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.
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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 major manufacturers profiled in
this report include HK Research Corporation (US), Scott Bader, Ineos (UK), Bufa
Composite Systems Gmbh (Germany), Allnex (Germany), Alpha Owens Corning (US),
Polynt Reichold (US) , and among others. The gelcoat business of these
companies is severely affected due to the outbreak of COVID - 19 pandemic.
Reduced demand for composites from several OEMs and disruption in the supply
chain have compelled the gelcoat manufacturing companies to operate at partial
capacities.
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