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.
The Gelcoat industry has been adversely affected during COVID-19. The market is seemingly witnessing a downfall recently in COVID-19 and the affected countries, including the US, Germany, Brazil, and others. This is due to the rapid shutdown of factories, industries, and supply chains. The global lockdown resulted in the closure of all industries, shops, showrooms, and others, which limited the growth of the market amid the pandemic. In the case of the building and construction industry, it has faced a major setback as the construction work is completely on halt amid the pandemic, which has directly affected the demand for Gelcoats as it is mostly used in paints and coats to provide fire resistance to the structure and provide luster to the furniture/walls. In addition, the fluctuation in the raw material prices of Gelcoats has also affected its market. However, increasing fire incidences have to lead a positive impact on the growth of the market post the 3 quarter of the year 2020. Gelcoat offers fire resistance properties driving the growth of the market across the globe.
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.
The rising demand for automotive worldwide drove the demand for the glass fiber gelcoat market over the forecast period. For instance: according to the International Organization of Motor Vehicle Manufacturers OICA, the total number of productions of motor cars in India was 3,378,063 in 2015 and is a rise by 4,064,774 number of motor cars produced in India in 2018. Thus, the rise in demand for automotive vehicles across the globe coupled with vast usage of gelcoat in the automotive industry are the factors augmenting the market's growth.
Styrene, unsaturated polyester, or vinyl ester resins can be a significant source of emissions, especially in open mold processes. Styrene is the dominant monomer in polyester resin-based gel coats, and high styrene emission has been an important point of concern for the health and safety of individuals at the workplace. This factor will hamper the growth of the market across the globe. Many rules and regulations have been set up by the governments of different countries to lower the styrene emissions from resins and gel coats, thereby, reducing its impact on human health and the environment.
For instance, the Environment Protection Agency (EPA) has established National Emission Standards for Hazardous Air Pollutants (NESHAPs), generally called Maximum Achievable Control Technology Standards (MACT) standards. These standards set up lower limits for Hazardous Air Pollutants (HAPs) generated by a particular industry to a maximum achievable degree. The manufacture of fiber-reinforced polymer matrix composites may release potentially harmful volatile organic compounds into the workplace and the environment. The aforementioned regulations will force the manufacturers to use different methods such as closed molding or to develop effective and innovative alternate solutions, which will restrain the growth of the gel coat market at the global level in the forthcoming years.
The major market players are involved in adopting various inorganic and organic strategies to increase their foothold in the Gelcoat industry across the APAC region. They are expanding their business and focusing on enhancing their presence across the region, to cater to the needs of the customers in the region and strengthen their market position as well. This, in turn, is expected to drive the demand for Gelcoat in the region during the forecasting period. Additionally, the growth of the end-use industries such as transportation, wind energy, and construction in major Asian countries such as China, India, and Japan is expected to drive the demand for Gelcoat in upcoming years across the region. China is one of the largest markets for Gelcoat in the APAC region, and currently, transportation and construction industries account for a major share in the Gelcoat market.
China has a robust wind energy industry with the highest number of wind installations across the globe. The wind energy industry in the country offers growth opportunities for the Gelcoat market. As the gel coats offer various useful properties such as chemical resistance, corrosion resistance, high gloss, UV resistance, and are not subject to fatigue damage. This will create lucrative opportunities for the growth of the market across China. In addition, the government initiatives in India to enhance the country’s manufacturing sector are expected to generate a positive impact on the growth of the wind energy and transportation industries. These will accelerate the growth of the market across the region in forthcoming years.
The study categorizes the gelcoat market based on type, and application area at the regional and global levels.
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.
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.
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.
Frequently Asked Questions
Want to Review Complete Market Research Report
Budget constraints? Get in touch with us for special pricing
Request for Special PricingCustomize this Report
Related Reports
Biocides for Leather Market 2022: Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2030
Mar 2024Rubber Gloves Market 2021: Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2027
Mar 2024Plastics Market 2021: Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2027
Mar 2024Polyamide Market 2021: Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2027
Mar 2024Anhydrous Sulphuric Acid Market 2021: Industry Size, Regions, Emerging Trends, Growth Insights, Development Scenario, Opportunities, and Forecast By 2027
Mar 2024