Home > Chemicals & Materials > Paints and Coatings > Gelcoat Market

Gelcoat Market - By Resin Type (Polyester, Epoxy, Vinyl Ester, Polyurethane), By End-Use Industry (Automotive, Transportation, Construction, Marine, Aerospace) & Forecast, 2024 – 2032

  • Report ID: GMI8489
  • Published Date: Mar 2024
  • Report Format: PDF

Gelcoat Market Size

Gelcoat Market was valued at around USD 1.35 billion in 2023 and is anticipated to register a CAGR of over 13.3% between 2024 and 2032. Gelcoat serves as a superhero suit for composite and fiberglass materials, reinforcing them, elevating their visual appeal, and safeguarding against rust, intense sunlight, and water harm. Its application on buildings, vehicles, and boats ensures a glossy, enduring appearance, akin to a protective shield against environmental elements. Gelcoat can be likened to both the armor and paint job for fiberglass and composite materials. Applied in industries spanning from aviation and automotive to marine and construction, this resilient coating shields these materials against wear, rust, and adverse weather conditions, prolonging their lifespan and maintaining their aesthetic appeal.
 

Gelcoat Market

To get key market trends   Download Free Sample

The market is experiencing significant growth due to prominent trends. Most important is the thriving boating industry demands gelcoat for both new boat construction and repairs, ensuring protection and a glossy finish. Moreover, the automotive sector, particularly in developing nations, is increasingly utilizing gelcoats to enhance vehicle appearance and longevity against diverse weather conditions. Moreover, the widespread quest for lighter and stronger materials favors gelcoats, which also aligns with growing environmental concerns, making it an eco-friendly option. Overall, the future appears promising for gelcoat as it continues to meet diverse industry needs while supporting sustainability efforts.
 

The gelcoat sector encounters challenges from environmental regulations and quality assurance. Stricter environmental mandates might necessitate altering gelcoat production methods, potentially escalating costs and hindering competitiveness. Conversely, inadequate quality control, such as uneven color or texture during application, could lead to customer dissatisfaction and harm the image of the company. To sustain the growth of the market, companies must continually innovate, striving to produce environmentally friendly and high-quality gelcoat formulations.
 

Gelcoat Market Trends

The gelcoat sector is undergoing a transition towards environmentally sustainable alternatives driven by stringent environmental regulations and increasing sustainability concerns. Simultaneously, there is a heightened demand for gelcoats that not only offer environmental benefits but also exhibit superior performance, enduring weather damage and retaining color vibrancy over time. Various industries are seeking customized gelcoat solutions tailored to their specific requirements, leading to a proliferation of customizable options. Additionally, advancements in technologies such as UV-curable gelcoats and nanotechnology-based solutions are reshaping the market landscape, offering enhanced quality, and enabling novel applications. The marine and automotive sectors remain key drivers of this growth, prioritizing lightweight materials and aesthetic excellence.
 

Gelcoat Market Analysis

Gelcoat Market Size, By Resin Type, 2021 - 2032 (USD Billion)
Learn more about the key segments shaping this market   Download Free Sample

Based on the resin type, the market is segmented into polyester, epoxy, vinyl ester, polyurethane, and others. Polyester segment stood out in the gelcoat market with a revenue size of USD 789 million in 2023. Polyester gelcoat stands out as a leading player in the gelcoat industry, finding applications in automobiles, boats, structures, and aircraft. Renowned for their durability, water resistance, and cost-effectiveness, these gelcoats are ideal for projects requiring longevity and aesthetic appeal. The market segment is anticipated to expand continuously, driven by the demand for robust, lightweight materials and ongoing enhancements in polyester gelcoat formulations towards environmental sustainability. The versatility of polyester gelcoat in meeting diverse industry needs further amplifies its attractiveness, contributing to the overall market growth.
 

Gelcoat Market Revenue Share, By End-Use Industry, (2023)
Learn more about the key segments shaping this market   Download Free Sample

Based on end-use industry, the market can be further classified into automotive, transportation, construction, marine, aerospace, others. The marine industry held a market share of 40% in 2023. Gelcoat is crucial for protecting boats from the harsh marine environment, shielding them against scratches, rust, and damaging sunlight to ensure longevity and aesthetic appeal. Its ability to repel water is particularly vital for maintaining a boat's structural integrity and buoyancy. While gelcoat finds applications in various industries, its unique properties make it indispensable for boats. In the marine sector, gelcoat stands out as the preferred protective coating due to its reliability and enduring performance, cementing its position as the go-to choose for boat maintenance and preservation.
 

