The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Gelcoat Market.
It was estimated prior to this unanticipated outbreak that the Gelcoat Market was expected to grow at a CAGR of 3.4% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Gelcoat is one of the major ingredients for providing finishing touch on the fibre-reinforced composite. It is cured to form crosslinked polymers and is backed with thermoset polymer matrix composites.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
The major factor contributing to the demand for gelcoats is the growing use of composite materials in different industries and exceptional properties of gelcoat, such as UV protection, better surface appearance, etc.
Based on the resin type, the market is segmented as polyester, vinyl ester, epoxy, and others. The polyester segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. The key driver for the dominance of this segment is due to its properties such as resistance to water and chemicals and low shrinkage.
Based on the end-use industry type, the gelcoat market is segmented as marine, transportation, construction, wind energy, and others. The marine segment dominates the market as use of fiber-reinforced plastics increases the usage 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, such as yachts, boat hulls, boat decks, and hatches, which are propelling the growth of the segment during the forecast period.
In terms of regions, Asia-Pacific is estimated to be the largest as well as fastest-growing market for gelcoats during the forecast period, with China, Japan, India, and Australia being the major countries with lucrative growth opportunities. The growth of the market is driven by the growth of the booming transportation and construction industries, also this region has presence of major gelcoat manufacturers such as Satyen Polymers and Vikram Resins and Polymers. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Some of the major gelcoat manufacturers are-