Gelcoat Market Analysis
Market Research Future (MRFR) studied the global gelcoat market 2021 in the analysis period till 2027. As per MRFR study, the global gelcoat market is expected to rise at 7.6% CAGR during the forecast tenure. By 2027, the market of gelcoat market value is likely to touch USD 1.1 Bn.
BÜFA Composite Systems GmbH & Co. KG (Germany), Interplastic Corporation (US), Vetroresina Spa (Italy), AOC LLC (US), 3M (US), Polynt SpA (Italy), Scott Bader Company Ltd (UK), INEOS (UK), Mechemco (India), HK Research Corporation (US), Oy Kokko-Fiber Ab (Finland), Allnex Netherlands BV (Netherlands), Fibre Glast Developments Corp. (US), Reichhold LLC (US), and Axson Technologies (France) are some key companies profiled by MRFR that are functioning in the global gelcoat market.
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Market Drivers and Restraints
The growing utility of gelcoat in fiber-reinforced plastics to offer better protective layers can benefit the gelcoat market in the approaching years. The aesthetic appeal offered by gelcoat due to its composition that contains pigment, resin, and filler, can favor the gelcoat market in the review tenure. The availability of different types of resins that are used in the formulation of gelcoat, such as; epoxy, polyester, and vinyl ester, is likely to prompt the growth of the gelcoat market in the years to come. The rise in awareness about unique characteristics and properties of gelcoat, such as; prevention against UV degradation and resistance against corrosion, blister & crack, and water absorption, alongside offering glossy finish can prompt the gelcoat market in the years to come.
In addition, the ease of applying gelcoat by both brush and spray to maintain appropriate thickness and can be laminated on composite material to prevent damage in diverse conditions can propel the gelcoat market in the years to come. The increasing demand for glass fiber reinforced plastics along several end-use industries and the rise in awareness about these light-weight characteristics can prompt the expansion of the global Gelcoat Market Analysis in the foreseeable future. The large-scale utility of gelcoats in the marine industry as ships and boats are often used for recreational solutions can add to the increasing demand for gelcoat that can support the market rise. On the contrary, the shift towards the closed molding process is likely to hamper the rise of the gelcoat market through the analysis tenure.
The segment study of the global gelcoat market is based on end-use industry and resin type. Based on resin type, the global gelcoat market has been divided into polyester, vinyl ester, epoxy, and others. On the basis of end-use industry, the market has been classified as marine, wind energy, transportation, construction, and others.
In Asia Pacific, the gelcoat market is likely to expand at a high pace by 2027. South Korea, China, and Japan among other APAC regions are top shipbuilding nations and exhibit high demand for gelcoat for the application of coating ships. In addition, the expansion of the transportation industry and the rapid rise of the wind energy sector are likely to contribute to the upsurge of APAC gelcoat market in the near future. The gradual expansion of the construction industry owing to the increasing need for gelcoat as surge in building activities gain traction for fiber plastics for different applications.
In Europe, the gelcoat market is expected to thrive at decent revenue generation during the assessment period. The expansion of the marine industry can contribute to the expansion of the worldwide gelcoat market that can favor EU gelcoat market. The rapid upsurge of the wind energy sector can impact the regional gelcoat market.
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In North America, the gelcoat market is expected to hold a substantial portion of the worldwide gelcoat market. The US is likely to secure a decent share of the regional market and head it. The high total wind installed capacity of the US can contribute strongly to the increasing demand for gelcoat in the power and energy sector, which, in turn, can prompt the market upsurge. The transportation industry is one of the high end-consumers of gelcoat. The rise of the transportation sector and increase in the adoption of fiber in the construction and renovation industry can prompt the growth of the gealcoat market in EU.
In the Middle East and Africa, alongside Latin America, the gelcoat market is expected to hold the least market share. Slow economic growth and some socio-political lag can impact the market of gelcoat in these regions.
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