The gelcoat market is expected to grow from USD 1.2 billion in 2019 to USD 1.7 billion by 2024, at a CAGR of 8.0% during the forecast period. The gelcoat market is witnessing a significant growth because of the growing demand from various industries such as marine, transportation, and wind energy. Gelcoat provides various properties such as high gloss, UV resistance, hydrolysis or osmosis, and resistance to corrosion, water, abrasion, and chemicals to the composite molds or parts.
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The marine end use segment accounted for the largest share of the gelcoat market in 2019.
Marine is an important end-use industry of glass fiber reinforced plastics as entire decks and complete ship hulls for powerboats or sailing/motor yachts are entirely made up of high-quality glass fiber reinforced plastics. The use of FRP in this industry results in the usage of gelcoat that provides excellent aesthetic appearance, good corrosion resistance, and smooth and vivid surface. Companies have also realized the immense potential of gelcoat that is used in the marine industry. For instance, in November 2018, Ashland Inc. launched a new gelcoat named Maxgaurd EZM for usage in marine applications. The gelcoat offers easy application in molds and good weathering performance. It possesses high resistance to UV rays and good blister resistance.
Polyester is the largest resin used for gelcoat manufacturing in 2019.
Polyester resin is widely used for gelcoat. In terms of value and volume, the polyester resin-based gelcoat market accounted for a major share of the overall market in 2019. Polyester resins are less expensive and possess properties such as good corrosion resistance, fast curing, durability, tolerance to temperature, and low thermal expansion. Polyester resin used in gelcoats offers durability for molds and parts.
APAC is expected to be the largest market for gelcoat during the forecast period.
APAC is the largest gelcoat market, in terms of both value and volume. China, India, and Japan are the fast-growing economies that contribute to the growth of the market in the region. The booming wind energy industry and the transportation industry are bolstering the market for gelcoat in the region.
The major players in the gelcoat market include Ineos Enterprise (UK), Bufa Composite Systems GmbH (Germany), HK Research Corporation (US), Allnex (Germany), Scott Bader Company (UK), Poliya Composites Resins and Polymers (Turkey), Interplastic Corporation (US), Alpha Owens Corning (AOC) Aliancys (US), Polynt-Reichhold Group (US), and Turkuaz Polyester (Turkey).
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