Global Gelcoat Market Insights Forecasts to 2033

• The Global Gelcoat Market Size was Valued at USD 1.28 Billion in 2023.
• The Market Size is Growing at a CAGR of 13.1% from 2023 to 2033.
• The Worldwide Gelcoat Market Size is Expected to Reach USD 4.42 Billion by 2033.
• Europe is Expected to Grow the fastest during the forecast period.

The Global Gelcoat Market Size is Anticipated to Exceed USD 4.42 Billion by 2033, Growing at a CAGR of 13.1% from 2023 to 2033.  

Market Overview

Gelcoat is a type of surface coating used in the construction of fiberglass-reinforced composite materials, such as boats, swimming pools, and other marine and automotive components. The most popular gel coatings are polymers with thermosetting properties made from unsaturated polyester or epoxy resin. Gelcoats are sophisticated resins that are added to molds in their liquid condition.  Gelcoats have special characteristics and properties, including resistance to water absorption, corrosion, UV deterioration, blistering, and cracking. Gelcoat can be sprayed in spray or brush form so that the right thickness is bonded on the composite material to prevent damage. The market is expanding rapidly due to renowned trends. Most importantly, the expanding boating sector requires gelcoat for both new boat manufacturing and repairs, ensuring durability and a glossy appearance. Furthermore, the automotive industry, particularly in developing countries, is increasingly using gelcoats to improve vehicle appearance and durability in a variety of weather situations. In addition, the general desire for lighter and stronger materials favors gelcoats, which are also in line with growing ecological issues, making them an environmentally friendly option. Overall, gelcoat's future seems optimistic as it continues to suit different business needs while supporting sustainability efforts.

Report Coverage

This research report categorizes the market for the global gelcoat market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global gelcoat market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global gelcoat market.

Driving Factors

Polyester gelcoats are widely used in a variety of industries, including transportation and maritime. Polyester resin gelcoats are widely used in the marine industry due to their distinctive characteristics and abilities, which include water absorption, UV degradation, and anti-corrosion. Thus, the growing need for polyester gelcoats increases the market's expansion rate. The rising demand for gelcoat from the transportation and automotive industries is projected to boost the market's growth. The automotive and transportation sectors dominate the gelcoat market. To comply with government rules and boost vehicle fuel efficiency, automakers are focusing on producing lightweight vehicles with composites to minimize carbon dioxide (CO2) emissions, which have a negative influence on the global environment.  Gelcoats are utilized to improve and preserve the visual attractiveness of these composite parts.

Restraining Factors

The gelcoat industry faces constraints from environmental legislation and quality assurance. Stricter environmental regulations entail changing gelcoat production methods, thereby increasing prices and reducing competitiveness. Poor quality control, such as inconsistent color or texture during application, result in consumer disappointment and damage the company's image. To maintain market growth, companies must constantly innovate, aiming to offer environmentally friendly and high-quality gelcoat compositions.

Market Segmentation

The global gelcoat market share is classified into resin type and end-users.

• The polyester segment is expected to grow at the fastest pace in the global gelcoat market during the forecast period. 

Based on resin type, the global gelcoat market is divided into vinyl ester, epoxy, polyester, and others. Among these, the polyester segment is expected to grow at the fastest pace in the global gelcoat market during the forecast period. Polyester resins are cheaper and have qualities such as resistance to corrosion, fast curing, endurance, temperature tolerance, and minimal thermal expansion. Gelcoats made with polyester resins are durable for molds and parts. Traditional gelcoats can be bought in white, neutral, and clear textures, whereas tooling gelcoats come in orange and black.

• The marine industry segment is expected to grow at the fastest pace in the global gelcoat market during the forecast period.  

Based on the end-users, the global gelcoat market is divided into automotive, transportation, construction, marine, aerospace, and others. Among these, the marine industry segment is expected to grow at the fastest pace in the global gelcoat market during the forecast period. While gelcoat has applications in a variety of industries, its special qualities make it essential for boats. In the marine industry, gelcoat is the recommended protective coating due to its dependability and long-lasting performance, establishing its place as the go-to choose for boat care and conservation. Gelcoat is necessary for protecting yachts from the tough marine conditions, shielding them from scrapes, corrosion, and damaging sunlight to maintain their durability and visual attractiveness. Its capacity to repel water is critical for preserving a boat's structural integrity and buoyancy.

Regional Segment Analysis of the Global Gelcoat Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific is anticipated to hold the largest share of the global gelcoat market over the predicted timeframe.

Asia Pacific is anticipated to hold the largest share of the global gelcoat market over the predicted timeframe. Government plans and investments in construction and shipping infrastructure promote industry growth. With rising environmental awareness, the Asia-Pacific region is emerging as a major participant in the global gelcoat business, because of the shift toward eco-friendly gelcoat formulas. Toshiba, Hitachi, Zosen Corp, and JFE Steel have formed a cooperation to build the world's largest offshore wind farm off the coast of Fukushima, Japan. This project, which includes up to 143 floating turbines and is projected to be operational after 2025, is likely to increase demand for gelcoats. During the I2U2 Summit, it was revealed by the leaders that the UAE plans to invest $2 billion into creating a network of extensive food parks across India. Furthermore, the team has also stated its commitment to proceeding with a hybrid renewable energy initiative in the Gujarat State of India. This project will include 300 MW of wind and solar energy, along with a battery storage system. Furthermore, the rapidly increasing building industry, mainly in China, is a major driver for the growth of gelcoat in the construction industry.

Europe is expected to grow at the fastest pace in the global gelcoat market during the forecast period. Europe is experiencing a marine sector revival as the shipbuilding industry undergoes significant restructuring. The presence of several original component manufacturers (OCMs) and original equipment manufacturers (OEMs) in Europe contributes to the region's growing need for gelcoats.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global gelcoat along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Aditya Birla Group Chemicals
• Ashland
• Huntsman International LLC
• Eastman Chemical Company
• Ashland Inc.
• Akzo Nobel N.V.
• LyondellBasell Industries Holdings B.V
• 3M
• Sika AG
• Bang & Bonsomer
• Sino Polymer Co. Ltd.
• Hexion
• BASF SE
• Reichhold LLC
• Scott Bader Company Limited
• Atul Ltd
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In February 2024, INEOS Automotive and BASF's Coatings division reached a deal for worldwide automotive refinish body and paint advancement. The partners will agree to a long-term strategic partnership that allows them to surpass the industry standard in vehicle body repair and paint refinish. The collaboration involves providing sustainable refinish solutions, knowledge, and advanced digital color-matching solutions and training.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global gelcoat market based on the below-mentioned segments:

Global Gelcoat Market, By Resin Type

• Vinyl ester
• Epoxy
• Polyester
• Others

Global Gelcoat Market, By End-Users

• Automotive
• Transportation
• Construction
• Marine
• Aerospace
• Others

Global Gelcoat Market, By Region

• North America
  • US
  • Canada
  • Mexico

• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa