Global Gelcoat Industry: Share, COVID-19 Overview, Application, Growth and Forecast 2023
Gelcoat Market Overview
The Gelcoat market is enhanced by the surging demand from the
emerging countries rapid growth in applications. Gelcoat helps in delivering
high-quality finish on the surfaces of fiber-reinforced composites and protects
structural laminates. Isophthalic acid-based resins are used in the
manufacturing of gelcoats and are available in spray and brush versions so that
laminate is not prone to cracking damage. The global gelcoat market, as per a
report by Market Research Future (MRFR) is touted to register a CAGR of 7.6%
during the forecast period (2017-2025).
The recent boom in the marine industry is one of the key factors
contributing to the market growth across the globe. Gelcoats are generally used
to paint the exterior and interior surfaces and protect metal components from
the attack of UV radiation and chemicals. Due to their superior properties,
high durability, and supreme quality, gelcoats are extensively used in the
marine industry. The mounting demand for low-styrene emission gelcoat is
considered one of the primary global COVID-19 analysis on
gelcoat market trends, which will gain traction
over the review period.
Global Gelcoat Market: Segmental Analysis
The global gelcoat industry growth has been segmented on the basis of resin type and end
use industry.
By resin type, the market constitutes of vinyl ester, polyester,
epoxy, and others. Of these, polyester is the most extensively used resin for
gelcoat. It is easily available and has a low price compared to other resins.
Polyester offers useful properties like low shrinkage and is resistant to
chemicals and water. Such attributes enable polyester resin-based gelcoat to be
used in the construction and marine industries.
The end use industry incorporates wind energy, marine,
construction, transportation, and others. Of these, the marine industry is
considered to gain significant prominence in the years to come. Glass fiber
reinforced plastics are extensively used in the marine industry. Decks and ship
hulls for sailing/motor yachts and powerboats are made up of premium quality
glass fiber reinforced plastics. The use of fiber-reinforced plastics augments
the use of gelcoat in the marine sector as the product helps to enhance the
aesthetic quality of fiberglass, besides offering corrosion resistance to
structural layered materials.
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Gelcoat Market Regional Frontiers
Based on the region, the gelcoat market covers growth
opportunities and latest trends across North America, Europe, Asia Pacific,
Latin America, and the Middle East & Africa.
Considering the global scenario, the Asia Pacific region was
considered the fastest growing and the largest market in 2018. The region is
anticipated to follow a similar trend in the foreseeable future due to the
booming transportation and wind energy sectors. Countries like Japan, South
Korea, and China are considered among the world’s top shipbuilding nations and
thereby register high demand for gelcoat for coating ships. Moreover, the
recent boom in the construction industry is fueling the demand from the gelcoat
market as buildings are consuming fiber plastics for several applications.
Europe has managed to seize the second-largest share in the global
market due to the recovery of the marine industry. The booming wind energy
industry in the region is also encouraging the market growth in Europe.
North America, on the other hand, is likely is register
significant growth, with the U.S. holding 16.5% share of the total wind
installed capacity. This is likely to encourage the demand for gelcoat in the
wind energy industry. Moreover, the increased adoption of fiber-reinforced for
several building applications is contributing to the market growth in the
region.
Gelcoat Market Competitive Dashboard
The top players operating in the gelcoat market include 3M (US),
Scott Bader Company Ltd (UK), INEOS (UK), Polynt SpA (Italy), Oy Kokko-Fiber Ab
(Finland), Mechemco (India), Vetroresina Spa (Italy), BÃœFA Composite Systems
GmbH & Co. KG (Germany), AOC LLC (US), Interplastic Corporation (US),
Allnex Netherlands BV (Netherlands), HK Research Corporation (US), Fibre Glast
Developments Corp. (US), Reichhold LLC (US), and Axson Technologies (France).
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