Marine Gelcoats Market Size (2023 - 2030)

The global Marine Gelcoats Market is estimated to be worth USD 415.47 Million in 2022 and is projected to reach a value of USD 1088.96 Million by 2030, growing at a CAGR of 12.8% during the forecast period 2023-2030.

A specialty coating for fiberglass boats called gelcoat is composed of a mixture of epoxy, polyester resin, a catalyst, and several additives. Even though it doesn't significantly raise the structural strength when utilized alone, it is essential for producing a smooth and durable surface when put over fiberglass. The boat's hull is shielded from water penetration and damaging UV rays by this layer of protection, averting any possible deterioration over time. The gelcoat is generally the first layer put into the fiberglass mold during the boat manufacturing process, forming the outer surface of the hull once the boat is taken from the mold. It is frequently blended with a pigment to provide the boat with the desired color and a glossy sheen. There are two types of gelcoats: general-purpose gelcoat and tooling gelcoat. General purpose gelcoat is softer, more flexible, and prone to scratches when contrasted with tooling gelcoat. It's applied at 0.3-0.7mm thickness during the molding process. Its flexibility permits it to endure the steady pressure put on the hull without developing cracks. Tooling gelcoat, on the other hand, is akin to conventional gelcoat but has been specially formulated to accentuate certain attributes, such as hardness, making it well-suited for attaining a high gloss finish via polishing. On non-moving surfaces and in places where movement is not desired, gelcoat is frequently employed.

Global Marine Gelcoats Market Drivers:

The numerous advantages of gelcoats for boat application are fueling the growth of the Global Marine Gelcoats Market.

A boat's gelcoat is a valued asset owing to its multiple benefits. It shields the hull, extends the boat's life expectancy, and diminishes the necessity for high-priced repairs. A high-shine surface gives the boat a greater appearance and makes it stand out in any setting. Gelcoat is a fantastic material for high-stress circumstances since it is exceptionally resilient and durable. Furthermore, gelcoat shields the boat from harmful UV rays, averting fading and other kinds of damage. Regular gelcoat maintenance is a smart investment for boat owners as it may raise the boat's resale value. Therefore, this factor propels the demand for marine gelcoats.

The increasing preference for gelcoats over marine paints is another factor contributing to the growth of the Global Marine Gelcoats Market.

With more color options than gelcoat, marine paint is a specialty urethane coating devised for yachts and boats. Marine paint is more pricey, but since it is less chemically stable, it chips when it comes into contact with water and pollutants. In contrast, gelcoat is layered multiple times with a clear glossy top coat, creating a durable and smooth shine on the hull. Furthermore, applying marine paint necessitates mixing and a distinct preparation procedure. Therefore, this factor also propels the demand for marine gelcoats.

Global Marine Gelcoats Market Challenges:

Styrene emissions are the main obstacles the Global Marine Gelcoats Market is encountering. The key component of gelcoats made from polyester resin is styrene, regardless, due to its high emission levels, there are worries for workers' health and safety. This restricts market expansion. Styrene emissions from resins and gelcoats have been controlled in numerous nations in an effort to safeguard both human health and the environment. As an example, the Environment Protection Agency (EPA) established the National Emission Standards for Hazardous Air Pollutants (NESHAPs), commonly known as Maximum Achievable Control Technology Standards (MACT) standards. To achieve the maximum degree of control, these guidelines specify lower limits for hazardous air pollutants (HAPs) generated by particular businesses. Thus, these hindrances curtail the progress of the Global Marine Gelcoats Market.

Global Marine Gelcoats Market Opportunities:

The Global Marine Gelcoats Market is projected to offer profitable prospects for businesses operating in the specialty chemicals domain, fostering partnerships, mergers, collaborations, and agreements during the forecasted period 2023-2030. Furthermore, owing to continuous R&D in gelcoat formulas, producers have the chance to create cutting-edge solutions with improved performance, durability, and environmental sustainability. These innovations aid in meeting the marine industry's evolving needs.