Asia Pacific Gelcoat Market Size, 2021- 2032 (USD Million)
Looking for region specific data?   Download Free Sample

Asia Pacific had a significant position in the global market with a market size of USD 387.2 million in 2023. The gelcoat market in the Asia-Pacific region shows promising potential, driven by the expanding marine and automotive sectors, alongside industrial growth, and infrastructure development. Urbanization and rising income levels further boost demand. The region's considerable manufacturing capacity, robust economic progress, and large population contribute to its prominence. Government initiatives and investments in construction and maritime infrastructure also stimulate industry growth. With increasing environmental awareness, the Asia-Pacific region emerges as a significant player in the global gelcoat industry, owing to the transition towards eco-friendly gelcoat formulations.
 

Gelcoat Market Share

Gelcoat Market Company Share, (2023)

Companies within the gelcoat industry implement crucial strategies to uphold their market position. These strategies encompass continual research and development efforts aimed at formulating innovative products that align with evolving consumer preferences. Establishing strategic partnerships with distributors and manufacturers facilitates product availability and broadens market reach. Marketing initiatives are focused on highlighting the distinct advantages of gelcoats across diverse industries, thereby enhancing brand recognition, and fostering customer loyalty. Furthermore, offering customized solutions tailored to specific customer requirements enhances competitiveness. Adherence to sustainable practices and environmental regulations reinforces market positioning and ensures long-term viability. Through a combination of innovation, collaboration, customer-centricity, and sustainability practices, gelcoat industry participants effectively maintain their significant market presence.
 

Artisan Bread Organic employs various strategies to expand its Gelcoat business. Ashland emphasizes innovation, investing heavily in research and development to introduce advanced gelcoat formulations that cater to evolving market demands. Strategic partnerships with key industry players ensure product availability and enhance market presence. Meanwhile, HK Research Corporation adopts a customer-centric approach, offering flexible gelcoat solutions tailored to individual client needs. Both companies adhere to environmental regulations and sustainable practices, bolstering their market position. By combining innovation, collaboration, customer focus, and sustainability efforts, Ashland and HK Research Corporation maintain their competitive edge in the market.
 

Gelcoat Market Companies

Major players operating in the industry include:

  • AOC Resins
  • Akzo Novel N.V.
  • Ashland
  • BUFA GmbH & Co. KG
  • CCP Composites
  • Corning
  • HK Research Corporation
  • Interplastic Corporation
  • Lantor BV
  • Marcoat
  • Nuplex Industries
  • Reichhold LLC
  • Scott Bader Company Ltd.
  • Sika AG
     

Gelcoat Industry News

  • In February 2020, The Polynt Group declared that Polynt Composites Turkey would become its completely owned subsidiary. This move will facilitate the company's gelcoat business expansion in Turkey.
     

The gelcoat market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue and volume (USD Million) (Kilo Tons) from 2018 to 2032, for the following segments:

Click here to Buy Section of this Report


Market, By Resin Type

  • Polyester
  • Epoxy
  • Vinyl Ester
  • Polyurethane
  • Others

Market, By End-Use Industry

  • Automotive
  • Transportation
  • Construction
  • Marine
  • Aerospace
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • MEA
    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of MEA

 

Authors: Kiran Pulidindi , Kunal Ahuja

Frequently Asked Questions (FAQ) :

Market size for gelcoat was USD 1.35 billion in 2023 and is expected to register over 13.3% CAGR from 2024-2032 owing to the thriving boating industry demanding gelcoat for both new boat construction and repairs, ensuring protection and a glossy finish worldwide.
Gelcoat industry from the polyester segment recorded USD 789 million in 2023 and is expected to register an appreciable CAGR from 2024-2032 due to their durability, water resistance, and cost-effectiveness.
Asia Pacific industry reached USD 387.2 million in 2023 and is expected to register a commendable CAGR from 2024-2032 due to the expanding marine and automotive sectors, alongside industrial growth, and infrastructure development in the region.
AOC Resins, Akzo Novel N.V., Ashland, BUFA GmbH & Co. KG, CCP Composites, Corning, HK Research Corporation, Interplastic Corporation, Lantor BV, Marcoat, Nuplex Industries, Reichhold LLC, Scott Bader Company Ltd., and Sika AG, are some of the major gelcoat companies worldwide.

Gelcoat Market Scope

Buy Now


Premium Report Details

  • Base Year: 2023
  • Companies covered: 13
  • Tables & Figures: 532
  • Countries covered: 22
  • Pages: 350
 Download Free Sample
 Download Free Sample