Gelcoat Market is growing at rapid pace and is expected to grow at a CAGR of 8.9%

Gelcoat Market
Global Gelcoat Market Information- by Resin Type (Epoxy, Polyester, Vinyl Ester, others), by End User Industry (Construction, Wind, Marine, Transportation, others) and by Region – Forecast till 2022

Market Research Future Published a Half Cooked Research Global Gelcoat Market Research Report – Forecast to 2022” – Market Analysis, Scope, Stake, Progress, Trends and Forecast up to 2022.    

HK Research Corporation (U.S.), Ashland Inc. (U.S.), Bufa Composite Systems GmbH & Co. KG. (Germany), Alpha Owens-Corning (AOC), LLC (United States), Interplastic Corporation (U.S.), Scott Bader Company Limited (U.K.), Polynt S.p.A (Europe), Reichhold LLC (U.S.), Synergys Technologies (France) and Fibre Glass Development Corporation (U.S) among others are some of the prominent players at the forefront of competition in the Global Gelcoat Market and are profiled in MRFR Analysis.

Gelcoat Market – Market Overview

Gelcoat are produced as in-mold surface coating which possess unique properties such as corrosion resistance, UV degradation and water absorption. It provides aesthetic appearance to composite materials along with protect the substrate from various elements. Gelcoat is laminated either with brush or spray on composite material with appropriate thickness in order to avoid damage in diverse conditions. Resins such as epoxy, polyester, vinyl ester and acrylic among others are used in gelcoat manufacturing.

Polyester resin holds largest market share owing to high UV degradation compared to vinyl ester and epoxy resin. Growing demand of environment friendly coating coupled with rising government legislation are anticipated to drive the Gelcoat Market. Acrylic resin Gelcoat is expected to grow significantly over the forecast period owing to low VOC content. Epoxy resin segment holds considerable share on account of growing transportation industry in emerging markets. However, owing to cost of material of polyester can restraint the market growth in coming years.

Growing transportation industry due to rising population and increasing trading activities are expected to propel the growth of gelcoat market over the forecast period. Changing trend towards usage of lightweight composites material to reduce weight and enhance fuel efficiency is likely to fuel the growth of gelcoat in transportation industry. Gelcoat are used in marine industry including decks, ship hulls, motor yachts and power boats. Rise in spending on leisure items like private jets and yachts are also anticipated to drive the demand of Gelcoat in transportation and marine industry respectively. Moreover, increasing demand of power boat especially for racing purpose is also expected to augment the Gelcoat Market.

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North America is dominating region followed by Asia Pacific and Europe. Growing wind, marine and transportation industry is likely to propel the Gelcoat Market growth. Moreover, growing recreational of transportation systems like railways, boats, trucks and cars are anticipated to drive the Gelcoat Market. According to national marine manufacturing association, U.S. is largest consumer and manufacture of power boats, thus, usage of Gelcoat is also subsequently increasing in this region. Asia Pacific is projected to grow significantly in Global Gelcoat Market. Favourable conditions, supportive government regulations and increasing expenditure on transportation and marine activities are some of the factors driving the regional growth. Rising demand of wind energy owing to depletion of crude oil resources are also anticipated to fuel the gelcoat market over the forecast period. 

Gelcoat Market – Competitive Analysis

Gelcoat Marketis fragmented market with presence of tier 1 as well as tier 2 players.  The key players in the market are adopting strategies such as partnership or agreement with small regional players and distributors to meet global demand of gelcoat. The major players are investing heavily in R&D to develop durable and reduce VOC emission in order to meet environmental legislation and minimize impact on environment. Other strategies adopted by market participants are merger & acquisition with downstream industries. Moreover, manufactures are focusing on advanced technologies and innovation products to establish new footprints in developing markets.

Industry/ Innovation/ Related News:

April 2017 – Scott Bader is expanding its new GelTint volumetric gelcoat RAL colour tinting service for European composites market. The new service is fully automated production unit which is incorporated with the help of COROB S.p.A. (Italian pigment dispensing and mixing machine producer). With new technology color match accuracy and high quality can be achieved.

December 2016 –Polynt S.p.A expand the capacity of existing products along with addition of new range of colors. Polycor Mystic Gel is fast curing based on unsaturated polyester resin. This gelcoat is mainly incorporated for swimming pool market, but it can also cater to other decorative surface composites. The company holds strong position in gelcoat with production Europe, Asia and America.

June 2015 –HK Research Corporation had expanded the product line for gelcoat in North Carolina, United States. With rising demand of marine industry for custom tinted gelcoats, company has increased production over 100% to reduce their lead times. This had lead the company to meet Gelcoat demand in United States as well as across the North America region.

September 2015 – Bang & Bonsomer had acquired Mats Karlsson Ab and its subsidiaries Unicolor AB and Normatch AS. Unicolor and Normatch are specialised in plastic colour and additives along with high quality masterbatches. This had strengthened company position in packaging and plastic industries in Russia, CIS countries and Baltic countries.

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