The Gelcoat Market size is projected to grow from USD 974 million in 2020 to USD 1,808 million by 2025, at a CAGR of 13.2%. The gelcoat industry is growing due to the rise in demand for high performance composite materials, globally. The demand for gelcoats is expected to decline in 2020 due to COVID-19. However, the end of lockdown and recovery in the end-use industries will stimulate the demand during the forecast period.
The use of gelcoat is increasing due to its useful properties such as gloss, long durability, flexibility, stiffness, strength, chemical resistance, corrosion resistance, weather resistance, and UV resistance.
The gelcoat market, by end-use industry is segmented into marine, transportation, construction, wind energy, and others. Wind energy is projected to be the fastest-growing end-use industry of gelcoat during the forecast period, in terms of both value and volume. Gelcoat is widely used in wind blades and nacelles. The increasing wind energy installations in APAC, Europe, and North America is boosting the use of gelcoat in the wind energy industry.
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There are mainly four types of resins used in making gelcoats, which include polyester, vinyl ester, epoxy, and other resins that include polyurethane, phenolic, and acrylic Gelcoats are mainly produced using polyester resins that have applications in spas, automotive body parts, hull, and boats. These resin types have properties such as flexibility, durability, and UV resistance and film structure and hydrolytic properties. The epoxy-based gelcoat segment is expected to register at the highest CAGR during the forecast period.Excellent chemical resistance, durability, and strength of epoxy resin make it suitable for use in manufacturing gelcoat.
The increasing demand from the APAC region is a key opportunity for gelcoat manufacturers. APAC is expected to register the highest CAGR, in terms of both value and volume during the forecast period. The growth of the end-use industries such as transportation, wind energy, and construction in key countries such as China, India, and Japan is expected to drive the demand for gelcoat in the next five years.
The major manufacturers profiled in this report include HK Research Corporation (US), Scott Bader, Ineos (UK), Bufa Composite Systems Gmbh (Germany), Allnex (Germany), Alpha Owens Corning (US), Polynt Reichold (US) , and among others. The gelcoat business of these companies is severely affected due to the outbreak of COVID – 19 pandemic. Reduced demand for composites from several OEMs and disruption in the supply chain have compelled the gelcoat manufacturing companies to operate at partial capacities. \
However, several gelcoat manufacturers have focused their concentration on new product development. These developments, coupled with end-use industries resuming their operations at full capacities, would create demand for gelcoats during the forecast period. For instance, Bufa Composite Systems Gmbh developed a new conductive gelcoat, which is capable of eliminating electrostatic charges. The new product launch helped the company enhance its tooling capabilities.
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