Pune, India -- (SBWire) -- 05/14/2018 --Market Research Future (MRFR) recognizes the following companies as the key players in the global Gelcoat market: HK Research Corporation (U.S.), Ashland Inc. (U.S.), Bufa Composite Systems GmbH & Co. KG. (Germany), Interplastic Corporation (U.S.), Scott Bader Company Limited (U.K.), Polynt S.p.A (Europe), Reichhold LLC (U.S.), Synergys Technologies (France), Fibre Glass Development Corporation (U.S), Bang & Bonsomer Group Ab (Europe) and Others
Commenting on this report, an analyst from Market Research Future (MRFR)'s team said, "Global Gelcoat Market size is expected to grow at ~1,450 million by 2022. The market witnessed a significant growth owing to use of composite materials in various end user industries across different regions. Gelcoat material are formulated into mold surface coatings to provide protection from diverse conditions. It also provides aesthetic look along with properties as UV degradation, strong resistance from corrosion and water absorption. Gelcoat is available in brush and spray form to provide appropriate thickness so that the part substrate is not prone to damage in diverse conditions.
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The Global Gelcoat Market is growing at rapid pace owing to high demand from end user industries. On basis of resins type, polyester holds a strong market owing to use in marine and transportation industry. Growing demand of polyester resin in marine, wind, construction and transportation owing to strong UV degradation compared to epoxy resin and vinyl ester resin has driven the demand for polyester resin in forecasted period. These is followed by epoxy resin and vinyl ester resin. Vinyl ester resins holds a considerable market share. North America and Europe witnessed strong growth in Gelcoat Market owing to vinyl ester resin used in marine and transportation industry. Epoxy resin is expected to grow moderately owing to use in wind and transportation industry.
End-User Industry Analysis:
On basis of End User Industry, Gelcoat Market is segmented into construction, wind, marine, transportation, others. Marine dominates the market share in gelcoat market. Gelcoats are highly used in marine applications such as decks, ship hulls, motor yachts and power boats. Growing usage of power boats especially for racing purpose and production of leisure boats has driven the market demand. More companies are looking out for fuel efficient vehicles with light weight composites. Thus, increasing the demand for light weight composites in transportation and leisure vehicles are driving the market demand of Gelcoats in coming years. Emerging economies like China and India are focusing more on Gelcoats owing to growing population leading to rise in gelcoats in transportation and construction industry.
Regional Insights:
The market is classified and analyzed on the basis of various geographic segmentation which includes; Americas, Europe, Asia-Pacific, Middle East and Africa. Out of all, North America holds a strong market position in Global Gelcoat Market. U.S is largest producer of boats owing to growing marine and transportation industry.
Europe is second largest region in Gelcoat Market. Europe being largest producer of automobile, consumes larger amount of gelcoat to increase the vehicles fuel efficiency. Asia-Pacific region represents moderate market share in the Global Gelcoat Market. Rise in population drive construction and transportation industry which further drives the Gelcoat Market in emerging economies.
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Gelcoat Market : Top Companies, Regional Growth Overview and Growth Factors Details by Regions, Types & Applications 2022
Global Gelcoat Market Information- by Resin Type (Epoxy, Polyester, Vinyl Ester, others), by End User Industry (Construction, Wind, Marine, Transportation, others) and by Region - Forecast till 2022