This report was recently updated on April 16 2024 with the latest and most recent
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Global Gelcoat Market Size, Trends & Analysis - Forecasts To 2026 By Resin Type (Vinyl Ester, Polyester, Epoxy), By End-Use Industry (Wind Energy, Transportation, Marine, Construction, Others), By Region (North America, Europe, Asia Pacific and Rest of the World), Vendor Landscape, End User Landscape and Company Market Share Analysis & -Competitor Analysis
Gelcoat Market Insights
The global gelcoat market is estimated to witness a significant CAGR during the forecast period (2020-2026). Gelcoat is a material used to ensure superior finishing on a fibre-reinforced composite surface used to cover structural laminates. Such coats offer various properties, such as resistance to corrosion, UV degradation and water absorption. The growing demand for gelcoat in transportation industry along with growing wind energy industry are some of the major factors expected to propel the market growth during the forecast period. Growing use of fiber reinforced components contributing to demand for gelcoat is also driving the market growth. The demand for gelcoat is also due to their blister and water resistance properties. However, due to the global slowdown and cracking of gelcoat; are factors restraining the market growth.
Gelcoat Market: Bye Resin Type
Based on the resin type, the market is segmented into polyester, vinyl ester, and epoxy among others. The polyester gelcoat segment is expected to hold the largest market share during the forecast period due to the growing demand for polyester resin which could be attributed to their high usage in textiles, high density, water resistance properties and transparency. Polyester resin is economical and has wide use in low stress and non-structural applications. Furthermore, epoxy resin is expected to grow at a high CAGR during the forecast period. They are versatile, used in art and craft projects, can also be used in soil sealing in living spaces, waterproof sealants for garage floors, synthetic resin for topcoat or gelcoat for boat building or as resin shelves for shower trays which leads to an increase in demand for epoxy resin market growth.
Gelcoat Market: By End Use
Based on the end use, the market is segmented into marine, transportation, wind energy, and construction, among others. The marine industry is expected to hold the largest market share in terms of revenue and volume during the forecast period. Among the type, polyester resin is widely used in marine industry. Dinghies, yachts and workboats make use of polyester resin. Their high-water resistant property leads to high usage and demand in the marine industry. Furthermore, the construction industry is expected to grow at a high CAGR during the forecast period. Shelter works use gelcoat to manufacture buildings and provide protective barriers that improve the building's life, add visual appeal and provide long-lasting durability and maintenance-free.
Gelcoat Market: By Region
Based on region, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Central & South America. North America region is expected to hold the largest market share during the forecast period. The region’s wind energy contributes to employment, is the largest source of renewable energy and is growing at an expansive rate which further contributes to the demand for the gelcoat material. The Asia-Pacific region is expected to grow at a high CAGR during the forecast period due to growth in the building & construction industry. China is APAC's largest gelcoat sector, and the transportation and construction industries currently account for a major market share. Furthermore, the Middle East and Africa region is expected to dominate the market during the forecast period. The wind power capacity is on the surge in the region and with rollout of new transportation policies; is expected to propel the market demand in the region.
Gelcoat Market Share and Competitor analysis
Some of the key players operating in the gelcoat market include: Ineos Enterprise, Allnex, Scott Bader Company, Poliya Composites Resins And Polymers, Bufa Composite Systems Gmbh, Hk Research Corporation, Polynt-Reichhold Group, Turkuaz Polyester, Sika Advanced Resins, GRM Systems S.R.O., Eternal Synthetic Resins (Changsu) Co., Ltd., Interplastic Corporation, Alpha Owens-Corning (Aoc) Aliancys, Resoltech, Zhejiang Leader Composite Co., Ltd., Changzhou Huake Polymers Co., Ltd., Satyen Polymers, Vikram Resins And Polymers, Mader Group, and Jiangsu Fullmark Chemicals Co. Ltd. China among others.
Please note: This is not an exhaustive list of companies profiled in the report.
Check the Press Release on Global Gelcoat Market Report
Gelcoat Market: By Resin Type
Gelcoat Market: By End-Use Industry
Gelcoat Market: By Region
The global Gelcoat Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Gelcoat Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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