The polyester resin-based gelcoats accounted for a larger share in the gelcoat 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.
There is a high demand for polyester resin-based gelcoats from the marine, construction, and transportation end-use industry. However, the demand for gelcoats is expected to decline in 2020 due to COVID-19 that has enforced lockdown across national and international borders. This has resulted in reduced sales in marine, transportation, and construction industry. The recovery in the end-use industries would restore the demand for polyester resin-based gelcoats during the forecast period.
The marine end-use industry accounts for the largest market share in the global gelcoat market during the forecast period in terms of value and volume.
The marine end-use industry accounted for the largest consumer of gelcoats in terms of value. Gelcoat offers various useful properties such as chemical resistance, corrosion resistance, high gloss, and UV resistance. As a result, its use is increasing in marine industry for coating composite components. 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. However, due to Covid-19 the demand from marine industry is expected drop in 2020, as there is less demand for sail boats and luxury yactches globally.
North America is expected to account for the largest market share in the gelcoat market during the forecast period.
North America accounts for the biggest share of the global gelcoat market. The marine and transportation end-use industry are the major consumers of gelcoats in the region. The region is home to some of the major composite manufacturers such as ACP Composites and Owens Corning. Moreover, the US is a manufacturing hub of various commercial, military, private aircraft and one of the major automobile manuafacturer. Europe is the second major consumer of gelcoats. Marine, wind energy, and transportation are the major industries fueling the growth of the gelcoat market in this region.
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The major manufacturers profiled in this report include HK Research Corporation (US), Scott Bader, Ineos (UK), Bufa Composite Systems Gmbh (Germany), Allnex (Germany), Alpha Owens Corning (US), Polynt Reichold (US) , and among others. The gelcoat business of these companies is severely affected due to the outbreak of COVID – 19 pandemic. Reduced demand for composites from several OEMs and disruption in the supply chain has compelled the gelcoat manufacturing companies to operate at partial capacities. However, several gelcoat manufacturers have focused their concentration on new product development. These developments, coupled with end-use industries resuming their operations at full capacities, would create demand for gelcoats during the forecast period. For instance, Bufa Composite Systems Gmbh developed a new conductive gelcoat, which is capable of eliminating electrostatic charges. The new product launch helped the company enhance its tooling capabilities.
Impact of COVID-19 on global gelcoat market
COVID-19 has negatively affected the demand for composites across various end-use industries such as marine, transportation, wind energy, and construction, which intern reduced the consumption of gelcoats. The disruption in the supply chain resulting in delays or non-arrival of raw materials, disrupted financial flows, and growing absenteeism among production line workers have compelled marine and automobile manufacturers to operate at zero or partial capacities. This is leading to reduced demand for gelcoats.
Increasing demand from the automotive & transportation industry to drive the demand for composites
The automotive & transportation industry has the second largest share in the gelcoat market in terms of volume. The industry commits to comply with stringent regulations such as the Corporate Average Fuel Efficiency (CAFE) standards and the European Emission Standards (EES) by the US and European governments. To reduce carbon dioxide (CO2) emissions, which have an adverse effect on the global climate, the automakers in these regions are focusing on the production of lightweight vehicles with composites to comply with the government regulations and enhance the fuel efficiency of vehicles. Gelcoats are used to coat these composites components to protect them and increase aesthetic appeal.
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