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Flourishing Energy Sector is Driving the Gelcoat Market Growth
HYDERABAD, TELANGANA, INDIA, September 29, 2022 / / -- IndustryARC, in its latest report, predicts that size is forecast to reach US$1.1 billion by 2027, after growing at a CAGR of 8% during 2022-2027. The utilization of gelcoat to provide a protective layer and a high-quality finish on the surface of the fiber-reinforced composite, in various end-use industries such as building & construction, automotive, marine, and others is driving the market growth. Gelcoat is often used to color and to improve surface characteristics of the composite such as corrosion resistance, water resistance, heat resistance, and appearance. Polyester gelcoat is applied to the finished part and products of the fiber reinforced composite material to offer surface finish and protection. Also, epoxy gelcoat is applied on the surfaces such as steel, concrete, composites, and wood, in order to provide superior chemical, thermal, and abrasion resistance. Additionally, the flourishing marine and wind energy sector globally is anticipated to be the major driving factor for the gelcoat market during the forecast period. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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1. The Asia Pacific region dominates the gelcoat market, owing to the rising growth of the marine industry. For instance, according to Invest India, during January 2021, a total of 161 projects in marine industry, at a cost of US$12 bn have been completed and 178 projects at a cost of INR 1,96,578 Crores (US$ 26,595 million) are under implementation.
2. Rapidly rising demand for gelcoat in the energy sector for protective coating on wind and tidal turbine rotor blade has driven the growth of the market.
3. The increasing demand for gelcoat in building & construction sector, due to its chemical, mechanical, and thermal resistance characteristics has been a critical factor driving the growth of the gelcoat market.
4. However, the health hazards and stringent environmental regulations associated with the use of gelcoats can hinder the growth of the gelcoat market.
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1. The polyester segment held the largest share in the gelcoat market in 2021, owing to the extensive characteristics of polyester resins. polyester resins have a high thixotropic index, owing to which the polyester gelcoat market is flourishing during the forecast period.
2. The Asia-Pacific region dominated the gelcoat market with a share of 38% in 2021. APAC region is one of the leading gelcoat manufacturers, with China and India being the key consumers and suppliers of gelcoat. The rising growth of several end-use industries such as building & construction, marine, automotive, and others, has uplifted the development of the gelcoat market.
3. According to Lloyd's Register, in 2030 China will play a key role as the emerging maritime superpower in shipping. In order to achieve this, it intends to build 40 cruise ships (some for the domestic market, some international) over this time. Moreover, the Indian government is also heavily investing in the marine sector. For instance, as per Union Budget 2020-21, the total allocation for the Ministry of Shipping stood at Rs 1,800 crore (US$ 257.22 million).
4. The marine industry held the largest share in the gelcoat market in 2021 and is growing at a CAGR of 5.8% during 2022-2027, owing to the increasing demand for gelcoats in the various marine applications. The rising growth of marine industry has uplifted the gelcoat market.
5. According to the government of Canada, in 2020 the marine industry in Atlantic Canada, Alifax Shipyards won a contract of US$25 billion from the Department of National Defense, in order to build 21 combat ships over the next 30 years. Thus, the rising usage of gelcoat in marine sector will drive the market growth in the forecast period.
The top 5 players in the Gelcoat industry are -
1. HK Research Corporation
2. Scott Bader
4. Bufa Composite Systems Gmbh
5. Allnex, Alpha Owens Corning
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