Gelcoat Market 2022 growth latest application share recent trends and better investment opportunities by forecast to 2030

 

Gelcoat Market Synopsis

The global gelcoat market was valued at USD 1,185.9 million in 2020 and is expected to reach USD 2,236.1 million by 2030, registering a CAGR of 6.6% over the forecast duration.

Gelcoat is a substance that is used for finishing purposes and lamination on fiber-reinforced composites. Gelcoats provide a great protective and high-quality layer that exhibits resistance properties against water, osmosis, UV, chemical, impact and cracks. Gelcoat is formulated using polyester, vinyl ester, epoxy and others. As a result, they provide enhanced mechanical property and reduce surface porosity. With the growing product innovations, gelcoats are also used in improving the aesthetic appearance of the surfaces as they give shiny, glossy, smooth, durable finishing and flawless appearance.

Competitive Landscape

The competitive landscape offers an analysis of the key developments by the companies operating in the global market in the last three years. The global market for synthetic fibers is projected to witness healthy growth during the forecast period, owing to the high demand from end-use applications such as Siding, Roofing, Flooring, Molding and Trim, Inner Lining, Fire and Acostic Walls, Partition Walls, and other application.

Key industry participants spend heavily on product and services innovation and customized products to meet the customer needs. To stay competitive in the global market, prominent players have been using a variety of business strategies such as capacity building, business expansion, collaborations, mergers and acquisitions, and application development.

Manufacturers are also undertaking other strategies, such as mergers & acquisitions, to strengthen their foothold in the global market. For instance, Composites One, has completed its purchase of the Process Materials business from the Solvay Composites Materials Global Business. The acquisition is a unique opportunity for the company to add international manufacturing and sales capabilities in specialized materials used in a variety of vacuum-assisted composite manufacturing processes March, 2021. Moreover, on October, 2021, Scott Bader announced recently that the company has purchased a facility in Mocksville, North Carolina to convert it into a new structural adhesives and gel coats production plant. The investment comes in the back of the company looking to tap the north American market.

Segmentation

By Resin

• Polyester Gelcoat: The quality of polyester Gelcoat, such as its resistance to water and chemicals, and low shrinkage, are the main reasons for its growth. Polyester resins are less expensive and have good corrosion resistance, quick curing, durability, temperature tolerance, and minimal thermal expansion. Gelcoats made of polyester resins provide mold and part durability.
• Epoxy gelcoat : Epoxy gelcoats are one of the most common resin kinds. These coatings are applied to a variety of ship parts during construction, maintenance, and repairs, including submerged hulls, ballast tanks, cargo tanks or holds, decks, topsides, and superstructures, among others.
• Others : Other gelcoats include fiberglass resin gelcoats, boat gelcoats, etc.

BY Application

• Construction & architecture : In construction and architecture industries gelcoat is used to coat to prevent the product from corrosion.
• Healthcare & medical : Styrene is the dominant monomer in polyester resin-based gelcoats, and high styrene emission has been an important point of concern for health and safety of individuals at the workplace.
• Hospitality : Gel Coat is a specially formulated two-part polyester resin that is designed to be the first layer of resin applied in a mold when making a polyester or vinyl ester composite part. It is intended to create an opaque surface which will completely block glass pattern show-through.
• Retail : Open molding is widely employed for the manufacturing of bathtubs, spas, shower stalls, decks, boat hulls, and others. This process involves a spray up process and a hand lay-up process along with the use of gelcoats. Gelcoat is mostly not used in the closed molding process.
• Automotive & transportation : The automotive & transportation industry has the second largest share in the gelcoat market in terms of volume. To reduce carbon dioxide (CO2) emissions, which have an adverse effect on the global climate, the automakers in these regions are focusing on the production of lightweight vehicles with composites to comply with the government regulations and enhance the fuel efficiency of vehicles.
• Food & beverages : The packaging industry’s increased need for gelcoat is the driving force behind the market’s rapid expansion, packaging of food and beverages plays vital role in gelcoat market.
• Electrical & electronics : Gelcoat is a substance that is used for finishing purposes and lamination on fibre-reinforced composites. Gelcoats provide great protective and high quality layer that exhibits resistance properties against water, osmosis, UV, chemical, impact and crack. Gelcoat is formulated using polyester, vinyl ester, epoxy and others.
• Sanitary ware : Gelcoats increase the durability of the product, provide resistance to ultraviolet degradation, and prevent hydrolysis. These functions make it suitable for applications in sanitary ware products.
• Marine : The marine segment dominates the market, as the use of fiber-reinforced plastics increases the use of gelcoat in the marine industry, as it improves the aesthetic quality of fiberglass products and provides corrosion resistance to structural layered materials and their applications in the marine industry
• Aerospace & defense : Gelcoats increase the durability of the product, provide resistance to ultraviolet degradation, and prevent hydrolysis. These functions make it suitable for applications in areas such as aircraft, wind turbines.
• Others : Other applications include power and energy, consumer goods, etc.