Global Gelcoat Market Poised for Significant Growth, Projected to Reach $2.56 Billion by 2030

The Global Gelcoat Market is experiencing robust growth, driven by increasing demand across various industries such as marine, transportation, and construction. Valued at approximately $1.49 billion in 2023, the market is projected to reach nearly $2.56 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 8.08% during the forecast period.

Competitive Landscape

The gelcoat industry is characterized by a mix of global and regional players striving to enhance their market positions. Leading companies such as INEOS Composites, Polynt-Reichhold Group, Allnex GMBH, and Scott Bader Company are actively engaging in mergers and acquisitions, strategic alliances, joint ventures, and partnerships to expand their market shares.Europe's gelcoat market is experiencing consolidation, with companies like INEOS Composites and Polynt-Reichhold Group engaging in strategic mergers and acquisitions to strengthen their market positions.

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Regional Demand Highlights

North America held the largest share of the gelcoat market in 2022, driven by the robust marine and transportation industries in the region.

The Asia-Pacific region is expected to witness significant growth during the forecast period, attributed to rapid industrialization and urbanization, particularly in countries like China and India.

Segmentation Analysis

by Resin Type

Polyester
Vinyl Ester

In 2023, polyester will be the most common resin used to make gelcoats. The market for polyester resin gelcoat has grown throughout the projected period due to the growing use of polyester resin in the wind, marine, and transportation industries due to its superior UV degradation as compared to vinyl ester and epoxy resin. These resins are less costly and offer qualities including minimal thermal expansion, quick curing, durability, and strong resistance to corrosion. In terms of both value and volume, polyester resin is the market leader during the projection period.

by End-User

Marine
Transportation
Construction
Wind Energy
Others

In 2023, the gelcoat market was dominated by the maritime end-user sector, which is anticipated to remain so for the duration of the forecast. Approximately 95% of powerboats marketed in the United States are made domestically, according to the National Marine Manufacturers Association. Over the past few decades, the German shipbuilding industry has experienced significant change. The first was the modernization and privatization of East German yards in the 1990s, when significant investments were made to increase the industry's competitiveness. This led to a number of German yard insolvencies and significant consolidation.

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Key Market Participants:

1. Ineos Enterprise,
2. Bufa Composite Systems GmbH,
3. HK Research Corporation
4. Allnex
5. Scott Bader Company
6. Poliya Composites Resins and Polymer
7. Interplastic Corporation
8. Alpha Owens Corning (AOC) Aliancys
9. Polynt-Reichhold Group
10.Turkuaz Polyester
11.Synergys Technologies
12.Bang and Bonsomer
13.Ashland
14.Reichhold LLC
15.Nuplex Industries Ltd
16.CCP Composites

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