(EMAILWIRE.COM, November 12, 2021 ) The global gelcoat market size was USD 974 million in 2020 and is expected to reach USD 1,808 million by 2025, projecting a CAGR of 13.2% between 2020 and 2025. Composites are increasingly used in the marine, transportation wind energy, construction and aerospace & defense end-use industries due to light weight, high strength, corrosion resistance, and other properties. The increasing demand for composites supports the demand for gelcoates in these industries. However, the outbreak of COVID-19 has created ripples across various composites end-use industies leading to reduced demand for gelcoats. Due to the lockdown scenario in Europe and North America, the demand for gelcoats from automotive, marine and wind energy industries have declined sharply in the first half of 2020.

The marine end-use industry is the largest consumer of gelcoats in terms of value. Composites are corrosion-resistant and are not subject to fatigue damage. Gelcoat offers various useful properties such as chemical resistance, corrosion resistance, high gloss, and UV resistance. As a result, its use is increasing in various industries such as wind energy, transportation, marine, and construction. Glass fiber reinforced plastics are widely used in the marine industry. Entire decks and complete ship hulls for powerboats or sailing/motor yachts are completely made up of high-quality glass fiber reinforced plastics.

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The US is the largest market for gelcoat in the world, in terms of both value and volume. The trend is expected to be the same during the forecast period. The country is home to some of the major composite manufacturers such as ACP Composites and Owens Corning. The growing composites industry is propelling the market for gelcoat in the US. The growing marine industry is also a major factor for the growth of gelcoat market in the country. With China, Germany, the US, Spain being the most affected countries, the entire supply chain in the wind energy industry is disrupted globally. The lockdown of international borders has reduced the demand for glass fiber composites in Europe and North America.

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Gelcoats are segmented based on resins used in to polyester, vinyl ester, epoxy, and others. The polyester resin-based gelcoats accounted for a larger share in the composites market. Polyester resins are less expensive and possess properties such as good corrosion resistance, fast curing, durability, tolerance to temperature, and low thermal expansion. Polyester resins used in gelcoats offer durability for molds and parts. Traditional gelcoats are available in white, neutral, and clear textures; and tooling gelcoats are available in colors such as orange and black.The demand for polyester based-gelcoats is expected to see a decline in 2020 due to the pandemic.

Though declined demand will impact the revenue of resin suppliers, they are expected to increase their profit margin from plummeting crude oil prices.
Due to the COVID-19 crisis, several players in the gelcoat market have implemented various strategies. For instance, many companies are operating in staggered shifts or running at partials capacities.

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