Gelcoat Market Set to Witness Explosive Growth by 2030

According to the Market Statsville Group (MSG), the global gelcoat market size is expected to grow from USD 1,401.0 million in 2022 to USD 5,014.5 million by 2033, at a CAGR of 13.6% from 2023 to 2033.

Several firms in the aerospace and wind energy industries have showed interest in gelcoats with increased UV and fire protection. As these elements are the primary determinants of a product’s lifespan, manufacturers of gelcoats have invested extensively in the creation of gelcoats that include additives that provide qualities such as fire resistance. These gelcoats effectively prevent UV radiation and accidental fire damage to the coated components, resulting in increased product durability. With these end-use industries predicted to grow rapidly in the foreseeable future, demand for gelcoats is expected to rise as well.

The global market is also expected to grow due to rising advances in the coatings sector. Due to increased industrialization, which boosts demand for gelcoat, the goods are frequently employed in the marine industry. Furthermore, increased trading via sea transport is likely to enhance market expansion. The coatings are also utilized on car parts to improve fuel efficiency and make them lighter. These coatings are osmosis, water, chemical, UV, impact, and damage resistant. It improves mechanical properties while lowering surface porosity. It improves the appearance of the surface by adding high-quality finishing and gloss.

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Global Gelcoat Market Dynamics

Drivers: Increasing Demand from The Automotive & Transportation Industry to Drive The Demand for Composites

Surface protection is required because composite components are subjected to harsh environmental impacts, such as their application in automotive and transportation. This is either applied as a gel coat to the composite material or applied as an in-mold gelcoat before the composite material is molded. In the automotive industry, fiberglass composite is widely employed as an alternative for aluminum and steel in the production of lightweight vehicles. Gel coating may cure severe oxidation damage for a fraction of the expense of a new paint job. Although gel coating is a resin layer that is part of the body and maybe rubbed and polished. The cost of restoring the gel coat is substantially less than the cost of a new paint.

Further, the automotive and transportation industry agrees to follow strict requirements imposed by the US and European governments, such as the Corporate Average Fuel Efficiency (CAFE) standards and the European Emission Standards (EES). To comply with government laws and improve vehicle fuel efficiency, automakers in these regions are focusing on developing lightweight vehicles with composites to minimize CO2 emissions, which have a negative impact on the global climate. Gelcoats are used to protect and enhance the appearance of these composite components.

Scope of the Global Gelcoat Market

The study categorizes the gelcoat market based on type, and application area at the regional and global levels.

By Type Outlook (Sales, USD Million, 2019-2033)

• Polyester
• Epoxy
• Vinyl Ester
• Others

By Application Outlook (Sales, USD Million, 2019-2033)

• Marine
• Wind Energy
• Transportation and Vehicle
• Fiberglass Pools
• Sanitary Ware
• Others

By Region Outlook (Sales, USD Million, 2019-2033)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

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Polyester segment accounts for the largest market share by type

Based on the type, the market is divided into polyester, epoxy, vinyl ester, and others. The polyester segment accounted for the largest market share in 2022 in the global gelcoat market. Polyester resins are the most commonly used material in the production of gelcoat products, which are widely used in various end-use industries such as marine, transportation, and construction. Polyester gelcoats offer excellent resistance to weathering, UV radiation, and chemicals, making them an ideal choice for outdoor applications. Additionally, polyester gelcoats are cost-effective and provide good adhesion to various substrates, making them a popular choice in the market. Furthermore, the growth of the construction industry, coupled with increasing demand for composites in the automotive and transportation industries, is expected to drive the demand for gelcoat products in the future. The polyester segment is expected to continue to dominate the market due to its excellent properties, versatility, and cost-effectiveness, making it the material of choice for many gelcoat manufacturers.

North America accounted for the largest market share by Region

Based on the regions, the global gelcoat market has been segmented across Europe, North America, the Middle East & Africa, Asia-Pacific, and South America. North America accounted for the largest market share in 2022. The region is characterized by the presence of several leading players in the Gelcoat Market, a strong manufacturing base, and high demand from various end-use industries. The marine industry is a significant consumer of Gelcoat products in the North American region, with the United States being one of the largest producers of recreational boats in the world. The demand for Gelcoat products in the transportation and construction industries is also expected to drive the growth of the market in the region. Moreover, the increasing demand for composites in the aerospace industry is expected to drive the demand for Gelcoat products in the region. The aerospace industry requires lightweight, high-strength materials, and gelcoats play an essential role in the production of composite materials that meet these requirements.

Competitive Landscape: Global Gelcoat Market

The gelcoat market is a significant competitor, and extremely cutthroat in the sector is using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.

Major key players in the global gelcoat market are:

• INEOS Composites
• BuFA Group
• HK Research Corporation
• Polynt-Reichhold
• Scott Bader
• AOC
• Allnex
• Interplastic
• Mader
• Tomatec
• Poliya Composites Resins and Polymers
• Turkuaz Polyester
• Sika Advanced Resins
• Aekyung Chemical
• Sicomin
• Aromax Technology
• Tianma Group
• Changzhou Heyu Chemical

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Recent Development 

• In September 2021, Jasco Industrial Cranes inked an agreement with TC/American Crane Company, and post partnership, TC/American Crane company will become the exclusive distributor in the United States to the company. This will enhance the company’s global presence and customer base.
• In September 2019, Konecranes launched S-series cranes to cater to the needs of its vast customer portfolio. The S-series features include variable speed control for all movements and adaptive speed range, which adjusts the maximum lifting speed to the weight of the load for safer and more productive use, and more. This enhanced company’s product portfolio
• In September 2019, Konecranes launched M-series cranes for heavy lifting purposes, with a high-performing and reliable core of lifting components and modular design. Smart features and state-of-the-art user interfaces, such as remote operating stations, are available to increase productivity and safety of use. This enhanced operations and efficiency.