Gelcoats are used in a variety of end-use industries, including transportation, wind energy, marine, pipes & tanks, construction & infrastructure, and others. Gelcoats are used for coating various composite components Led by strong end-user demand, the gelcoat market is expected to grow at a rapid pace. However, amidst the global COVID-19 pandemic, the demand for gelcoats from the industries mentioned above is expected to show a sharp decline. 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%.
To know about the assumptions considered for the study download the pdf brochure
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.
However, the COVID-19 outbreak has affected the demand for gelcoats in the region. On the positive side, support packages offered by US government will help to maintain the liquidity in composite industry. Such initiatives coupled with recovery in the end-use industries will increase the demand for gelcoat in North America.
Over the past years, gelcoats have strengthened their position in the global gelcoats market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions. However, owing to lockdown announced by several countries in 2020, the demand for composites from wind turbine installations, automotive and aircraft manufacturing, and construction sectors has declined sharply, which resulted in delined demand for gelcoats. For instance, as per Europen Automobil Manuafctures Association the demand for the demand for new cars in Europe is declined by 25% in first quarter of 2020. In the wind energy sector, international and domestic travel bans are creating problems in the routine maintenance, operations, and procurement of materials and related equipment, thereby reducing composites demand.
The major manufacturers profiled in this report include HK Research Corporation (US), Scott Bader, Ineos (UK), Bufa Composite Systems Gmbh (Germany), Allnex (Germany), Alpha Owens Corning (US), Polynt Reichold (US) , and among others. The gelcoat business of these companies is severely affected due to the outbreak of COVID – 19 pandemic. Reduced demand for composites from several OEMs and disruption in the supply chain have compelled the gelcoat manufacturing companies to operate at partial capacities. However, several gelcoat manufacturers have focused their concentration on new product development. These developments, coupled with end-use industries resuming their operations at full capacities, would create demand for gelcoats during the forecast period. For instance, Bufa Composite Systems Gmbh developed a new conductive gelcoat, which is capable of eliminating electrostatic charges. The new product launch helped the company enhance its tooling capabilities.
Request for Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=164224381
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/gelcoat-market-164224381.html