According to TechSci Research report, “Gelcoat Market –Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, the Global Gelcoat Market has been valued at USD 896.34 million in 2022 and is anticipated to project robust growth in forecast period with a CAGR of 6.33% through 2028. This can be ascribed to collaborations and partnerships among leading companies with a diverse approach to merge the expertise of individual companies and to strengthen their position in the market.
Gelcoat is traditionally associated with marine applications, has discovered a promising new avenue in the field of construction. In the construction industry, gelcoat serves a dual purpose by providing both protection and aesthetic appeal.
As a protective layer, gelcoat shields building surfaces from harsh weather conditions, UV radiation, and chemical exposure. Its high versatility makes gelcoat suitable for a wide range of construction applications, including concrete, fiber-reinforced plastics (FRP), and precast elements.
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This adaptability opens up opportunities for incorporating gelcoat in various architectural designs and construction projects. The resilience of gelcoat contributes to the durability and longevity of construction materials. By applying gelcoat, builders can extend the lifespan of structures, thereby reducing maintenance and repair costs over time.
This is particularly valuable for infrastructure exposed to harsh environmental conditions. Corrosion poses a significant concern in the construction industry, especially for structures exposed to moisture, chemicals, and pollutants. Gelcoat's resistance to corrosion helps protect surfaces, ensuring that buildings maintain their structural integrity and aesthetics over the years. Gelcoat surfaces are relatively easy to clean and maintain, which reduces the effort and cost required for routine maintenance. The smooth finish of gelcoat minimizes the adhesion of dirt, pollutants, and graffiti, simplifying upkeep for building owners.
The protective properties of gelcoat align with sustainable building practices by extending the life of construction materials and reducing the need for frequent replacements. This contributes to resource conservation and supports environmentally conscious construction.
Governments worldwide are increasingly acknowledging the strategic significance of industries such as gelcoat manufacturing.
They are actively implementing initiatives to foster growth, promote innovation, and ensure sustainability. In order to support research and development (R&D) efforts in these pivotal sectors, governments often allocate funds. In the case of gelcoat production, R&D grants incentivize manufacturers to explore novel formulations, technologies, and applications.
These grants enable manufacturers to drive innovation, improve product quality, and maintain competitiveness on a global scale. Additionally, governments establish technology incubators and innovation centers specifically tailored to the needs of startups and small enterprises involved in gelcoat production. These centers provide valuable resources, infrastructure, and expertise, fostering collaboration, knowledge-sharing, and access to cutting-edge technologies, thereby propelling the industry forward.
In the current interconnected global economy, collaborations and partnerships have emerged as influential drivers of growth across various industries. One sector that has significantly benefited from strategic alliances is the gelcoat market. Partnerships provide gelcoat manufacturers with opportunities to access new markets and customer segments through the established networks of their collaborators.
This proves particularly advantageous when entering foreign markets with distinct regulatory and consumer demands. Collaborations between gelcoat manufacturers and industries such as automotive and aerospace have resulted in the development of high-performance gelcoats that can withstand extreme conditions. A noteworthy recent collaboration in the gelcoat industry involves AOC and Büfa, who have expanded their distribution partnership through Büfa Composites Austria.
This expansion enables customers in southeast Europe to access resins, gelcoats, and auxiliary materials. Additionally, HK Research Corporation, a prominent gelcoat expert, has announced a strategic cooperation agreement with Scott Bader. These collaborations aim to enhance the distribution networks and expertise of the involved companies, ultimately serving the gelcoat market more effectively.
However, fluctuations in the price of raw materials and disruptions in the supply chain are expected to slow down the growth of the market in the coming years.
The Global Gelcoat Market segmentation is based on Type, End-Use Industry, By Company, and Region
Some of the major companies operating in the Global Gelcoat Market include:
- INEOS Enterprise
- BUFA Composite Systems GMBH
- HK Research Corporation
- SCOTT BRADER COMPANY
- GRM SYSTEMS S.R.O
- Zhejiang Leader Composite Co., Ltd.
- Changzhou Huake Polymers Co., Ltd.
- Mader Group
- JIANGSU FULLMARK CHEMICALS CO. LTD. CHINA
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“Certain regions, particularly the Asia Pacific, are projected to exert significant demand for gelcoat worldwide. The growth in the competitive landscape and the presence of well-established companies in the market, committed to enhancing their gel coat productivity each year, are expected to contribute to a remarkable growth of the Global Gelcoat Market in the forecast period," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.
Gelcoat Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Polyester, Vinyl Ester, Epoxy and Others), By End-Use Industry (Marine Industry, Construction Industry, Transportation Industry and Wind Energy Industry), By Region, Competition has evaluated the future growth potential of Global Gelcoat Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Gelcoat Market.
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Table of Content-Gelcoat Market
- Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends
- Voice of Customer
- Pricing Analysis
- Global Gelcoat Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Type (Polyester, Vinyl Ester, Epoxy and Others)
6.2.2. By End-Use Industry (Marine Industry, Construction Industry, Transportation Industry and Wind Energy Industry)
6.2.3. By Company (2022)
6.2.4. By Region
6.3. Market Map
- North America Gelcoat Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Type
7.2.2. By End-Use Industry
7.2.3. By Country
7.3. North America: Country Analysis
7.3.1. United States Gelcoat Market Outlook
7.3.1.1. Market Size & Forecast
7.3.1.1.1. By Value
7.3.1.2. Market Share & Forecast
7.3.1.2.1. By Type
7.3.1.2.2. By End-Use Industry