Saudi Arabia Gelcoat Market, By Resin Type (Polyester, Vinyl Ester, Epoxy, Others); By Type (Standard Gelcoat, Specialty Gelcoat); By End User (Automotive, Marine, Building & Construction, Wind Energy, Others), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Saudi Arabia Gelcoat Market Size Booming to Touch USD 60.7 Million by 2029
Saudi Arabia Gelcoat market is gaining traction because of the increasing demand for high-performance composite materials across a variety of industries, including transportation, aviation, aerospace, and military defense, and government initiatives to promote the use of sustainable materials.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Saudi Arabia gelcoat market size at USD 38.79 Million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Saudi Arabia gelcoat market size to grow at a CAGR of 6.76% reaching a value of USD 60.69 Million by 2029. An increasing demand for high-performance composite materials across a variety of industries, including transportation, aviation, aerospace, and military defense, is one of the main development factors for the Saudi Arabia gelcoat market. Expanding building operations in Saudi Arabia as a means of economic diversification is also emerging as a significant driving force for the growth of the Gelcoat market.
Saudi Arabia Gelcoat Market – Overview
Gelcoat, also called Gel Coat, is a substance used to give a high-quality finish on the visible surface of a fiber-reinforced composite. It is a two-part polyester resin that has been particularly prepared for use as the initial resin layer to be put in a mold for creating a polyester or vinyl ester composite product. The objective is to produce an opaque surface that will totally prevent glass pattern show-through. However, free water will seep through the surface of the gelcoat and infiltrate into the structure since Gelcoat is not waterproof. The water will then either evaporate or freeze, shattering the gelcoat as a result of temperature extremes.
Saudi Arabia Gelcoat Market – By End User
Based on end user, the Saudi Arabia Gelcoat market is segmented into automotive, marine, building & construction, wind energy, and others. The marine segment accounts for the highest market share. Gelcoat is a form of polymer that is applied to boats and other watercraft as a protective covering. It protects the vessel's hull from UV radiation, seawater, and other factors and is commonly applied to the hull. The color options for gelcoat are many, and it may be polished to a brilliant gloss. “Saudi Arabia is placed 20th internationally in the marine transport sector and achieved the highest regional improvement in the 2021 Maritime Connectivity Index”, as reported by Arab News. As a result, the demand for gelcoat is also expanding in the marine industry.
Impact of COVID-19 on Saudi Arabia Gelcoat Market
The unprecedented COVID-19 pandemic outbreak affected the growth of the Saudi Arabia gelcoat market. The operations of the major end-user industries of the Gelcoat market including automotive and building & construction were temporarily hindered which is impacting the market demand for gelcoat in Saudi Arabia. Additionally, the production activities and import activities also negatively affected the Saudi Arabia gelcoat market.
Competitive Landscape
Major players operating in Saudi Arabia gelcoat market include LyondellBasell Industries Holdings B.V., 3M, SIKA AG, AEKYUNG CHEMICAL Co., Ltd, ALLNEX NETHERLANDS B.V., AOC, LLC, BÜFA GmbH & Co. KG, Changzhou Huake Polymers Co., Ltd., Eternal Synthetic, and Euroresins. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Saudi Arabia Gelcoat Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Saudi Arabia Gelcoat Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
- 2. Executive Summary
- 3. Saudi Arabia Gelcoat Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Increasing demand for high-performance coatings in the construction & marine industries
- 3.2.1.2. Government initiatives to promote the use of sustainable materials
- 3.2.1.3. Surge in the relevance of renewable energy
- 3.2.2. Restraints
- 3.2.2.1. High cost compared to traditional coatings
- 3.2.2.2. Lack of awareness about the benefits of gelcoat
- 3.2.3. Opportunities
- 3.2.3.1. Increasing investment in research and development
- 3.2.3.2. Potential use in industries such as wind energy and transportation
- 3.2.4. Challenges
- 3.2.4.1. Lack of standardization and testing methods
- 3.2.4.2. Limited availability of raw materials
- 3.3. Technology Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter’s Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
- 4. Saudi Arabia Gelcoat Market Overview
- 4.1. Market Size & Forecast, 2019–2029
- 4.1.1. By Value (USD Million)
- 4.2. Market Share & Forecast
- 4.2.1. By Resin Type
- 4.2.1.1. Polyester
- 4.2.1.2. Vinyl Ester
- 4.2.1.3. Epoxy
- 4.2.1.4. Others
- 4.2.2. By Type
- 4.2.2.1. Standard Gelcoat
- 4.2.2.2. Specialty Gelcoat
- 4.2.3. By End User
- 4.2.3.1. Automotive
- 4.2.3.2. Marine
- 4.2.3.3. Building & Construction
- 4.2.3.4. Wind Energy
- 4.2.3.5. Others
- 5. Competitive Landscape
- 5.1. List of Key Players and Their Range
- 5.2. Saudi Arabia Gelcoat Company Market Share Analysis, 2022
- 5.3. Competitive Benchmarking, By Operating Parameters
- 5.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
- 6. Impact of Covid-19 on Saudi Arabia Gelcoat Market Industry
- 7. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- 7.1. LyondellBasell Industries Holdings B.V.
