Gelcoat Market to Grow by USD 462.4 Million(2024-2028), Vendor Strategies Boost Growth, AI-Powered Market Evolution Report - Technavio

The gelcoat market is projected to grow by USD 462.4 million from 2023 to 2028, at a CAGR of 6%. The increasing demand for high-performance coatings across industries, particularly in marine and transportation, is driving market expansion. Various gelcoat types, including polyester, vinyl ester, and epoxy-based formulations, are used in diverse gelcoat applications due to their durability, weather resistance, and glossy finish. Advancements in gelcoat technology are enhancing performance, reducing emissions, and improving fuel efficiency. Marine gelcoat is widely used in boats, yachts, and shipbuilding, while automotive gelcoat enhances the aesthetic appeal and longevity of vehicle exteriors. Leading gelcoat suppliers are investing in sustainable gelcoat solutions to comply with stringent environmental regulations. However, gelcoat pricing remains a challenge due to rising raw material costs. Continuous gelcoat innovations are addressing these concerns by improving gelcoat quality, offering superior adhesion, UV resistance, and enhanced protection across applications.Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF

Market Segmentation

By End-user

• Marine
• Transportation
• Wind-energy
• Construction
• Others

By Region

North America

• Canada

• US

APAC

• China

• Japan

Europe

• Germany

• UK

South America

Middle East and Africa

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Market Dynamics

Drivers

• Expansion of the Marine Industry and Yacht Projects
  • Gelcoats play a crucial role in boats, pools, and vehicle exteriors, offering UV resistance, corrosion resistance, and aesthetic appeal.
  • Increased demand for recreational boats and yachts in the US, Canada, California, and Alaska is driving market growth.
  • The spray-up process is widely used for smooth, high-quality finishes.

Trends

• Strategic Initiatives by Leading Vendors
  • Companies such as BASF, Akzo Nobel N.V., HK Research Corp., and Scott Bader Co. are expanding their market presence through partnerships, acquisitions, and product innovations.
  • Increasing demand for fuel-efficient vehicles is driving gelcoat innovations for automotive and marine applications.

Challenges

• Increased Price of Gelcoats
  • Rising costs of key raw materials like styrene, glycols, and liquid epoxy resins (LER) are impacting gelcoat pricing.
  • High costs are leading to increased packaging and transportation expenses.
  • Despite this, innovations in gelcoat technology—such as enhanced UV resistance and durability—are driving market growth.

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Key Players

• 3M Co.
• Allnex GMBH
• Ashland Inc.
• BASF SE
• BUFA GmbH and Co. KG
• Eastman Chemical Co.
• Hacotech GmbH
• HK Research Corp.
• Huntsman Corp.
• INEOS Group Holdings S.A.
• Interplastic Corp.
• MADER SA
• Nivitex Fibreglass and Resins
• Poliya Polyester Industry and Trade Ltd. Sti.
• Polynt SpA
• RESOLTECH SAS
• Scott Bader Co. Ltd.
• Sicomin Epoxy Systems
• Sika AG
• Sogel Inc.

Future Insights

The gelcoat market is expected to expand due to increasing demand from marine, transportation, and construction sectors. Gelcoat innovations in sustainability, cost efficiency, and enhanced durability will continue shaping the industry. Gelcoat technology advancements will further drive market growth, ensuring high-quality finishes and regulatory compliance.