Gelcoat Market Worth USD 1,233 Million by 2020

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Sep 24, 2015, 07:30 ET

PUNE, India, September 24, 2015 /PRNewswire/ --

The report "Gelcoat Market by Resin Type (Polyester, Vinyl Ester, Epoxy, and Others), by End-Use Industry (Marine, Transportation, Construction, Wind, and Others) & by Region - Trends & Forecast to 2020", published by MarketsandMarkets, The global Gelcoat Market is estimated to reach a market size of USD 1,233 Million by 2020, registering a CAGR of 7.60% between 2015 and 2020.

Browse 79 Tables and 56 Figures spread through 174 Pages and in-depth TOC on "Gelcoat Market"

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The market report defines and segments the Gelcoat Market with analysis and forecasting of the market size by volume and value.

Gelcoats offer various unique properties and features such as resistivity to corrosion, UV degradation, water absorption, chemicals, and so on. The global gelcoat market is estimated to reach a market size of USD 1,233 Million by 2020, registering a CAGR of 7.60% between 2015 and 2020. Gelcoat market is classified on the basis of resin type such as polyester, vinyl ester, epoxy, and others. Polyester resin gelcoat is the most widely used gelcoat in the market. Increasing demand of composites in the transportation and marine industry is driving the gelcoat market. Some of the key global players prevailing in the gelcoat market are Ashland Inc. (U.S.), BUFA GmbH & Co. KG (Germany), HK Research Corporation (U.S.), Nuplex Industries Ltd. (Australia), Polynt S.p.A (Europe), Reichhold LLC (U.S.), and Scott Bader Company Limited (U.K.).

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North America is the biggest gelcoat market

North America dominated the gelcoat market in 2014 and is closely followed by Europe. The U.S. is the biggest consumer of gelcoats across the globe. The recovery of the marine industry after economic recession is accelerating the demand of gelcoats in the U.S. For instance, in the last two years, the demand for high speed boats has increased and according to NMMA (National Marine Manufacturers Association), approximately 95% of powerboats sold in the U.S. are manufactured and produced in the U.S. itself. Additionally, there is increased demand for lightweight boats (especially for racing purpose) where use of lightweight composite is critical. As companies are building more fuel-efficient marine vehicles to meet the growing demand, the usage of gelcoats is also, subsequently increasing. Moreover, the increasing demand for composites for saving weight and enhancing fuel efficiency of the transportation system such as railways, autos, and leisure vehicles is also playing a vital role in the increased demand of gelcoats in the transportation industry.

The marine industry is the biggest consumer of gelcoats and is driving the global gelcoat market

Gelcoats are widely used in marine applications such as decks, ship hulls, motor yachts, and power boats which are made of high quality fiber reinforced plastics elements. In the last few years, the global marine industry witnessed a decent growth rate after being hit by the global recession of 2008. The growing recreational boat industry, coupled with the increasing expending power of people for leisure, is further pushing the growth of marine industry. Generally, polyester resin and vinyl ester resin gelcoats are used in the marine industry because of the unique properties and features provided by the respective gelcoats. Polyester resin gelcoat is the most preferred type because it provides the best resistance to UV degradation compared to vinyl ester and epoxy resin gelcoats.

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