Gelcoat Market Size (2024 - 2029)

Gelcoat Market Analysis

The Gelcoat Market size is estimated at 225.90 kilotons in 2024, and is expected to reach 356.60 kilotons by 2029, growing at a CAGR of greater than 9% during the forecast period (2024-2029).

The COVID-19 pandemic is expected to impact the Gelcoat Market in 2020 and 2021, driven by reduced economic and commercial activities. Declines in construction and industrial output will keep demand low, but recovery is anticipated with revived trade and government guidelines.

• Growing demand for gelcoat in the automotive and transportation industry is set to drive market growth. This sector dominated the gelcoat market due to automakers' efforts to produce lightweight vehicles with composites, aligning with government guidelines for improved fuel efficiency and reduced carbon dioxide (CO2) emissions. Gelcoats are key to enhancing the aesthetics of these composite components.
• Polyester Gelcoats are extensively used in various industries, particularly in the transportation and marine sectors. Their popularity in the marine industry is due to their excellent properties, including water resistance, UV protection, and corrosion resistance. This rising demand for polyester gelcoats contributes to market growth.
• Styrene, the predominant monomer in polyester resin-based gelcoats, has raised safety and health concerns due to its extensive use. This poses challenges for market expansion as many governments have implemented strict regulations to reduce styrene emissions from gelcoats and resins, consequently limiting market growth in the forecast period.
• Asia-Pacific dominated the Gelcoat Market across the globe with the largest consumption in a country such as India, China, etc.

Gelcoat Industry Segmentation

Gelcoat is a substance used to achieve a premium surface finish on fiber-reinforced composites. The prevalent gel coats are typically thermosetting polymers derived from unsaturated polyester or epoxy resin. These advanced resins are initially in liquid form when applied to molds. Gelcoat impart distinctive features like resistance to water absorption, corrosion, UV degradation, blistering, and cracking. It can be applied through spraying or brushing to ensure the desired thickness, thereby protecting the composite material from damage.

The Gelcoat Market is segmented by Resin Type, End-User Industry, and Geography. By Resin Type, the market is segmented into Polyester, Epoxy, Vinyl Ester, and Others. By End-User Industry, the market is segmented into Marine, Automation and Transportation, Construction, Wind Energy, Healthcare, Food and Beverage, Electrical and Electronics, and Others (Aerospace, Retail). The report also covers the market size and forecasts for the Gelcoat Market for 27 major countries across the major region. For each segment, the market sizing and forecasts have been done on the basis of volume (tons).