Gelcoat Market Size

Gelcoat Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The gelcoat market is expected to reach a value of $1.4 billion in 2023 and is projected to reach $2.4 billion by the end of the forecast period, registering a CAGR of 8.73%. The high demand for gelcoat products is mainly driven by their extensive applications in various industries, including marine, automobiles, and construction. The increasing use of gelcoats in the manufacturing of glass fiber-reinforced composites (FRCs) is a key factor contributing to this growth. FRCs are highly favored for their high strength, light weight, and aesthetics. Further, the development of eco-friendly formulations and innovations in the application techniques are driving the market growth. Several companies, such as Ashland Global Holdings Inc. and Reichhold LLC, are focused on developing sustainable products and entering into strategic collaborations to strengthen their position in the market. The companies are also investing in research and development activities to enhance the performance of gelcoats and reduce their environmental impact. Hence, the gelcoat market is projected to grow at a high rate over the forecast period.

Regional Market Size

Regional Deep Dive

Gelcoat market is experiencing a high growth rate in various regions. The demand for gelcoat is increasing in the marine, automotive, and construction industries. In North America, the market is characterized by the presence of large companies and a growing trend towards the use of eco-friendly gelcoats. In Europe, the market is characterized by technological innovations, and in Asia-Pacific, the market is expanding rapidly due to increasing industrial activity and the construction of public works. The Middle East and Africa are experiencing high growth in the market due to the oil and gas industry, and Latin America is slowly adopting the technology of gelcoats in the construction and automobile industries.

North America

• The stricter regulations of the EPA led to the development of low-VOC gelcoats like Interplastic.
• The new-fangled, and, as it were, more lasting and more resistant to the sun, gelcoats have been developed by companies such as Ashland Global Holdings, Inc.
• MARINE GRADE COATINGS INC. (MARG) is a new corporation specializing in the manufacture of gelcoats.

Europe

• The Green Deal of the European Union has also influenced the market for gel coats. The bio-based resins that are now replacing the petrochemical ones are attracting the interest of companies like Scott Bader, which is developing its own sustainable solutions.
• The innovations in the automobile industry, especially in the field of electric vehicles, are putting high performance and lightweight coatings in demand. The leading suppliers of these coatings are investing in the development of new formulations.
• The wind-power industry, which is growing in countries such as Germany and Denmark, has created new opportunities for the gelcoat industry, which has been leading the way.

Asia-Pacific

• China's fast-growing construction industry and the continuous development of urban construction have brought new opportunities for the gelcoat industry, and the demand for gelcoat has also increased. Local manufacturers, such as the Huayi Group, have also increased their production capacity to meet the increasing needs of the market.
• It is encouraging to see that the government’s Make in India policy is helping the Indian industry to produce more gelcoats for both the domestic and export markets.
• The increasing popularity of motor-cars in Australia has led to an increased demand for high-quality gelcoats. The local companies are focusing on the specialization and the innovation of the products in order to attract the customers of this market.

MEA

• Gulf Coast Chemical and Coatings has invested in the production of specialized gelcoats for offshore applications.
• A change in the regulations of the country has resulted in a greater investment in construction and in the transport and communication system. This is a major market for the gelcoat industry.
• The growing interest in sustainable building practices in South Africa is leading to the development of eco-friendly gelcoats in line with the international trend towards sustainable building.

Latin America

• Brazil's growing car industry is causing a boom in the demand for phenolic resins, and companies like Coral Tints are modifying their products to meet this demand.
• The construction boom in Mexico, which is being encouraged by the government, is increasing the use of gel coats in building materials.
• In the countries of the Caribbean, the growing popularity of eco-tourism is resulting in an increase in the use of gelcoats in the marine sector. The owners of boats and yachts are looking for more strength and beauty in their vessels.

Did You Know?

“The gelcoat, which may represent up to thirty per cent of the total weight of a composite part, is the key to its performance and its long life.” — Composite World

Segmental Market Size

Gelcoat is a market whose growth is assured. Its essential role in the aesthetic and protective properties of composite materials, notably in marine, automotive and construction applications, makes it a growth market. It is mainly the desire for more durable and beautiful surfaces that are increasingly in vogue. Moreover, the need to meet increasingly strict regulations promoting the use of high-performance and environment-friendly materials.

The development of the gelcoat technology is at the stage where it has reached maturity. The market is now dominated by companies like Scott Bader and Reichhold, who are leading in the field of innovation and market penetration. The main applications are in the shipbuilding industry, where the gelcoat forms a watertight seal, and in the automobile industry, where the gelcoat is used for bodywork. But other areas are also growing, for example the trend towards more sustainable production, which means that manufacturers are looking for more environmentally friendly formulations. The development of the gelcoat is also influenced by the progress in resin technology and the application methods such as spraying and brushing.

Future Outlook

The Gel Coat Market is estimated to experience a substantial growth from 2023 to 2030, with a CAGR of 8.73%. This growth can be attributed to the rising demand for gel coats in various applications, primarily in the marine, automobile, and construction industries. As the need for improved aesthetics and greater durability in these industries increases, the penetration of gel coats into these markets is expected to rise by approximately 15% by 2030.

The development of eco-friendly gelcoats and enhanced curing processes are expected to drive the market growth. The stringent regulations on the use of volatile organic compounds (VOCs) are also likely to increase the demand for low-emission gelcoats. Emerging trends such as the increasing popularity of electric vehicles and sustainable building practices will further propel the market growth. As the manufacturers keep on transforming their products to meet the changing trends, the gelcoat market is expected to witness a radical transformation.