Fior Markets launched a study titled “Global Gelcoat Market by Resin Type (Polyester, Vinyl Ester, Epoxy, Others), End User Industry, Regions”, and Global Forecast 2018-2025.
The global gelcoat market is expected to grow from USD 1,069.41 Million in 2017 to USD 2,010.27 Million by 2025, at a CAGR of 8.21% during the forecast period from 2018-2025. Unabated demand from the end user industries such as marine transportation and construction is fuelling this increase in growth.
Rising utilization of composites in the various industries as well as growth of the transportation industry are driving the demand for the gelcoat. Whereas increasing preference for closed molding process and susceptibility of gelcoat to cracks development are projected to hamper the market growth.
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Polyester resin segment had a market value of USD 479.20 million in 2017
Resin type is segmented into polyester, vinyl ester epoxy and others. On account of its cost effectiveness and easy availability polyester segment emerged as the leader in global demand for the gelcoat with USD 479.20 million revenue in 2017. On account its superior bonding ability with different materials and moisture-resistance property, epoxy resin type gelcoat segment is projected to grow at the highest CAGR of 10.65% over the forecast period.
Wind energy segment is anticipated to grow at a CAGR of 11.29% in 2018-2025
End user industry is divided into marine, transportation, construction, wind energy and others. Wide ranging use ofgelcoat in the production of sailing vessels, powerboats, yachts that are made out of fiber reinforced plastics, propelled Marine segment to emerge as the leading segment in global gelcoat market with USD 401.34 million revenue in 2017.Increasing global emphasis on the wind energy production is anticipated to drive wind energy segment to grow at the highest CAGR of 11.29% over the forecast period.
Regional Segmentation Analysis:
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific region emerged as the largest market for the gelcoat with USD 371.29 million revenue in 2017 followed by the North America. This impressive market share can be credicted to thriving transportation as well as construction industry and wind energy sector in India and China.
Major players in the global gelcoatmarket are Ineos Enterprise, BufaComposite Systems GmbH, HK Research Corporation, Allnex, Scott Bader Company, Poliya Composites Resins and Polymers, Interplastic Corporation, Alpha Owens Corning (AOC) Aliancys ,Polynt-Reichhold Group, Turkuaz Polyester, Ashland Inc, Interplastic Corporation, Reichhold LLC, Synergys Technologies,Fibre Glass Development Corporation, Bang &Bonsomer Group Ab, Polynt Spa among others.
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