Enjoy complimentary customisation on priority with our Enterprise License!
The gelcoat market share is expected to increase to USD 540.49 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.85%.
This gelcoat market research report extensively covers gelcoat market segmentations by end-user (marine, transportation, wind-energy, construction, and others) and geography (North America, APAC, Europe, South America, and Middle East and Africa). The gelcoat market report also offers information on several market vendors, including 3M Corp., Allnex Netherlands BV, Ashland Global Holdings Inc., BUFA GmbH and Co. KG, Eastman Chemical Co., Hacotech GmbH, HK Research Corp., Huntsman Corp., INEOS Group Holdings SA, Interplastic Corp., MADER SA, Nivitex Fibreglass and Resins, Poliya Polyester Industry and Trade Ltd. Sti., Polynt Spa, RESOLTECH SAS, Scott Bader Co. Ltd., Sicomin, Sika AG, Sogel Inc., Turkuaz Polyester Resin Chemical Ltd. Sti., and BASF SE among others. Furthermore, this report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches.
Download the Free Report Sample to Unlock the Gelcoat Market Size for the Forecast Period and Other Important Statistics
Technavio categorizes the global gelcoat market as a part of the global specialty chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the gelcoat market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the gelcoat market encompasses successful business strategies deployed by the key vendors. The gelcoat market is fragmented and the vendors are deploying growth strategies such as acquisitions, partnerships, product launches, and investment in R&D to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The gelcoat market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
The growth of marine industry and upcoming yacht projects is notably driving the gelcoat market growth, although factors such as increased price of gelcoat may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the gelcoat industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Gelcoat Market Driver
One of the key factors driving the global gelcoat market growth is the growth of the marine industry and upcoming yacht project. Premium gelcoat products are used in boats, pools, and boat paints. Gelcoat are used in the marine industry to paint the interior and exterior surfaces and to protect metal components from chemical attack and UV radiation. These are highly durable and provide an aesthetic appeal and high-quality finish. Owing to its superior properties and high quality and durability, it is widely preferred in the marine industry. According to the National Marine Manufacturers Association (NMMA), the upcoming yacht projects and increased recreational activities globally, particularly in the US, Canada, California, and Alaska, can significantly drive the demand for gelcoat in the marine industry during the forecast period.
Key Gelcoat Market Trend
Strategic initiatives undertaken by leading vendors is one of the key gelcoat market trends that is expected to impact the industry positively in the forecast years. The vast technological improvements and increased R and D activities will lead to the introduction of more grades of gelcoat and will generate a wide scope of applications. Leading vendors, such as BASF, Akzo Nobel N.V., HK Research Corp., and Scott Bader Co., are constantly focusing on strategic initiatives to gain a competitive advantage. For instance;
Thus, strategic initiatives undertaken by vendors, such as acquisitions, partnerships, product launches, and investment in R&D, can result in the development of different grades of gelcoat, which will promote the growth of the global gelcoat market in the coming years.
Key Gelcoat Market Challenge
One of the key challenges to the global gelcoat market growth is the increased price of gelcoat owing to the rising prices of raw materials, such as styrene, glycols, and LER. Furthermore, an increase in raw material cost results in an increase in packaging and transportation costs. For instance;
Vendors may increase the price of gelcoat further owing to increased raw material and transportation costs. Thus, rising prices of gelcoat are expected to hinder the growth of the global Gelcoat market during the forecast period.
This gelcoat market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Our report provides extensive information on the value chain analysis for the gelcoat market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
For more insights on the market share of various regions Request for a FREE sample now!
33% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for gelcoat in North America. Market growth in this region will be faster than the growth of the market in Europe.
The significant increase in the demand for gelcoat, owing to the growing marine and transportation industries, will facilitate the gelcoat market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 in 2020 negatively impacted the gelcoat market in North America in the mid-2020. A rise in the number of deaths from COVID-19 led to the imposition of lockdowns in various countries in the region, primarily during the first half of 2020. As a result, several manufacturing units in the construction, transportation, and marine were closed, which adversely impacted the demand for gelcoat in North America in 2020. However, in 2021, the region witnessed a decline in the number of COVID-19 cases due to the availability of COVID-19 vaccines. As a result, the operations of end-user industries were resumed to reduce the supply-demand gap during the forecast period, which, in turn, improved the regional market growth. Thus, the regional market is expected to grow during the forecast period.
To gain further insights on the market contribution of various segments Request for a FREE sample
The gelcoat market share growth by the marine segment will be significant during the forecast period. The growing recreational boat and ship industry are expected to significantly propel the growth of the global gelcoat market in the marine industry.
This report provides an accurate prediction of the contribution of all the segments to the growth of the gelcoat market size and actionable market insights on post COVID-19 impact on each segment.
Gelcoat Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.85% |
Market growth 2022-2026 |
$ 540.49 million |
Market structure |
Fragmented |
YoY growth (%) |
5.84 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 33% |
Key consumer countries |
US, Canada, China, Japan, and Germany |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
3M Corp., Allnex Netherlands BV, Ashland Global Holdings Inc., BUFA GmbH and Co. KG, Eastman Chemical Co., Hacotech GmbH, HK Research Corp., Huntsman Corp., INEOS Group Holdings SA, Interplastic Corp., MADER SA, Nivitex Fibreglass and Resins, Poliya Polyester Industry and Trade Ltd. Sti., Polynt Spa, RESOLTECH SAS, Scott Bader Co. Ltd., Sicomin, Sika AG, Sogel Inc., Turkuaz Polyester Resin Chemical Ltd. Sti., and BASF SE |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.