According to the new market research report “Gelcoat Market by Resin Type (Polyester, Vinyl Ester, Epoxy), End Use Industry (Marine, Transportation, Construction, Wind Energy), Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) – Global Forecast to 2024″, The gelcoat market is expected to grow from USD 1.2 billion in 2019 to USD 1.7 billion by 2024, at a CAGR of 8.0% during the forecast period.
The gelcoat market is witnessing a significant growth because of the growing demand from various industries such as marine, transportation, and wind energy. Gelcoat provides various properties such as high gloss, UV resistance, hydrolysis or osmosis, and resistance to corrosion, water, abrasion, and chemicals to the composite molds or parts.
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Marine is an important end-use industry of glass fiber reinforced plastics as entire decks and complete ship hulls for powerboats or sailing/motor yachts are entirely made up of high-quality glass fiber reinforced plastics. The use of FRP in this industry results in the usage of gelcoat that provides excellent aesthetic appearance, good corrosion resistance, and smooth and vivid surface. Companies have also realized the immense potential of gelcoat that is used in the marine industry. For instance, in November 2018, Ashland Inc. launched a new gelcoat named Maxgaurd EZM for usage in marine applications. The gelcoat offers easy application in molds and good weathering performance. It possesses high resistance to UV rays and good blister resistance.
Polyester resin is widely used for gelcoat. In terms of value and volume, the polyester resin-based gelcoat market accounted for a major share of the overall market in 2019. Polyester resins are less expensive and possess properties such as good corrosion resistance, fast curing, durability, tolerance to temperature, and low thermal expansion. Polyester resin used in gelcoats offers durability for molds and parts.
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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.
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). These players have adopted various growth strategies, such as mergers & acquisitions, expansions, and new product launches to further expand their presence in the global market. Expansions and new product launches were the dominating strategies adopted by the major players from 2014 to 2019, which helped them innovate their offerings and broaden their customer base.
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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.
HK Research Corporation is a major manufacturer and producer of gelcoat materials, globally. It has focused mainly on new product developments and expansions as its major growth strategies. The company has introduced various customized and flexible gelcoat materials to meet the growing demand from the marine industry. For instance, the company introduced ReFlex for the marine industry that offers extraordinary weathering and water resistance properties. Through these strategies, HK Research Corporation would be able to increase its market share and maintain a huge customer base in the marine industry.
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