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Increase in demand for gelcoat in transportation industry

 

Gelcoats are used in a variety of end-use industries, including transportation, wind energy, marine, pipes & tanks, construction & infrastructure, and others. Gelcoats are used for coating various composite components Led by strong end-user demand, the gelcoat market is expected to grow at a rapid pace. However, amidst the global COVID-19 pandemic, the demand for gelcoats from the industries mentioned above is expected to show a sharp decline. The global composites market size is expected to grow from USD 974 million in 2020 to USD 1,808 million by 2025, projecting a CAGR of 13.2 % during the forecast period between 2020 and 2025.

Over the past years, gelcoats have strengthened their position in the global gelcoats market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions. However, owing to lockdown announced by several countries in 2020, the demand for composites from wind turbine installations, automotive and aircraft manufacturing, and construction sectors has declined sharply, which resulted in declined demand for gelcoats.

For instance, as per European Automobile Manufacturers Association the demand for the demand for new cars in Europe is declined by 25% in first quarter of 2020. In the wind energy sector, international and domestic travel bans are creating problems in the routine maintenance, operations, and procurement of materials and related equipment, thereby reducing composites demand.


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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.

However, the COVID-19 outbreak has affected the demand for gelcoats in the region. On the positive side, support packages offered by US government will help to maintain the liquidity in composite industry. Such initiatives coupled with recovery in the end-use industries will increase the demand for gelcoat in North America.

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