December 07, 2020
According to the research report titled ‘Global Gelcoat Market Size study, by Resin Type (Polyester, Vinyl Ester, Epoxy, and Others), End-use Industry (Marine, Transportation, Wind-Energy, Construction, and Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global gelcoat market had reached a valuation of USD 872 million in the year 2019 and is expected to grow with a CAGR of 13.2% between 2020 and 2027.
Growing demand for high-performance composites coupled with widespread product adoption among automobiles in order to lower weight as well as to improve fuel efficiency are some of the major factors driving the growth of global gelcoat market.
For those uninitiated, gelcoats are used to help achieve high quality finish on a visible surface in a fiber-reinforced composite. Traditional types of gelcoats are typically thermosetting polymers which are based on unsaturated and epoxy polyester resin chemistry. It is also worth mentioning that the product offers various benefits such as corrosion resistance, UV degradation and water absorption properties, which in turn is stimulating global gelcoat industry outlook.
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Gelcoats are also gaining significant momentum in the marine industry since most of the recreational boats and ships are made using glass fiber materials. In addition to this, rapid expansion of the marine sector is further aiding global gelcoat market growth. According to UNCTAD Marine Transport Outlook of 2018, global maritime trade witnessed a 4% increase in the year 2017.
However, inclination towards adopting closed molding process may inhibit the expansion of global gelcoat market. Regardless of this, increasing application of the product in wind energy sector is creating lucrative growth opportunities for the industry participants.
From the regional point of view, North America currently dominates global gelcoat market in terms of revenue share and is expected to register consistent growth patterns in the subsequent years. Flourishing transport as well as marine sector are favoring North America gelcoat market outlook.
On the other hand, Asia-Pacific gelcoat market is poised to accumulate notable gains and record the highest CAGR through 2027. Factors such as increasing utilization of fuel efficient and lightweight automobiles coupled with surging disposable income are adding traction to the overall market size in Asia-Pacific.
Interplastic Corportion, Poliya Composites Resins and Polymers Inc., Turkuaz Polyester, Polynt Reichhold Group, Alpha Owens Corning, Allnex, BÜFA Composite Systems GmbH & Co. KG, Ineos, Scott Bader Co. Ltd., and HK Research Corporation are the key participants in global gelcoat industry.