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 size is USD 1.2 billion in 2019 and is expected to reach USD 1.7 billion by 2024, at a CAGR of 8.0% between 2019 and 2024. The increasing use of gelcoat in the marine and transportation industries is bolstering the market, globally.
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 key market players have realized the immense potential offered by the region for the growth of the gelcoat market. For instance, in September 2018, Scott Bader Company expanded its presence in the Japanese market by opening a facility named Scott Bader Japan KK. The new establishment will provide Japanese customers with quality composite and adhesive products. The wind energy, marine, transportation, and construction industries of Japan have been benefitted by this expansion.
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