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The gelcoat sector is undergoing a transition towards environmentally sustainable alternatives driven by stringent environmental regulations and increasing sustainability concerns. Simultaneously, there is a heightened demand for gelcoats that not only offer environmental benefits but also exhibit superior performance, enduring weather damage and retaining color vibrancy over time. Various industries are seeking customized gelcoat solutions tailored to their specific requirements, leading to a proliferation of customizable options. Additionally, advancements in technologies such as UV-curable gelcoats and nanotechnology-based solutions are reshaping the market landscape, offering enhanced quality, and enabling novel applications. The marine and automotive sectors remain key drivers of this growth, prioritizing lightweight materials and aesthetic excellence.
Gelcoat industry from the polyester segment recorded USD 789 million in 2023 and is expected to register an appreciable CAGR from 2024-2032 due to their durability, water resistance, and cost-effectiveness.
Market size for gelcoat was USD 1.35 billion in 2023 and is expected to register over 13.3% CAGR from 2024-2032 owing to the thriving boating industry demanding gelcoat for both new boat construction and repairs, ensuring protection and a glossy finish worldwide.
Asia Pacific industry reached USD 387.2 million in 2023 and is expected to register a commendable CAGR from 2024-2032 due to the expanding marine and automotive sectors, alongside industrial growth, and infrastructure development in the region.
AOC Resins, Akzo Novel N.V., Ashland, BUFA GmbH & Co. KG, CCP Composites, Corning, HK Research Corporation, Interplastic Corporation, Lantor BV, Marcoat, Nuplex Industries, Reichhold LLC, Scott Bader Company Ltd., and Sika AG, are some of the major gelcoat companies worldwide.