Vancouver, Oct. 02, 2023 (GLOBE NEWSWIRE) -- The global Gelcoat Market size was USD 1,005.5 Million in 2022 and is expected to register a steady revenue CAGR of 11.6% during the forecast period, according to the latest analysis by Emergen Research. Rising innovations in the coating industry is a key factor driving market revenue growth. Gelcoat coatings cost less than marine paints when it comes to painting boat bottoms, which are durable because these have a high level of chemical stability and resistance to peeling and cracking. In addition, increasing applications of gelcoats across numerous industries, including wind, construction, navy, and transportation is another key factor driving revenue growth of the market. The gelcoat products are widely used in the marine industry due to increasing industrialization. Gelcoat offers unique properties and characteristics such as resistance against corrosion, Ultraviolet (UV) degradation, water absorption, blister & crack, and glossy finish.
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However, excessive use of styrene, the most popular monomer in polyester resin-based gelcoats, is a key factor, which could restrain market revenue growth. Furthermore, rising usage of gelcoats is subject to strict government regulations, and environmental safety worries, which could also restrain market revenue growth.
Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 1005.5 Million |
| CAGR (2023–2032) | 11.6% |
| Revenue Forecast To 2032 | USD 3,005.5 Million |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Resin type, application, end-use vertical and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | HK Research Corporation, Ineos Enterprise, Allnex, Bufa Composite Systems GmbH, Poliya Composites Resins and Polymer, Scott Bader Company, Alpha Owens Corning (AOC) Aliancys, Turkuaz Polyester, Interplastic Corporation, and Polynt-Reichhold Group |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global gelcoat market is fairly consolidated with few small and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the global gelcoat market report are:
- HK Research Corporation
- Ineos Enterprise
- Allnex
- Bufa Composite Systems GmbH
- Poliya Composites Resins and Polymer
- Scott Bader Company
- Alpha Owens Corning (AOC) Aliancys
- Turkuaz Polyester
- Interplastic Corporation
- Polynt-Reichhold Group
Strategic Development
- On 2 December, 2020, Polynt Reichhold Group (Scanzorosciate, Italy) announced to establish the fully owned subsidiary Polynt Composites Turkey, incorporated and based in Istanbul. The new company will be the base to enhance the presence of Polynt Reichhold Group in Turkey, where industrial activities are expected to continue to build up in upcoming years.
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Some Key Highlights from the Report
- The polyester segment is expected to account for largest revenue share in the global gelcoat market during the forecast period due to rising use of polyester in the textile sector. The quickly changing fashion trends and current living standards will create chances for high-end polyester fibers with good strength and quick and easy cleaning capabilities. Fashion trends are rising by increasing economic levels and urbanization in various emerging countries.
- The brush & roller segment is expected to register moderately fast revenue growth rate in the global gelcoat market over the forecast period. This is because when applying gelcoat, using a brush and roller application technique provides superb control and accuracy. The brush-and-roller method offers exceptional control and accuracy. With the aid of a brush, precise detailing is made possible, and the gelcoat is guaranteed to be applied uniformly and securely adhere to substrate features.
- The marine segment is expected to account for significantly large revenue share in the global gelcoat market over the forecast period. This is due to increasing use of gelcoat serving as a protective and beautiful outer coating for hulls and frames of fiberglass and composite boats, playing a significant role in the maritime industry. Gelcoat's durable, Ultraviolet (UV)-resistant, and waterproof coating shields the underlying fiberglass from the corrosive effects of seawater and harsh marine environments.
- The Asia Pacific market is expected to account for largest revenue share in the global gelcoat market during the forecast period. This is due to increasing number of initiatives and developments in the shipbuilding industry. In addition, rising demand for gelcoat in the building industry due to rapid expansion in the construction industry, particularly in China, is also expected to drive market revenue growth in this region during the forecast period.
- In June 23, 2023, Scott Bader Australia Pty Ltd., which supplies gelcoats, high-performance resins, and adhesives to the Australian market acquired Summit Composites Pty Ltd. This enables the business to continue to compete in the Australian composites industry for the long term.
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Emergen Research has segmented the global gelcoat market on the basis of resin type, application, end-use vertical, and region:
- Resin Type Outlook (Revenue, USD Billion; 2019–2032)
- Vinyl Ester
- Polyester
- Epoxy
- Others
- Application Outlook (Revenue, USD Billion; 2019–2032)
- Spray Gun
- Brush & Roller
- Others
- End-use Vertical Outlook (Revenue, USD Billion; 2019–2032)
- Transportation
- Aerospace & Defense
- Building & Construction
- Marine
- Wind energy
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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