Global Gelcoat market size is estimated to be valued over USD 1,025 million in 2019 and will register a CAGR of 6.9% to create high revenue opportunity for industry players during the forecast period.
Gelcoats are modified resins that are applied to moulds in liquid state and provide high quality finish on fibre reinforced composites. Polyester resin system is the basic gelcoat ingredient. Besides this, vinyl ester, and epoxy are other key resins that provides the chemical composition needed for gel coat. Demand for gelcoats has heightened in last few years, with rapid advancement in automotive and chemical processing companies. As a result, companies are not only focusing on marketing channels but R&D. Significant spending by leading companies has been noticed in the market.
Global Gelcoat Market Size and Forecast: By Resin
Bekryl has analyzed the gelcoat industry revenue across vinyl ester, polyester, epoxy and other resin type. Among all, polyester resin dominated the global share. It accounted for 48% market share in 2018. Polyester resin finds immense role in marine and aerospace gelcoating. Easy availability along with low prices has created favorable market scope for gelcoat. Polyester resin is also consider as highly resistant to UV degradation.
Global Gelcoat Market Size and Forecast: By End-use Analysis
In 2018, the marine sector accounted for the highest usage of gelcoat. Gel coat players generated 38% of total revenue from marine sector in 2018. It provides corrosion resistance to the cargo ship and other high-end boats.
Global Gelcoat Market Size and Forecast: Regional Analysis
Globally, Asia Pacific accounted for the largest share in 2018. The region accounted for 43% of global share in 2018. Demand for gel coat in the region is primarily attributed to be attributed to increased spending on construction, real estate, aerospace and marine sector. As per the estimates, Asia Pacific contributes major share to overall trade via sea transport. In addition, leading ship builders worldwide are concentrated in China, South Korea and Japan. Hyundai HI, Daewoo Shipbuilding, and Samsung HI collectively generated US$ 11.3 billion revenue from shipbuilding. The trend is likely to be strong with companies focusing on higher sales.
Global Gelcoat Market Size and Forecast: Competition Landscape
Industry players are emphasizing on product innovation to stay agile and generate high ROI.
Key Gelcoat players are:
- CCP Composites
- Nuplex Industries Ltd.
- Bang and Bonsomer
- Fibre Glass Development Corporation
- Alpha Owens-Corning (AOC) Resins
- Synergys Technologies
- Reichhold LLC
By Resin Type:
- Vinyl Ester
- Heavy Industries
What Will You Discover in the Report?
- An in-depth analysis of the Gelcoat market across regions – North America, Latin America, Western Europe, Central and Eastern Europe, Asia Pacific, Middle East, and Africa.
- How the Gelcoat market sales is expected to grow throughout the forecast period.
- How geopolitical policies and technological changes will affect the Gelcoat market in near future
- Where the stakeholders should invest to generate higher profit margins
- How consumers (end-users) will reflect to the Gelcoat industry during the forecast period
- Who are the Gelcoat industry leaders and what are the key initiatives taken by them for long term growth
Who will benefit from the Report?
- Gelcoat Industry Suppliers
- Gelcoat Industry Manufacturers
- Consultants and Analysts
- Industry Specialists
Analyst access with Bekryl Market Analysts
Purchasing of Gelcoat market research report will give clients access to 120 minutes telephonic access with a research analyst. The duration for access to analysts will be based on the report subscription editions