Gelcoat Market Projected to Reach $1,808 Million by 2025, at a CAGR of 13.2%
Gelcoats are used in a variety of end-use industries, including transportation, wind energy, marine, pipes & tanks, construction & infrastructure, and others. Gelcoats are used for coating various composite components Led by strong end-user demand, the gelcoat market is expected to grow at a rapid pace. The global gelcoat market size was expected to grow from USD 974 million in 2020 to USD 1,808 million by 2025, projecting a CAGR of 13.2 % during the forecast period between 2020 and 2025.
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Over the past years, gelcoats have strengthened their position in the global gelcoats market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions. However, owing to lockdown announced by several countries in 2020, the demand for composites from wind turbine installations, automotive and aircraft manufacturing, and construction sectors has declined sharply, which resulted in delined demand for gelcoats. For instance, as per Europen Automobil Manuafctures Association the demand for the demand for new cars in Europe is declined by 25% in first quarter of 2020. In the wind energy sector, international and domestic travel bans are creating problems in the routine maintenance, operations, and procurement of materials and related equipment, thereby reducing composites demand.
The major manufacturers profiled in this report include HK Research Corporation (US), Scott Bader, Ineos (UK), Bufa Composite Systems Gmbh (Germany), Allnex (Germany), Alpha Owens Corning (US), Polynt Reichold (US) , and among others. The gelcoat business of these companies is severely affected due to the outbreak of COVID – 19 pandemic. Reduced demand for composites from several OEMs and disruption in the supply chain have compelled the gelcoat manufacturing companies to operate at partial capacities. However, several gelcoat manufacturers have focused their concentration on new product development. These developments, coupled with end-use industries resuming their operations at full capacities, would create demand for gelcoats during the forecast period. For instance, Bufa Composite Systems Gmbh developed a new conductive gelcoat, which is capable of eliminating electrostatic charges. The new product launch helped the company enhance its tooling capabilities.
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North America accounts for the biggest share of the global gelcoat market. The marine and transportation end-use industry are the major consumers of gelcoats in the region. The region is home to some of the major composite manufacturers such as ACP Composites and Owens Corning. Moreover, the US is a manufacturing hub of various commercial, military, private aircraft and one of the major automobile manuafacturer. Europe is the second major consumer of gelcoats. Marine, wind energy, and transportation are the major industries fueling the growth of the gelcoat market in this region.
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