25 Février 2019
The gelcoat market size is USD 1.2 billion in 2019 and is expected to reach USD 1.7 billion by 2024, at a CAGR of 8.0% between 2019 and 2024. The major factor driving the market is growing demand from the APAC region and the emerging wind energy industry.
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The gelcoat market, by end-use industry is segmented into marine, transportation, construction, wind energy, and others. Wind energy is projected to be the fastest-growing end-use industry of gelcoat during the forecast period, in terms of both value and volume. Gelcoat is widely used in wind blades and nacelles. The increasing wind energy installations in APAC, Europe, and North America is boosting the use of gelcoat in the wind energy industry.
There are mainly four types of resins used in making gelcoats, which include polyester, vinyl ester, epoxy, and other resins that include polyurethane, phenolic, and acrylic Gelcoats are mainly produced using polyester resins that have applications in spas, automotive body parts, hull, and boats.
These resin types have properties such as flexibility, durability, and UV resistance and film structure and hydrolytic properties. The epoxy-based gelcoat segment is expected to register at the highest CAGR during the forecast period.Excellent chemical resistance, durability, and strength of epoxy resin make it suitable for use in manufacturing gelcoat.
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The increasing demand from the APAC region is a key opportunity for gelcoat manufacturers. APAC is expected to register the highest CAGR, in terms of both value and volume during the forecast period. The growth of the end-use industries such as transportation, wind energy, and construction in key countries such as China, India, and Japan is expected to drive the demand for gelcoat in the next five years.
The major gelcoat manufacturers are Ineos Enterprise (UK), Bufa Composite Systems GmbH (Germany), HK Research Corporation (US), Allnex (Germany), Scott Bader Company (UK), Poliya Composites Resins and Polymers (Turkey), Interplastic Corporation (US), Alpha Owens Corning (AOC) Aliancys (US), Polynt-Reichhold Group (US) and Turkuaz Polyester (Turkey).
Ineos Enterprise is an established company in the global gelcoat market. The company possesses a wide product portfolio of gelcoat. The company is constantly engaged in providing high-grade gelcoat. As a part of its growth strategy, it is highly focused on new product launches. For instance, in November 2018, the company launched a new gelcoat for use in the marine industry.
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Reference:
https://www.marketsandmarkets.com/Market-Reports/gelcoat-market-164224381.html?utm_source=blog%2FML
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