Gelcoat Market by Resin Type (Polyester, Vinyl Ester, Epoxy, and Others), End-use Industry (Marine, Transportation, Wind-Energy, Construction, and Others), and Region – Global Forecast to 2025

2020-07-31
Price :
Published : Jul-2020
No. of Pages : 184

“The gelcoat market is projected to register a CAGR of 13.2% during the forecast period.”

The global gelcoat market size is projected to grow from USD 974 million in 2020 to USD 1,808 million by 2025, at a CAGR of 13.2% between 2020 and 2025. Composites offer exceptional properties, such as stiffness, strength, tenacity, density, thermal & electrical conductivity, fatigue, and corrosion resistance. Owing to these outstanding properties offered by the composites, they are preferred over conventional materials such as aluminum steel in high performance applications in several end-use industries. However, global pandemic disease COVID-19 has forced the automotive, wind blade, and aircraft manufacturers to shut down their operations, which is expected to decrease the demand for composites in 2020.

“Epoxy is the fastest-growing resin type of gelcoats, in terms of value.”

Excellent chemical resistance, durability, and strength of epoxy resin make it suitable for manufacturing gelcoat. Due to thermal and mechanical properties offered by epoxy resin-based gelcoat, such as resistance to corrosive liquids, excellent electrical insulation, good performance at elevated temperatures, lower styrene emission as compared with polyester resins, and good adhesion strength to different varieties of reinforcements., makes it most promising segment.Due to COVID-19,lockdown conditions and halt in the production of automobiles and marine boats have reduced the demand for epoxy resin-based gelcoats.

“Wind Energy is the fastest-growing end-use industry of gelcoats, in terms of value.”

The wind energy industry is expected to grow at the highest CAGR during the forecast period in terms of value. Chemical protection and UV resistance properties of gelcoat are increasing its use in the wind energy industry Wind is an important source of renewable energy, and wind turbine blades are the key components in wind power generation system. Different protection technologies are used to manufacture and develop surfaces for wind turbine rotor blades. Wind turbine rotor blade manufacturers require in-mold stable gelcoat as the protective coating on blades. However, due to COVID-19, travel restrictions, lockdown scenario, supply chain disruption, and liquidity crunch various countries are expected to miss the wind installations target in 2020. The lower wind energy instalations will reduce the demand for composites blade and in terns gelcoat demand in wind energy industry.Post 2020 the demand is expected to gater momentum.

“APAC is the fastest-growing composites market.”

APAC is projected to register the highest CAGR in terms of value in the global gelcoat market during the forecast period. The growth of the gelcoat industry in this region is supported by the low-cost labor, the advancement of composite technology solutions, and the penetration of composites in various end-use industries.

Due to COVID-19, numerous wind blade manufacturers and automotive companies have halted their production sites across various countries that has led to reduced demand for composites, which affected the gelcoat demand  in Asian countries. The recovery in the end-use industries with restoration in the supply chain would drive the gelcoat demand during the forecast period.

This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided into the following three categories:

  • By Company Type – Tier 1- 40%, Tier 2- 33%, and Tier 3- 27%
  • By Designation – C Level- 50%, Director Level- 20%, and Others- 30%
  • By Region – North America- 50%, Europe- 20%, APAC- 15%, Latin America-10%, MEA-5%,

The report provides a comprehensive analysis of company profiles listed below:

  • HK Research Corporation (US)
  • Scott Bader (UK)
  • Ineos (UK)
  • Bufa Composite Systems Gmbh (Germany)
  • Allnex (Germany)
  • Alpha Owens Corning (US)
  • PolyntReichold (US)
  • Turkuaz Polyester (Turkey)
  • PoliyaComposites Resins and Polymers(Turkey)
  • InterplasticCorportion(US)

Research Coverage

This report covers the global composites market and forecasts the market size until 2025. The report includes the market segmentation–Resin Type( Polyester, Vinyl Ester, Epoxy, and Others), End-use Industry (Marine, Wind Energy,Transportation,Construction, and Others)and Region (Europe, North America, APAC, Latin America, and MEA). Porter’s Five Forces analysis, along with the drivers, restraints, opportunities, and challenges, are discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global composites market.

Key benefits of buying the report:

The report will help market leaders/new entrants in this market in the following ways:

  • This report segments the global gelcoat market comprehensively and provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions.
  • The report helps stakeholders understand the pulse of the gelcoat market and provides them with information on key market drivers, restraints, challenges, and opportunities.
  • This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses. The competitive landscape section includes the competitor ecosystem, new product development, agreement,and acquisitions.

Reasons to buy the report:

The report will help market leaders/new entrants in this market by providing them with the closest approximations of the revenues for the overall gelcoat market and the sub-segments. This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.

Filed in: Chemicals
Publisher : marketsandmarkets
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