- 7.2. 3M
- 7.3. SIKA AG
- 7.4. AEKYUNG CHEMICAL Co., Ltd
- 7.5. ALLNEX NETHERLANDS B.V.
- 7.6. AOC, LLC
- 7.7. BÜFA GmbH & Co. KG
- 7.8. Changzhou Huake Polymers Co., Ltd.
- 7.9. Eternal Synthetic
- 7.10. Euroresins
- 7.11. Other Prominent Players
- 8. Key Strategic Recommendations
- 9. Research Methodology
- 9.1. Qualitative Research
- 9.1.1. Primary & Secondary Research
- 9.2. Quantitative Research
- 9.3. Market Breakdown & Data Triangulation
- 9.3.1. Secondary Research
- 9.3.2. Primary Research
- 9.4. Breakdown of Primary Research Respondents
- 9.5. Assumption & Limitation
- List of Figures
- Figure 1 Saudi Arabia Gelcoat Market Segmentation
- Figure 2 Saudi Arabia Gelcoat Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2021
- Figure 4 Saudi Arabia Gelcoat Market Size, By Value (USD Million), 2019–2029
- Figure 5 Saudi Arabia Gelcoat Market Share, By Resin Type, By Value, 2019–2029
- Figure 6 Saudi Arabia Gelcoat Market Share, By Type, By Value, 2019–2029
- Figure 6 Saudi Arabia Gelcoat Market Share, By End User, By Value, 2019–2029
- List of Tables
- Table 1 Saudi Arabia Gelcoat Market Size, By Resin Type, By Value, 2019–2029
- Table 2 Saudi Arabia Gelcoat Market Size, By Type, By Value, 2019–2029
- Table 3 Saudi Arabia Gelcoat Market Size, By End User, By Value, 2019–2029
- Table 4 LyondellBasell Industries Holdings B.V. Company Overview
- Table 5 LyondellBasell Industries Holdings B.V. Financial Overview
- Table 6 3M Company Overview
- Table 7 3M Financial Overview
- Table 8 SIKA AG Company Overview
- Table 9 SIKA AG Financial Overview
- Table 10 AEKYUNG CHEMICAL Co., Ltd Company Overview
- Table 11 AEKYUNG CHEMICAL Co., Ltd Financial Overview
- Table 12 ALLNEX NETHERLANDS B.V. Company Overview
- Table 13 ALLNEX NETHERLANDS B.V. Financial Overview
- Table 14 AOC, LLC Company Overview
- Table 15 AOC, LLC Financial Overview
- Table 16 BÜFA GmbH & Co. KG Company Overview
- Table 17 BÜFA GmbH & Co. KG Financial Overview
- Table 18 Changzhou Huake Polymers Co., Ltd. Company Overview
- Table 19 Changzhou Huake Polymers Co., Ltd. Financial Overview
- Table 20 Eternal Synthetic Company Overview
- Table 21 Eternal Synthetic Financial Overview
- Table 22 Euroresins Company Overview
- Table 23 Euroresins Financial Overview
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