research experts.

Increasing Marine Tourism

In the past, marine tourism has rapidly increased especially in North America, Europe Asia Pacific hence increasing the demand for high-performance gelcoats. With the increasing use of luxury yachts, cruise ships, and recreational boats, gelcoat is being used widely due to its better protective nature and high polish changing its face and back as the ultimate cover to protect against damage. The increasing demand for marine vehicles with long-lasting durability against water, UV exposure as well as strict marine conditions also fuels the use of gelcoats.

Growth in Composite Material Adoption

The change in the preference for composite materials in transportation, construction, and marine industries has further helped the growth of the gelcoat market. Fiberglass-reinforced plastic products, which are known for being incredibly lightweight and having fantastic strength-to-weight ratios need resistant and long-lasting finishes and the gelcoats fit this perfect niche. These coatings not only add to the durability of the composites but also improve their appearance making them very vital in current production lines.

Infrastructure Development

Sanitation and infrastructure construction around the world especially in the developing and urbanizing world has firmly entrenched the demand for gelcoats. Fiber-reinforced plastic and other construction composites, for instance, need to have a surface coating to withstand tough environmental conditions besides the aesthetic value. Increased infrastructure projects across emerging regions as well as cladding, façade, and other structural designs are expected to propel gelcoat consumption.

Automotive Sector Expansion

The increased usage in the manufacturing of cars as automotive manufacturers continue to use lightweight materials for enhancing fuel efficiency and performance is driving gelcoat demand. As regards specific industries, lightweight composites for automobiles, particularly electric cars, are vital and gelcoats are pivotal to guarantee the longevity of these materials once used. The flexibility in tailoring them aesthetically also increases their demand for this segment, and gelcoats are not an exception.

APAC is Expected to Grow with Significant CAGR During Forecast Period

The Asia-Pacific (APAC) gelcoat market is expected to have strong growth owing to industrialization, growing end-user industries especially automotive, marine, and construction industries as well as increasing demand for gelcoat products due to higher durability and aesthetic looks from consumers. China, India, Japan, and South Korea are major regional drivers of gelcoats as the manufacturing industry looks set to expand, with corresponding investments in infrastructure. The applications worth mentioning prime industry where they are used are the marine industry because of the usage of FRP composites in boats and ships in the APAC region on a large scale. Furthermore, the increasing knowledge of the impacts of the environment affecting the stratified region has led to the creation of bio-based as well as environmentally friendly gelcoats.

Further to this, the Gelcoat market has great government backing in infrastructure projects and investiture winding up in Renewable resources in developing nations such as China and India. The increasing need for wind energy solutions within the region as well as the automotive industry which seeks to improve the strength and weight ratios of vehicles has also boosted the need for gelcoats. The Asia-Pacific region will remain the world’s largest consumer of gelcoat due to the vast numbers of manufacturers and constant innovations in the market. Current international suppliers have a favorable opportunity to broaden their presence in the APAC region and meet the various needs of the market.

Gelcoat Industry Overview

The Gelcoat market is competitive and fragmented, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market include INEOS, Scott Bader Company Ltd., Polynt S.p.A., Allnex GmbH, BÜFA Composite Systems GmbH & Co. KG, HK Research Corporation, Interplastic Corporation, Poliya Composite Resins and Polymers Inc., Ashland, and AOC Resins.

Gelcoat Market News

• In February 2022, Westlake Chemical Corp. (Houston, Texas, U.S.) announced the completed acquisition of Hexion Inc.’s (Columbus, Ohio, U.S.) global epoxy business for approximately $1.2 billion in an all-cash transaction. Based in Rotterdam, The Netherlands, the epoxy business, which will be branded as Westlake Epoxy, manufactures and develops specialty resins, coatings and composites for a variety of industries, including high-growth and sustainability-oriented end-uses such as wind turbine blades and lightweight automotive structural components.

Gelcoat Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Gelcoat market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

Frequently Asked Questions (FAQ)

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Research Methodology

Research Methodology for the Gelcoat Market Analysis (2024-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of global Gelcoat were the three major steps undertaken to create and explore the adoption of Gelcoat in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, numerous findings and assumptions were taken into consideration to validate these insights. Moreover, exhaustive primary interviews were also conducted with industry experts across the value chain of the global Gelcoat market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of Gelcoat through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of Gelcoat, we conducted a detailed secondary analysis to gather historical market insights and share for different segments and sub-segments for major regions. Major segments are included in the report, such as Resin Type and End-Use. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Gelcoat. Further, we conducted factor analysis using dependent and independent variables such as Resin Type and End-Use of Gelcoat market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Gelcoat sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Gelcoat market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Gelcoat across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Gelcoat market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Gelcoat market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Resin Type and End-Use in the global Gelcoat market.

The main objective of the Global Gelcoat Market Study

The current & future market trends of the global Gelcoat market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Gelcoat industry in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of Resin Type and End-Use
• Define and analyze the regulatory framework for the Gelcoat industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Gelcoat market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the Gelcoat market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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