The global gelcoat market size was worth around USD 1,429.00 Million in 2023 and is predicted to grow to around USD 4,327.10 Million by 2032 with a compound annual growth rate (CAGR) of roughly 13.10% between 2024 and 2032.
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Gelcoats are employed in a diverse array of applications within the fiber-reinforced plastic (FRP) industry. Gelcoats are in-mold surface compounds that are specifically designed to produce a visually stunning surface. The primary varieties of resins used in the production of gelcoats are polyester, vinyl ester, epoxy, and other resins, including polyurethane, phenolic, and acrylic. A different form of resin that is employed is acrylic. Gelcoat, which is composed of epoxy resin, is not only readily workable within a mold, but it also provides a satisfactory covering and spreads rapidly.
The wind energy industry is the sector that is expanding at the fastest rate within the gelcoat market on a global scale. Two of the most prevalent applications of gelcoat are nacelles and wind blades, which are indirectly contributing to the growth of the global gelcoat market. The quantity of wind energy installations has increased in both the Asia Pacific and European regions. Gelcoats are frequently employed on the surface of wind blades that are made of polymers.
Gelcoats are characterized by their ability to resist ultraviolet radiation and provide sufficient chemical protection. The wind energy industry extensively employs gelcoats due to their superior resistance to abrasion, corrosion, water, intense mechanical stresses, and weathering. Gelcoats are also extensively employed in the industry. However, the gelcoat market’s expansion is being impeded by the extent of uncertainty in PTC, which is negatively impacting the wind energy sector.
Conversely, it is anticipated that the global gelcoat market will expand in response to the increasing demand for gelcoat products in the Asia Pacific region. Consequently, this will generate new opportunities for expansion for the current participants in the global gelcoat market.
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The Global Gelcoat Market is segmented based on product, application and region
Global Gelcoat Market: Product Segment Analysis
● Polyester
● Vinyl Ester
● Epoxy
Global Gelcoat Market: Application Segment Analysis
● Marine
● Transportation
● Construction
● Wind Energy
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The global Gelcoat market profiles key players such as:
● Synergys Technologies
● Bang and Bonsomer
● Ashland
● Alpha Owens-Corning (AOC) Resins
● HK Research
● Nuplex Industries Ltd.
● Reichhold LLC
● CCP Composites
● Fibre Glass Development Corporation
● Axson Technologies
● Scott Bader
Regional Analysis of the Gelcoat Market
In 2024, the gelcoat market in Asia Pacific was the largest in the globe when analyzed by region. Furthermore, the region accounted for the largest market share in terms of both revenue and volume within the market. The region’s dominant position in the region is largely due to the flourishing transportation industry. It is anticipated that the gelcoat market in North America will experience substantial growth during the forecasted period. This growth in demand for gelcoat products in the region can be attributed to the numerous significant breakthroughs that have been observed throughout the region. Furthermore, the gelcoat market in North America is indirectly being contributed to by the substantial increase in the production of speed boats in the United States for racing purposes.
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