According to the market research report published by Fior Markets, the global gelcoat market is projected to see growth 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. Asia Pacific region led the market by generating USD 371.29 million revenue in 2017 followed by North America.
“Global Gelcoat Market by Resin Type (Polyester, Vinyl Ester, Epoxy, Others), End-User Industry, Regions”, and Global Forecast 2018-2025.
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Major players in the global gelcoat market are Ineos Enterprise, Bufa Composite 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. To surpass each other and increase their market footprint firms are moving towards taking the mergers and acquisition route. For instance, Ineos Enterprise in 2017, announced the acquisition of Ashland’s composites business for USD 1.10 billion. Ashland’s Composites Business is a global leader in unsaturated polyester resins, vinyl ester resins, and gel coats. In addition to its wide range of gelcoats.
Resin type is classified into polyester, vinyl ester epoxy, and others. Due to its cost-effectiveness and easy availability, the polyester segment led the global demand for the gelcoat with a 44.81% share of market revenue in 2017. Epoxy resin type gelcoat segment is projected to grow at the highest CAGR of 10.65% over the forecast period as it offers superior bonding ability with different materials and moisture-resistance property. End-user industry is divided into marine, transportation, construction, wind energy, and others. Gelcoat are widely used in the production of sailing vessels, powerboats, yachts that are made out of fiber reinforced plastics. Due to its increasing use, it boosted the Marine segment and made it the leading segment in the global gelcoat market with a 37.53% share of market revenue in 2017. Increasing global emphasis on wind energy production is projected to drive wind energy segment to grow at the highest CAGR of 11.29% over the forecast period.
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The demand drivers of the gelcoat include rising utilization of composites in the various industries as well as the growth of the transportation industry. Whereas increasing preference for closed molding process and susceptibility of gelcoat to cracks development are projected to limit the market growth.
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