The global gelcoat market size is projected to grow from USD 974 million in 2020 to USD 1,808 million by 2025, at a CAGR of 13.2%. The gelcoat industry is growing due to the rise in demand for high performance composite materials, globally. The demand for gelcoats is expected to decline in 2020 due to COVID-19. However, the end of lockdown and recovery in the end-use industries will stimulate the demand during the forecast period.
The marine end-use industry accounts for the largest market share in the global gelcoat market during the forecast period in terms of value and volume.
The marine end-use industry accounted for the largest consumer of gelcoats in terms of value. Gelcoat offers various useful properties such as chemical resistance, corrosion resistance, high gloss, and UV resistance. As a result, its use is increasing in marine industry for coating composite components. Glass fiber reinforced plastics are widely used in the marine industry.
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Entire decks and complete ship hulls for powerboats or sailing/motor yachts are completely made up of high-quality glass fiber reinforced plastics. However, due to Covid-19 the demand from marine industry is expected drop in 2020, as there is less demand for sail boats and luxury yactches globally.
North America is expected to account for the largest market share in the gelcoat market during the forecast period.
North America accounts for the biggest share of the global gelcoat market. The marine and transportation end-use industry are the major consumers of gelcoats in the region. The region is home to some of the major composite manufacturers such as ACP Composites and Owens Corning.
Moreover, the US is a manufacturing hub of various commercial, military, private aircraft and one of the major automobile manuafacturer. Europe is the second major consumer of gelcoats. Marine, wind energy, and transportation are the major industries fueling the growth of the gelcoat market in this region.
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