Gelcoat

Gelcoat

The gelcoat market has shown good growth only and has major usage in the marine, construction, wind power, and automotive industries. Gelcoats form a fabric layer of resin that improves the surface velour, strength, and outer look of the composite products. They offer a shield against environmental conditions such as ultraviolet radiation, moisture, and corrosion hence suitable for durable composites. This market has stimuli such as the increasing marine recreational boat production, the utilization of composite materials in structures, and derivation through power generation especially wind power production. Besides, changes in gelcoat technology such as sealants that are environmentally friendly and superior quality sealants are also contributing to the growth of the market.

The Gelcoat Market is expected to grow at a robust CAGR of 13.1% during the forecast period, owing to the rising demand for lightweight, durable, and corrosion-resistant materials in industries like marine, transportation, and wind energy. The manufacturer of gelcoats has recorded significant changes in the recent past. In February this year, the Westlake Chemical Corporation announced it had purchased the global epoxy business of Hexion Inc., to add thermoset resins and coatings –gelcoats - to its product portfolio across various industries. Furthermore, Polynt Reichhold Group reveals that is planning to set up the wholly-owned company Polynt Composites Turkey incorporated in Istanbul. This will enable the Group to respond well to the growing markets of Turkey with its superb product range and its technical knowhow in the industry of unsaturated polyester resins, vinyl ester resins, gelcoats and compounds much focused specifically the composites applications in construction, engineering stone, and transport. Studies of these mergers, product launches, and facility expansions show that the industry is dynamic and competitive and there is significant focus on compliance with regulations and also addressing market needs.

The Region Analysis reveals that Asia-Pacific will likely emerge as the leading market for gelcoat because of increasing marine and construction industries in emerging economies such as China and India. This is especially so because an important market such as China sees the government providing significant support for renewable energy projects and new incentives for wind energy development thus pushing the demand for gelcoats in the production of turbine blades. Likewise, India’s growth has made construction and architectural development denser which in turn makes consumers use gelcoats. With an escalating focus towards sustainability across the world, policies supporting environmental products are compelling manufacturers to create enhanced gelcoats to conform to these standards, in turn, significantly boosting the market growth in the region.

• Based on Resin Type, the market is categorized into Polyester, Vinyl Ester, Epoxy, and Others. Among these, the Polyester segment is growing with a significant CAGR. The key factor that will heavily influence the polyester gelcoat market is the balance between the low purchasing cost and excellent mechanical and chemical performance ratings in several industries. Polyester Gelcoats are tougher, more water resistant, and easier to apply making them ideal for use in marine, transportation, and construction industries. This is especially true given that they are cheaper than other resins such as epoxy and vinyl ester resins. Furthermore, there is an increasing trend towards the use of lightweight materials in transportation and construction which has also greatly enhanced demand for polyester gel coasts because they offer low density and excellent mechanical strength.
• Based on End-Use, the Gelcoat market is divided into Marine, Transportation, Construction, Wind Energy, and Others. The Marine segment registered a significant CAGR during the forecast period. The marine segment stands out as the most dominant in the gelcoat market due to the rising need for durable, aesthetically appealing, and weather-resistant coatings for marine applications such as boats, ships, and yachts. Galvanized Collision resistant polyester gelcoats are popular in marine industries because of their durability and resistance to UV, salt water, and highest and lowest temperatures without fading, cracking, or losing volume. Since the marine industry is ever expanding with increased recreational boats and commercial shipping business, then it would mean that more users are required to adopt better materials such as gelcoats.
• For a better understanding of the market adoption of the Gelcoat industry, the market is analyzed based on its worldwide presence in countries such as North America (U.S.A., Canada, and Rest of North America), Europe (Germany, United Kingdom, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), Rest of World. The gelcoat market in the Asia-Pacific (APAC) region is continuously exhibiting growth due to the increasing construction, marine industries, and automotive industries in the region. Some of the prominent players are China, India, and South Korea which are driven by factors such as growing urbanization, enhanced per capita income, and growing investment in infrastructure and the marine tourism sector. The growth of gelcoats in the APAC market is backed up by the need to strengthen and beautify goods evaluated in these industries. In addition, the increased manufacturing competence of the area, together with a trend toward lighter, stronger and more composite materials Continued industrialization processes and demand for green products make the APAC region an active market for gel coat uses.
• Some of the major players operating in the market include INEOS, Scott Bader Company Ltd., Polynt S.p.A., Allnex GmbH, BÜFA Composite Systems GmbH & Co. KG, HK Research Corporation, Interplastic Corporation, Poliya Composite Resins and Polymers Inc., Ashland, and AOC Resins.