DALLAS, Oct. 23, 2019 (GLOBE NEWSWIRE) -- According to a new market report published by Lucintel, the future of the gelcoat market looks attractive with opportunities in the wind energy, marine, construction, tanks, and transportation industries. The gelcoat market is expected to reach an estimated $1.3 billion by 2024 with a CAGR of 3.5% from 2019 to 2024. The major drivers for this market are growing use of composite materials in different industries and performance benefits of gelcoat, such as UV protection, better surface appearance, etc.
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In this market polyester, vinyl ester, and epoxy gelcoats are mainly used in composites part fabrication. Lucintel forecasts that the polyester gelcoat will remain the largest segment due to low cost and usage in wide application area. Epoxy gelcoat is expected to witness the highest growth in the forecast period supported by the growth of wind energy industry.
Within the gelcoat market, construction will remain the largest end use industry. The wind energy industry is expected to witness the highest growth during the forecast period, supported by the increasing installation of wind turbines.
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Asia Pacific will remain the largest region by value and volume. ROW is also expected to witness the highest growth over the forecast period due to the growth of end use industries.
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Emerging trends, which have a direct impact on the dynamics of the industry, include a shift towards low styrene emission gelcoat and the development of gelcoat having compatibility with different resin system. Ashland, Polynt-Reichhold, Bufa, Scott Bader, and Allnex are among the major suppliers of gelcoat.
Lucintel, a leading global strategic consulting and market research firm, has analyzed and forecasted for the growth opportunities in the gelcoat market by end use industry, resin chemistry, and region. Lucintel has prepared a comprehensive research report entitled “Growth Opportunities in the Gelcoat Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions.
For a detailed table of contents, contact Lucintel at +1-972-636-5056 or mail at helpdesk@lucintel.com.
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Brandon Fitzgerald
Lucintel
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