The market for the gelcoat market is expected to grow at a CAGR of more than 7% during the forecast period. Major factors driving the market studied is the rise in construction activities in Asia-Pacific.
- Increasing wind energy industry is likely to act as an opportunity.
- Asia-Pacific dominated the market across the globe with the largest consumption in a country such as India, China, etc.
Key Market Trends
Epoxy Segment to Dominate the Market
- Epoxy gelcoats are one of the major resin types available in the global gelcoat market.
- These coatings are used during shipbuilding, maintenance, and repairs on multiple parts of the ship, such as underwater hulls, ballast tanks, cargo tanks or holds, decks, topsides, and superstructures, among other parts.
- Epoxy coatings are majorly used as primers and topcoats. Owing to their convenience to recoat, bonding ability with different materials and moisture-resistant nature, these coatings are effectively used for applications involving corrosion-resistivity.
- All these factors are likely to rapidly drive the market during the forecast period.
China to Dominate the Asia-Pacific Region
- China is making a concerted effort to establish itself as a major marine power. It is now the world’s largest shipbuilder in terms of gross tonnage and value, leaving behind Japan and South Korea.
- The Chinese shipbuilding industry has integrated military and commercial efforts. With a strong commitment to the industry from China, the Chinese shipyards have already achieved a standard that caters to international customers, and the quality and quantity are expected to increase, during the forecast period.
- There are several projects and developments in the Chinese shipbuilding industry, which are evident examples of the growth of the market.
- Furthermore, the rapidly growing construction industry, primarily in China, is a major factor driving the demand for gelcoat in the construction industry.
The gelcoat market is fragmented. Some of the major players include ALLNEX NETHERLANDS B.V., INEOS, Polynt, Interplastic Corporation, and BÜFA GmbH & Co. KG., amongst others.
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