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The Gelcoat Market is undergoing significant changes influenced by various factors, shaping its growth and overall dynamics. Gelcoats, a type of surface coating applied to mold surfaces for the production of composite materials, find extensive use in industries such as marine, automotive, construction, and aerospace. Here's an exploration of key pointers outlining the market dynamics of the Gelcoat Market:
1. Dominance in Composites Manufacturing:
A primary driver of the Gelcoat Market is its dominance in the manufacturing of composite materials. Gelcoats provide a protective and decorative surface to composite parts, enhancing their durability and aesthetics. The increasing use of composites in various industries contributes to the growth of the gelcoat market.
2. Marine Industry as a Major Consumer:
The dynamics of the Gelcoat Market are significantly influenced by the marine industry, which is a major consumer of gelcoats. Gelcoats play a crucial role in protecting boat hulls and surfaces from UV radiation, water, and abrasion, contributing to the longevity and appearance of marine vessels.
3. Automotive and Transportation Applications:
The gelcoat market dynamics are shaped by applications in the automotive and transportation sectors. Gelcoats are used in the production of composite components for vehicles, providing a smooth and protective outer layer. The demand for lightweight materials in the automotive industry further boosts gelcoat consumption.
4. Construction Sector Growth:
The dynamics of the Gelcoat Market are influenced by the growth of the construction sector. Gelcoats are utilized in the production of composite building materials such as panels, facades, and decorative elements, contributing to the durability and aesthetic appeal of construction projects.
5. Aerospace Industry Demand:
The aerospace industry is a significant influencer in market dynamics, with gelcoats used in the production of composite components for aircraft. The lightweight properties and resistance to harsh environmental conditions make gelcoats essential in aerospace applications, influencing market trends.
6. Technological Advancements in Gelcoat Formulations:
Ongoing technological advancements in gelcoat formulations are impacting market dynamics. Innovations focus on developing gelcoats with improved performance characteristics, such as enhanced UV resistance, weatherability, and ease of application, influencing consumer preferences and market trends.
7. Customization and Color Options:
The dynamics of the Gelcoat Market are shaped by consumer preferences for customization and color options. Gelcoats offer a range of colors and finishes, allowing manufacturers to meet diverse aesthetic requirements in various industries, from marine vessels to architectural structures.
8. Impact of Environmental Regulations:
The market dynamics are significantly influenced by environmental regulations. Gelcoat manufacturers are adapting to stringent regulations regarding emissions, volatile organic compounds (VOCs), and hazardous substances. Compliance with environmental standards impacts gelcoat formulations and production practices.
9. Emerging Trends in Bio-based Gelcoats:
The dynamics of the Gelcoat Market are evolving with emerging trends in bio-based and sustainable materials. Manufacturers are exploring bio-based gelcoats derived from renewable sources, aligning with the growing demand for eco-friendly and environmentally sustainable products.
10. Impact of the COVID-19 Pandemic:
The Gelcoat Market faced challenges during the initial phases of the COVID-19 pandemic, with disruptions in supply chains and manufacturing activities. However, as industries adapted to new norms and demand patterns evolved, the market showcased resilience, with ongoing developments reflecting the adaptability of the composite materials industry.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Resin, Application, and Region |
Gelcoat Market Highlights:
Global Gelcoat Market Overview
The Gelcoat Market Size was valued at USD 1.25 Billion in 2022. The Gelcoat industry is projected to grow from USD 1.40 Billion in 2023 to USD 2.44 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.73% during the forecast period (2023 - 2030). Gelcoat is a type of coat generally applied to fiber-reinforced plastics to provide a protective layer and increase the aesthetic appeal of the substrate. It is composed of resin, filler, and pigment. Various types of resins commonly used in gel coat formulation are polyester, vinyl ester, and epoxy. Gelcoat offers unique properties and characteristics such as resistance against corrosion, UV degradation, water absorption, blister & crack; and glossy finish. Gelcoat can be applied by both brush and spray form so that appropriate thickness can be laminated on composite material to avoid damage in diverse conditions.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Gelcoat Market Trends
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Growing demand from the automotive and transportation industry
The automotive and transportation industry occupies a significant share of the market. To comply with government rules and improve vehicle fuel efficiency, automakers in regions are focusing on producing lightweight vehicles with composites to minimize carbon dioxide (co2) emissions, which have a negative impact on the global climate. Gelcoats are utilized to maintain and enhance the aesthetic appeal of these composite components.
In February 2024, INEOS Automotive and BASF’s Coatings division entered into a global agreement for automotive refinish body and paint advancement. They will establish a long-term strategic partnership that enables them to go beyond industry standards in vehicle body repair and paint refinishes. The venture involves delivering sustainable refinish solutions, knowledge, advanced digital color-matching solutions and training.
Jasco Industrial Cranes signed an agreement with TC/American Crane Company in September 2021. After the partnership, TC/American Crane Company will be the sole distributor in the United States for Jasco industrial cranes. This will increase its global presence and customer base.
