Gelcoat Market Size, Share, Analysis, Trends, Growth Report, 2032

Gelcoat Industry Prospective:

The global gelcoat market size was worth around USD 1,429.00 Million in 2023 and is predicted to grow to around USD 4,327.10 Million by 2032 with a compound annual growth rate (CAGR) of roughly 13.10% between 2024 and 2032.

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The report analyzes the global gelcoat market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the gelcoat industry.  The report covers a forecast and an analysis of the gelcoat market on a global and regional level. The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on volume (Kilotons) and revenue (USD Billion). 

In order to give the users of this report a comprehensive view of the gelcoat market, we have included a competitive landscape and an analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

Gelcoat Market: Overview

Gelcoats are used in a wide variety of applications within the fiber-reinforced plastic (FRP) sector. Gelcoats are specially made in-mold surface coatings that provide a high-class visible surface. Polyester, vinyl ester, epoxy, and other resins such as polyurethane, phenolic, and acrylic are the primary types of resins that are utilized in the production of gelcoats. Another type of resin that is utilized is acrylic. In addition to being easily workable inside of a mold, gelcoat that is based on epoxy resin offers a good cover and spreads rapidly.

Gelcoat Market: Growth Factors

Within the gelcoat market on a global scale, the sector that is expanding at the quickest rate is the wind energy industry. nacelles and wind blades are two of the most common applications for gelcoat, which is indirectly contributing to the expansion of the global gelcoat market. In both the Asia Pacific and European areas, there has been a rise in the number of wind energy installations. When it comes to the surface of wind blades that are composed of polymers, gelcoats are utilized rather frequently.

The features of gelcoats include adequate chemical protection and resistance to ultraviolet light. The wind energy business makes extensive use of gelcoats because of their resistance to abrasion, corrosion, water, strong mechanical stresses, and weathering. Gelcoats are also widely utilized in the industry. The growth of the gelcoat market, on the other hand, is being hindered by the degree of uncertainty in PTC that is harming the wind energy business.

On the other hand, it is anticipated that the growing demand for gelcoat products in the Asia Pacific region will be a contributing factor to the expansion of the worldwide gelcoat market. Therefore, this will result in the creation of new prospects for expansion for the players who are now functioning in the gelcoat market all over the world.

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Gelcoat Market: Report Scope

Gelcoat Market: Segmentation

Based on resin type, the global gelcoat market is fragmented into polyester, vinyl ester, and epoxy. On the basis of end-use, the global gelcoat market is classified into marine, transportation, construction, and wind energy.The regional segment includes the historical and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Gelcoat Market: Regional Analysis

When broken down by region, the gelcoat market in Asia Pacific was the largest in the world in 2024. Additionally, the region was responsible for the biggest market share in terms of both revenue and volume within the market. The thriving transportation industry in the region is largely responsible for the region's dominant position in the region. For the period of time that is being forecasted, it is anticipated that the gelcoat market in North America would have significant growth. It is possible to trace this to the numerous significant breakthroughs that have been observed throughout the region, which have led to an increase in the demand for gelcoat goods in the region. Additionally, the region is witnessing a significant increase in the manufacture of speed boats in the United States for the purpose of racing, which is indirectly contributing to the expansion of the gelcoat market in North America.

Gelcoat Market: Competitive Space

Some major players operating in the global gelcoat market are 

• Synergys Technologies
• Bang and Bonsomer
• Ashland
• Alpha Owens-Corning (AOC) Resins
• HK Research
• Nuplex Industries Ltd.
• Reichhold LLC
• CCP Composites
• Fibre Glass Development Corporation
• Axson Technologies
• Scott Bader
• And Others

This report segments the global gelcoat market into:

Global Gelcoat Market: Resin Type Analysis

• Polyester
• Vinyl Ester
• Epoxy

Global Gelcoat Market: End-Use Analysis

• Marine
• Transportation
• Construction
• Wind Energy

Global Gelcoat Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa