The global gelcoat market size is projected to witness exponential growth on account of rising in demand for improved fire resistant and UV resistant gelcoats from wind and aerospace industries worldwide. Gelcoat is the smooth hard surface layer of polyester resin used in fiberglass structure. Fortune Business Insights™ in their recently published report
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Report Highlights
- A 360-degree overview of the market
- Factors boosting, repelling, challenging, and creating opportunities for the market
- Detailed segmentation of the market with names and figures of leading segments
- Significant industry developments and other interesting insights into the market
- Other gelcoat market trends
- List of major players functioning in the gelcoat market and their major strategies to attract revenue
Market Drivers
Increasing Demand from Wind Energy Sector will Bolster Growth
Various factors are responsible for boosting the market including the increasing use of composites in multiple industries, and the useful properties that gelcoats offer such as high-quality fiber finish,smooth and shiny appearance and others. In addition to this, the increasing demand for gelcoat from the transportation industry will also promote the gelcoat market growth.
On the contrary, the porous nature of gelcoat may result in cracking which is a major drawback. This, coupled with the rising inclination towards closed molding processes may cause major hindrance to the overall growth of the market in the forecast period. Nevertheless, the increasing demand for gelcoat from the emerging wind energy industry is anticipated to create lucrative growth opportunities for the market in the near future.
Regional Segmentation:
Europe will Emerge Dominant Owing to Reviving Marine Industry
Geographically, the global gelcoat market is widespread into the regions of North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Each of these regions is further categorized into various nations. Out of these, the market is dominated by Europe on account of the revival of the marine industry in the region and the substantial transformation of the shipbuilding industry. In addition to this, the presence of large number of original equipment manufacturers and original component manufacturers (OEMs and OCMs) in the region will also augment the regional market growth.Besides this, Asia Pacific will earn significant gelcoat market share in the forecast period on account of increasing number of shipbuilding contracts and progressed financial leasing in China. This,coupled with the stable wind and marine energy industries are likely to help Asia Pacific market gain impetus in the coming years.
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Competitive Landscape:
Presence of Many Players will Intensify Market Competition
The global gelcoat market witnesses the presence of many players. This fragmented nature of the market is likely to intensify the overall competition. Companies are focusing on producing new gelcoats with better composure so as to gain a competitive edge in the market. Therefore, they are making huge investments for the same. Besides this, players are also engaging into mergers and acquisitions, joint ventures, and contracts and agreements, along with other strategies to attract high gelcoat market revenue in the coming years.
List of Important Players Operating in the GelcoatMarketinclude:
- INEOS Composites
- Scott Bader Company Ltd.
- Turkuaz Polyester
- BÜFA Holdings
- Resoltech
- Gurit
- Ashland Inc.
- HK Research Corp.
- Fiberglass Coatings Inc.
- Sea Hawk Paints
- Akzo Nobel
- Soromap Group
- Spectrum Color
- Sicomin Epoxy Systems
- Other notable players
SignificantIndustry Developments of the Gelcoat Market include:
September 2018 – A new conductive gelcoat was formed by Bufa Composite System GmbH. This new gelcoat can eliminate electrostatic charges and increase the overall quantity of components.
November 2018 – A definite agreement was signed between Ashland Inc. and Ineos Enterprise for taking over the composite manufacturing segment that offers gelcoats to maintain a consolidate portfolio.
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