Gelcoat Market Segment Insights
Gelcoat Resin Insights
The market segmentation, based on Resin, includes Polyester Gelcoat, Epoxy Gelcoat, and Others. The Polyester gel coat segment may dominate the market. The causes can be attributed to the low price and wide availability. It offers practical qualities including low capacity for shrinkage and durability to chemicals and water. To these characteristics, polyester resin-based gelcoat is widely employed in the maritime and construction sectors.
Gelcoat Application Insights
Based on Application, the global market segmentation includes Construction & architecture, Healthcare & Medical, Hospitality, Retail, Automotive & Transportation, Food & Beverages, Electrical & Electronics, and Sanitary Ware. The Automotive & transportation application is holding the largest market share. The automotive and transportation industry uses gelcoat extensively in the production of boats, yachts, cars, trucks, buses, trains, and other vehicles. Gelcoat can be applied to the exterior of these vehicles to improve their resistance to corrosion, abrasion, and weathering. Gelcoat can also be used to create a glossy or matte finish, depending on the desired effect.
Figure 2: Gelcoat Market, by Resin, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Gelcoat Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for a significant portion of the market. During the forecast period, the tendency is expected to continue. The region's market is being propelled by the rising maritime and transportation industries. One of the primary factors supporting the growth of the market is the growing relevance of renewable energy in the region. The increased need for water protection, anticorrosion, and anti-weather coats in the wind energy industry, as well as an increase in gel coat use among end users because it is formulated to be UV and water-resistant with no additional chemicals, are driving market expansion.
Figure 3: GELCOAT MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe accounts for a significant share of the gelcoat industry, which is seeing a resurgence in the maritime industry as a result of the significant transformation of the shipbuilding industry. The demand for gelcoat in the region is driven by growing investment in the construction sector. Germany's construction industry is expected to grow by 3.0% this year, according to forecasts. The construction industry in Spain is predicted to rebound strongly over the next decade, with yearly building volume expected to rise by 4%. As a result of the economic recovery, foreign investments, and a return of corporate confidence, the industry will improve. In many European countries, residential development will continue to be the most prominent category, which, in turn, is projected to drive the demand for gelcoat in the region.
Gelcoat Key Market Players & Competitive Insights
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Gelcoat industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Gelcoat industry to benefit customers and expand the market sector. Major market players, including INEOS Composites, Revex Group, Azelis Americas CASE, CF Composites, Tuff Bond Industrial Adhesives Pvt. Ltd, and others, are attempting to increase market demand by funding R&D initiatives.
INEOS Composites is a global leader in the manufacture and supply of composite materials for a variety of applications in industries such as transportation, construction, and marine. The company produces a wide range of composite materials including unsaturated polyester resins, vinyl ester resins, gelcoats, colorants, and additives. These materials are used in the production of a wide variety of composite products such as boats, wind turbine blades, pipes, and automotive components.
Polynt is a business that creates, markets and develops organic anhydrides and their derivatives. Moreover, it supplies specialized esters, unsaturated polyester resins, compounds, and composites, as well as dibasic acids. The materials are used to make lubricants, paper, electrical and electronic materials and components, paints, inks, and adhesives. The transportation, building, and electrical industries all use the compounds. The business also serves the food, feed, and fragrance industries.
M-series cranes designed by Konecranes for heavy lifting applications were also launched in September 2019. They have a high-performing, reliable core of lifting components as well as a modular design that makes it easy to add smart features or state-of-the-art user interfaces, such as remote operating stations, thus improving efficiency while ensuring safety during operations.
Key Companies in the Gelcoat market include
- INEOS Composites
- Revex Group
- Azelis Americas CASE
- CF Composites
- Tuff Bond Industrial Adhesives Pvt. Ltd
- GRP Factors Ltd
- Multi-Tech Products
- Satyen Polymers
- Polynt
- Astrra Chemicals
Gelcoat Industry Developments
June 2020: Scott Bader Australia Pty Ltd acquired the assets of Summit Composites Pty Ltd, distributing gelcoats, high-performance resins, and adhesives to the Australian market. This helps the company to maintain its long-term presence in the Australian composites market.
February 2020: The Polynt Group announced that it would launch its fully-owned subsidiary, Polynt Composites Turkey. This expansion will aid the company in increasing its gelcoat business in Turkey.
In April 2020: Powdura ECO Hybrid Coatings were launched by the General Industrial Coatings division of Sherwin-Williams
Gelcoat Market Segmentation
Gelcoat Resin Outlook
- Polyester Gelcoat
- Epoxy Gelcoat
- Others
Gelcoat Application Outlook
- Construction & architecture
- Healthcare & Medical
- Hospitality
- Retail
- Automotive & Transportation
- Food & Beverages
- Electrical & Electronics
- Sanitary Ware
Gelcoat Regional Outlook
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North America
- US
- Canada
-
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
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Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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