COVID-19 Impact on the Global Marine Gelcoats Market:

The Global Marine Gelcoats Market has been considerably influenced by the COVID-19 outbreak. As a result of rigorous lockdowns, travel restrictions, and social distancing measures, the demand for marine gelcoats waned. Disruptions in the supply chains highly affected the expedited production and distribution of marine gelcoats. With marina closures and restricted travel, the pandemic's influence on leisure and tourism hampered recreational boat and yacht demand, thus affecting the marine gelcoats industry. These factors negatively impacted the market's growth. Despite these challenges, the market is projected to rebound alongside the global recovery from the pandemic.

Global Marine Gelcoats Market Recent Developments:

• In April 2023, BÜFA and AOC decided to strengthen their current partnership in distribution, particularly in Southeast Europe, by involving BÜFA Composites Austria, which provides customers in the region with improved access to high-quality resins, gelcoats, and auxiliary materials. 

• In July 2022, The Polynt Group unveiled its plan to increase the production capacity of coating resin, striving to cater to the North American Coatings Market. 

• In March 2022, Allnex announced the acquisition of both the Mahad Manufacturing site and the coating resins business from D.R. Coats Ink & Resins Pvt. Ltd. (DRC), situated in Maharashtra, India.

MARINE GELCOATS MARKET REPORT COVERAGE:

Global Marine Gelcoats Market Segmentation: By Gelcoat Type

• General Purpose Gelcoat

• Tooling Gelcoat

Based on the Gelcoat Type, the General Purpose Gelcoat segment occupied the highest market share in the year 2022. The growth can be ascribed to its adaptability for different marine applications, making it a favored option for manufacturers. Compared to tooling gelcoat, the general purpose gelcoat is a softer, more malleable coating. It is normally applied with a thickness of 0.3-0.7mm during the molding process and exhibits exceptional flexibility to accommodate the continual movement on the hull without cracking. Because of their low price, general purpose gelcoats are popular among yacht builders and maintenance facilities looking for performance on a budget. 

Global Marine Gelcoats Market Segmentation: By Resin Type

• Epoxy

• Polyester

• Vinyl Ester

• Others

Based on the Resin Type, the Polyester segment occupied the highest market share in the year 2022. The growth can be ascribed to the advantageous properties offered by polyester resins. Polyester resins are inexpensive and have high corrosion resistance, quick curing, durability, temperature tolerance, and minimal thermal expansion. Polyester resins give durability when utilized in gelcoats for molds and components. These resins, typically activated with methyl ethyl ketone peroxide (MEKP) catalyst, are naturally UV-resistant, easy to use, fast-curing, and can tolerate changes in temperature and catalyst. Furthermore, they are more affordable than epoxy systems. The high thixotropic index of polyester resins contributes to the thriving polyester gelcoat market during the forecast period 2023-2030.

Global Marine Gelcoats Market Segmentation: By Region

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa

Based on the Region, North America occupied the highest share of the Global Marine Gelcoats Market in the year 2022. North America has a flourishing maritime sector with a long history of manufacturing, repairing, and maintaining boats owing to the popularity of recreational boating and yachting. In the U.S.A., where there is a sizable boating industry with many boat owners and enthusiasts, marine gelcoats are in great demand for both new boat building and maintenance. North America also houses several prominent market players, encompassing HK Research Corporation, Interplastic Corporation, and TotalBoat, LLC.

The region of Asia-Pacific is anticipated to expand at the quickest rate over the forecast period 2023-2030 owing to the increasing international merchandise trade fueled by global FDI, government regulations aimed at lowering marine pollution and enhancing maritime safety and security, and the region's significant number of ship and boat manufacturers.

Global Marine Gelcoats Market Key Players:

1. Polynt S.p.A. (Italy)

2. HK Research Corporation (United States)

3. Interplastic Corporation (United States)

4. TotalBoat, LLC (United States)

5. Ashland Global Holdings Inc. (United States)

6. Scott Bader Company Ltd. (United Kingdom)

7. AOC, LLC (United States)

8. BUFA GmbH & Co. KG (Germany)

9. Allnex GmbH (Germany)

10. Poliya Composite Resins and Polymers, Inc. (Turkey)