Market Size of Gelcoat Industry
| Study Period | 2019-2029 |
| Market Volume (2024) | 225.90 kilotons |
| Market Volume (2029) | 356.60 kilotons |
| CAGR (2024 - 2029) | > 9.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Gelcoat Market Analysis
The Gelcoat Market size is estimated at 225.90 kilotons in 2024, and is expected to reach 356.60 kilotons by 2029, growing at a CAGR of greater than 9% during the forecast period (2024-2029).
The COVID-19 pandemic is expected to impact the Gelcoat Market in 2020 and 2021, driven by reduced economic and commercial activities. Declines in construction and industrial output will keep demand low, but recovery is anticipated with revived trade and government guidelines.
- Growing demand for gelcoat in the automotive and transportation industry is set to drive market growth. This sector dominated the gelcoat market due to automakers' efforts to produce lightweight vehicles with composites, aligning with government guidelines for improved fuel efficiency and reduced carbon dioxide (CO2) emissions. Gelcoats are key to enhancing the aesthetics of these composite components.
- Polyester Gelcoats are extensively used in various industries, particularly in the transportation and marine sectors. Their popularity in the marine industry is due to their excellent properties, including water resistance, UV protection, and corrosion resistance. This rising demand for polyester gelcoats contributes to market growth.
- Styrene, the predominant monomer in polyester resin-based gelcoats, has raised safety and health concerns due to its extensive use. This poses challenges for market expansion as many governments have implemented strict regulations to reduce styrene emissions from gelcoats and resins, consequently limiting market growth in the forecast period.
- Asia-Pacific dominated the Gelcoat Market across the globe with the largest consumption in a country such as India, China, etc.
