Gelcoat Market worth $1,808 million by 2025 | Key players HK Research Corporation (US), Scott Bader, Ineos (UK), Bufa Composite Systems Gmbh (Germany), Allnex (Germany).

According to recent market research the "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", size is expected to grow from USD 974 million in 2020 to USD 1,808 million by 2025, at a CAGR of 13.2% during the forecast period. Composites are increasingly used in the marine, transportation wind energy, construction, and aerospace & defense end-use industries due to light weight, high strength, corrosion resistance, and other properties. The increasing demand for composites supports the demand for gelcoates in these industries.

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The polyester resin-based gelcoats accounted for a larger share in the gelcoat market. Polyester resins are less expensive and possess properties such as good corrosion resistance, fast curing, durability, tolerance to temperature, and low thermal expansion. Polyester resins used in gelcoats offer durability for molds and parts. Traditional gelcoats are available in white, neutral, and clear textures; and tooling gelcoats are available in colors such as orange and black.
There is a high demand for polyester resin-based gelcoats from the marine, construction, and transportation end-use industry. However, the demand for gelcoats is expected to decline in 2020 due to COVID-19 that has enforced lockdown across national and international borders. This has resulted in reduced sales in marine, transportation, and construction industry. The recovery in the end-use industries would restore the demand for polyester resin-based gelcoats during the forecast period.

The marine end-use industry accounted for the largest consumer of gelcoats in terms of value. Gelcoat offers various useful properties such as chemical resistance, corrosion resistance, high gloss, and UV resistance. As a result, its use is increasing in marine industry for coating composite components. Glass fiber reinforced plastics are widely used in the marine industry. Entire decks and complete ship hulls for powerboats or sailing/motor yachts are completely made up of high-quality glass fiber reinforced plastics. However, due to Covid-19 the demand from marine industry is expected drop in 2020, as there is less demand for sail boats and luxury yachts globally.

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North America accounts for the biggest share of the global gelcoat market. The marine and transportation end-use industry are the major consumers of gelcoats in the region. The region is home to some of the major composite manufacturers such as ACP Composites and Owens Corning. Moreover, the US is a manufacturing hub of various commercial, military, private aircraft and one of the major automobiles manufacturers. Europe is the second major consumer of gelcoats. Marine, wind energy, and transportation are the major industries fueling the growth of the gelcoat market in this region.

However, the COVID-19 outbreak has affected the demand for gelcoats in the region. On the positive side, support packages offered by US government will help to maintain the liquidity in composite industry. Such initiatives coupled with recovery in the end-use industries will increase the demand for gelcoat in North America.

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Over the past years, gelcoats have strengthened their position in the global gelcoats market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions. However, owing to lockdown announced by several countries in 2020, the demand for composites from wind turbine installations, automotive and aircraft manufacturing, and construction sectors has declined sharply, which resulted in decline demand for gelcoats. For instance, as per European Automobile Manufacturers Association the demand for the demand for new cars in Europe is declined by 25% in first quarter of 2020. In the wind energy sector, international and domestic travel bans are creating problems in the routine maintenance, operations, and procurement of materials and related equipment, thereby reducing composites demand.

The major manufacturers profiled in this report include HK Research Corporation (US), Scott Bader, Ineos (UK), Bufa Composite Systems Gmbh (Germany), Allnex (Germany), Alpha Owens Corning (US), Polynt Reichold (US), and among others. The gelcoat business of these companies is severely affected due to the outbreak of COVID - 19 pandemic. Reduced demand for composites from several OEMs and disruption in the supply chain have compelled the gelcoat manufacturing companies to operate at partial capacities. However, several gelcoat manufacturers have focused their concentration on new product development. These developments, coupled with end-use industries resuming their operations at full capacities, would create demand for gelcoats during the forecast period. For instance, Bufa Composite Systems Gmbh developed a new conductive gelcoat, which can eliminate electrostatic charges. The new product launch helped the company enhance its tooling capabilities.

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