A new analysis report on the Gelcoat Market, which is forecasted between 2023 and 2028, has been published by Knowledge Sourcing Intelligence.
The Gelcoat Market is primarily fueled by the increasing need for lightweight and high-performance materials across various industries. Furthermore, the rising demand for fuel-efficient vehicles and renewable energy sources has accelerated the adoption of composites, consequently boosting the demand. Additionally, the market’s growth is propelled by the expansion of the marine industry and advancements in Gelcoat manufacturing technologies.
As per the report, the Gelcoat Market is expected to grow at an exponential pace.
The gelcoat market is characterized by intense competition, featuring numerous players operating on both global and regional scales. Gelcoat is a specialized material primarily utilized in the production of fiberglass-reinforced composites. Its primary function is to provide a sleek, glossy surface finish and protect the underlying structure from environmental factors. Gelcoat finds extensive application across diverse sectors such as aerospace, automotive, marine, construction, and wind energy.
The Gelcoat Market is significantly influenced by the marine industry, especially in the production of boats and yachts. The growing popularity of boating and yachting, particularly in emerging markets, is a major driver for gelcoat market growth. In the United States, the recreational boating industry generated approximately US$42 billion in sales in 2020, marking a 9% increase from the previous year, according to the National Marine Manufacturers Association (NMMA). Moreover, technological advancements in gelcoat manufacturing are shaping the industry. Companies are heavily investing in research and development to enhance the performance and characteristics of their gelcoat products. This commitment to innovation has led to the creation of novel gelcoat formulations that offer improved adhesion, water resistance, and UV stability. Furthermore, government organizations like the U.S. Department of Defense’s Defense Advanced Research Projects Agency (DARPA) are making investments in advanced composite materials, including gelcoat.
Based on resin type, the Gelcoat Market can be categorized into polyester, epoxy, vinyl ester, and others. Polyester is projected to dominate the market due to its widespread availability and cost-effectiveness. Polyester-based gelcoat offers valuable characteristics such as resistance to water and chemicals, as well as minimal shrinkage capacity. These properties make polyester resin-based gelcoat widely utilized in applications within the marine and construction industries.
Based on the end-user industry, the Gelcoat Market is categorized into Transportation, Construction, Wind Energy, Marine, and Others. The construction segment is expected to grow moderately, Gelcoat finds extensive use in constructing residential and commercial structures, as well as in major infrastructure ventures like bridges and tunnels. A driving force behind the gelcoat market’s growth in the construction sector is the rising demand for eco-friendly and long-lasting construction materials.
Based on Geography, the Gelcoat Market is divided into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The North American region has maintained its dominance in the Gelcoat Market primarily fueled by the marine industry’s escalating demand for gelcoat. The United States stands as the largest market for gelcoat in North America, courtesy of its numerous boat and yacht manufacturers. Moreover, the application of gelcoat in wind energy is another factor contributing to market expansion in the region. Additionally, the automotive industry’s growing need for lightweight materials is boosting the demand for gelcoat in North America.
As a part of the report, the major players operating in the Gelcoat Market that have been covered are Ineos Enterprise, Bufa Composite Systems GmbH, HK Research Corporation, Allnex, Scott Bader Company, Poliya Composites Resins and Polymers, Interplastic Corporation, Alpha Owens Corning (AOC) Aliancys, Polynt-Reichhold Group, Turkuaz Polyester.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/gelcoat-market
This analytics report segments the Gelcoat Market on the following basis:
- By Resin Type
- Vinyl Ester
- By End-User Industry
- Wind Energy
- By Geography
- North America
- United States
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America