Gelcoat Market Size is projected to grow at a CAGR of over 8.73% | Key Players: INEOS Composites, Revex Group, Azelis Americas CASE
Mar 17, 2023
Gelcoat is a type of coating that is commonly used in the manufacturing of fiberglass-reinforced plastic (FRP) products such as boats, RVs, and other composite structures. It is a critical component of the manufacturing process and provides a protective layer that is both durable and aesthetically pleasing. In this article, we’ll take a closer look at gelcoat, including what it is, how it’s used, and some tips for working with it.
The Gelcoat Market size was valued at USD 1.25 Billion in 2022. The Gelcoat industry is projected to grow to USD 2.44 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.73% during the forecast period (2023 – 2030).
On fiber-reinforced composites, gelcoat is a material that is used for finishing and lamination. Gelcoats offer a strong, high-quality layer of protection that is resistant to water, osmosis, UV radiation, chemicals, impact, and cracking. Epoxy, vinyl ester, polyester, and other materials are used to create gelcoat. They consequently offer improved mechanical properties and decrease surface porosity. Gelcoats are used to improve the aesthetic appeal of surfaces as a result of increasing product innovations because they provide a shiny, glossy, smooth, durable finishing, and faultless appearance.
Regional Analysis :
In 2020, a sizeable percentage of the global gelcoat market was in North America. The trend is anticipated to persist during the predicted period. The expanding maritime and transportation sectors are driving the region’s market. The increasing importance of renewable energy in the area is one of the main drivers of the gelcoat market’s expansion. Market growth is being driven by an increase in the demand for water protection, anticorrosion, and anti-weather coats in the wind energy sector as well as an increase in the use of gelcoat among end users due to its formulation that makes it UV and water resistant without the use of additional chemicals.
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Due to the major development of the shipbuilding industry, Europe has a sizable portion of the global market for gelcoat, which is seeing a renaissance in the marine sector. Growing investment in the building industry in the area is what is driving the demand for gelcoat. This year, the construction sector in Germany is predicted to expand by 3.0%. Over the following ten years, it is estimated that Spain’s construction industry will see a healthy recovery, with a 4% increase in annual building volume expected. The industry will advance as a result of the economic recovery, foreign investments, and a rise in company confidence. The most significant sector in many European nations will continue to be residential development, which is expected to fuel the region’s demand for gelcoat.
The gelcoat market is anticipated to be the largest and fastest-growing in the Asia-Pacific region during the forecast period, with China, Japan, India, and Australia being the notable nations with the most promising growth prospects. The expanding transportation and construction industries, as well as the presence of significant gelcoat producers like Satyen Polymers and Vikram Resins & Polymers in this region, are driving the market. With 34.34% of the market share in 2020, China will be the dominant nation in the Asia-Pacific region.
Growing demand from end-use industries like construction, marine, and automotive & transportation, among others, is what is driving the South American gelcoat market. The region is particularly experiencing a rise in demand from the building sector. vital growth and development returning to several huge countries
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Growing demand from the automotive and transportation, power and energy, and construction industries is driving the Middle East gelcoat market. Despite the COIVD-19 outbreak, the building industry has expanded significantly in the region. Additionally, the region’s expanding infrastructure creates more opportunities for the sector of shipbuilding to expand. Due to its top-notch infrastructure, facilities, and advantageous geographic location on the world stage, the Middle East is anticipated to become one of the most competitive tourism and conference destinations in the world. During the forecast period of 2021–2030, all of these factors are anticipated to act as a driving force in the region’s demand for gelcoat.
Market Segmentation :
Through Resin there are Polyester gelcoat with qualities, such as resistance to chemicals and water as well as minimal shrinking, are what are driving its development.
In addition to being less expensive, polyester resins also exhibit exceptional temperature tolerance, rapid curing, durability, and corrosion resistance. Gelcoats comprised of polyester resins offer durability for moulds and parts. Epoxy gelcoat is one of the most popular types of resin. Various ship parts, such as submerged hulls, ballast tanks, cargo tanks or holds, decks, topsides, and superstructures, among others, receive these coatings during construction, maintenance, and repairs. Fiberglass resin gelcoats, boat gelcoats, and others are examples of other gelcoats.
On the basis of Application, it is segmented into various types such as Construction and architecture in which gelcoat is a coating used to shield products against corrosion in the construction and architectural fields.
In healthcare and medicine due to high styrene emission there has been a major problem for worker health and safety because it is the predominant monomer in gelcoats made of polyester resin. Therefore, a two-part polyester resin with a specially formulated formula called Gel Coat is intended to be the first layer of resin applied in a mould when creating a polyester or vinyl ester composite part. The goal is to make a surface that is completely opaque and will prevent any display of the glass pattern.
In retail, open moulding is frequently used in the production of decks, boat hulls, spas, shower stalls, bathtubs, and other structures. In addition to using gelcoats, this procedure also uses manual lay-up and spray up. Most of the time, gelcoat is not used in closed moulding.
In terms of volume, the gelcoat market is dominated by the automotive and transportation sector. The automakers in these areas are concentrating on producing lightweight vehicles with composites to comply with government regulations and improve fuel efficiency of vehicles in order to reduce carbon dioxide (CO2) emissions, which have a negative impact on the global climate.
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The packaging industry’s growing demand for gelcoat is what’s fueling the market’s explosive growth. Food & Beverage Packaging plays a Key Role in Gelcoat Market.
In electrical and electronics gelcoat is a material used to laminate and polish fiber-reinforced composites. Gelcoats offer a strong, high-quality layer of protection that is resistant to water, osmosis, UV radiation, chemicals, impact, and cracking. Epoxy, vinyl ester, polyester, and other materials are used to create gelcoat.
Gelcoats lengthen the product’s lifespan, offer resistance to ultraviolet deterioration, and stop hydrolysis. It is suitable for use in sanitary ware products thanks to these features.
Due to the increased use of fiber-reinforced plastics, which improves the aesthetic quality of fibreglass products and provides corrosion resistance to structural layered materials and their applications in the marine industry, the marine segment dominates the market.
Gelcoats lengthen product lifetime, offer protection against ultraviolet deterioration, and stop hydrolysis. It is suitable for use in fields like aircraft and wind turbines thanks to these features. Other applications include those for consumer goods, power and energy, etc.
Key Players :
INEOS Composites, Revex Group, Azelis Americas CASE, CF Composites, Tuff Bond Industrial Adhesives Pvt. Ltd, GRP Factors Ltd, Multi-Tech Products, Satyen Polymers, Polynt, Astrra Chemicals
Conclusion: Gelcoat is an essential component of the manufacturing process for fiberglass-reinforced plastic products. It provides a durable and protective layer that is resistant to water, UV rays, and other environmental factors. With the right tools and techniques, working with gelcoat can be a relatively straightforward process that yields professional results. Whether you’re a professional manufacturer or a DIY enthusiast, understanding gelcoat is an important part of working with composite materials.
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