GLOBAL POLYURETHANE GEL COATS MARKET SIZE (2023 - 2030)

The Global Polyurethane Gel Coats Market was estimated to be worth USD 430 Million in 2023 and is projected to reach a value of USD 795.9 Million by 2030, growing at a CAGR of 8% during the forecast period 2023-2030.

A common form of coating used to safeguard and improve the appearance of surfaces in numerous industries is a polyurethane gel coat. The liquid resin used as a coating dries on surfaces to leave a glossy, durable appearance. Cars, aerospace parts, boats, swimming pools, and other products all use polyurethane Gel Coats. The key driver of market escalation is the need for polyurethane Gel Coats in several end-use industries, including marine, transportation, and construction.

The demand for polyurethane Gel Coats is anticipated to rise throughout the projected period across a number of end-use industries, including marine, transportation, and construction. With China and India serving as the main market growth accelerators, Asia-Pacific is projected to have the largest market for polyurethane Gel Coats. 

Global Polyurethane Gel Coats Market Drivers:

The increasing demand for protective Coatings in the Marine Industry is fuelling market demand.

One of the main end uses for polyurethane gel-coat is the marine sector. In the marine industry, polyurethane Gel Coats are frequently employed as protective coatings on boats, yachts, and other vessels. These coatings offer defence against potentially hazardous environmental elements like UV rays, salinity, and abrasion. The marine industry's polyurethane gel coat market is anticipated to develop as a result of the arising demand for yachts and leisure boats. Another element boosting the need for polyurethane Gel Coats in the maritime industry is the rising popularity of water sports and other leisure activities.

The growing construction and infrastructure activities are boosting market demand.

In the construction business, polyurethane Gel Coats are frequently employed as protective coatings. Concrete walls and floors are resistant to abrasion, moisture, and UV rays. Demand for polyurethane Gel Coats in the construction sector is anticipated to escalate in developing nations like China, India, and Brazil due to rising housing and office space needs. It is also anticipated that expanding infrastructure-related activities, such as those for building roads, bridges, and tunnels, will lead to an escalation in demand for polyurethane Gel Coats in the building industry. As interest in green building practices and the use of sustainable materials grows, it is projected that demand for polyurethane Gel Coats in the construction industry would increase.

Global Polyurethane Gel Coats Market Challenges:

Gel Coats made of polyurethane are made of synthetic resins that may include hazardous substances like volatile organic compounds (VOCs). These substances could be harmful to both the environment and human health. Governments and environmental organizations are establishing tight laws in response to the rising concern over the environmental effect of polyurethane Gel Coats. For the polyurethane gel coat industry, compliance with these requirements and the creation of environmentally friendly alternatives provide a considerable problem.

Global Polyurethane Gel Coats Market Opportunities:

Growing environmental concerns and regulations have led to the development of bio-based polyurethane gel-coat. Bio-based polyurethane gel coat is made from renewable ingredients such as vegetable oils, soy, and maize. An eco-friendly gel coat that uses bio-based polyurethane helps reduce the carbon footprint of completed items. The market for bio-based polyurethane Gel Coats is estimated to expand in the next years as a result of the increased focus on sustainability and the use of environmentally friendly products. This presents a significant opportunity for companies in the polyurethane gel coat sector to broaden their product lines and satisfy the growing demand for ecologically friendly alternatives. 

COVID-19 Impact on Global Polyurethane Gel Coats Market:

Because of the outbreak, infrastructure and building projects have been put on hold, which has affected the need for polyurethane Gel Coats in the building industry. The market for recreational yachts and boats and the restrictions on travel and leisure activities have both had an impact on the demand for polyurethane Gel Coats in the marine sector. The epidemic has, nevertheless, boosted people's concern for personal cleanliness and sanitation, which has increased demand for gel coat-based products like hand sanitizers and surface disinfectants. As a consequence, companies in the polyurethane gel coat sector now have fresh opportunities to expand their product lines and satisfy the escalating demand for these items.

Global Polyurethane Gel Coats Market Recent Developments:

• In February 2020, as part of their global expansion strategy, Polynt Reichhold Group is creating a fully owned subsidiary, Polynt Composites Turkey, in Istanbul. The new business will operate as a springboard for the group's development and growth in Turkey.

GLOBAL POLYURETHANE GEL COATS MARKET REPORT COVERAGE:

Global Polyurethane Gel Coats Market Segmentation:

Global Polyurethane Gel Coats Market Segmentation: By Type

• Specialty Gel Coats

• Standard Gel Coats

Based on the type, the polyurethane gel coat market has been segmented into two major segments – specialty Gel Coats and standard Gel Coats.

The Standard Gel Coats held the highest market share in 2022 and are anticipated to continue dominance in the forecasted years as well due to their popularity across several sectors because of their budget-friendly nature and ease of availability.

Global Polyurethane Gel Coats Market Segmentation: By End-Use Industry

• Marine

• Transportation

• Wind Energy

• Construction

Based on the end-use industry, the worldwide polyurethane Gel Coats market can be divided into the marine, transportation, wind energy, and construction sectors. The need for recreational boats and yachts has made the marine sector the largest end-use market for polyurethane Gel Coats. The usage of polyurethane Gel Coats for interior and exterior parts in cars, buses, and trains makes the transportation sector another important end-use industry. Due to the propelling usage of polyurethane Gel Coats in wind turbine blades, the wind energy market is anticipated to expand quickly. Due to the growing usage of polyurethane Gel Coats in building materials including pipes, tanks, and panels, the construction sector is also anticipated to expand significantly.  

Global Polyurethane Gel Coats Market Segmentation: By Region

• North America

• Europe

• Asia Pacific

• South America

• Middle East & Africa

Among the regions that make up the regional segmentation of the worldwide polyurethane Gel Coats market are North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Because of the rising demand for polyurethane Gel Coats in the construction and marine sectors in nations like China, India, and Japan, the Asia Pacific region is anticipated to have the greatest share of the market. North America is another important market since the shipping and transportation sectors have a high need for polyurethane gel coats. A sizable portion of the market is anticipated to be accounted for by Europe due to the increased demand for polyurethane Gel Coats in the wind energy industry. Due to the rising demand for polyurethane Gel Coats in the construction and transportation industries, the Middle East & Africa, and South America regions are anticipated to develop at a moderate rate. Economic expansion, the construction of new infrastructure, and regulatory frameworks all have an impact on the market share of each region. 

Global Polyurethane Gel Coats Market Key Players:

1. HK Research Corporation (US)

2. Scott Bader

3. Ineos (UK)

4. Bufa Composite Systems Gmbh (Germany)

5. Allnex (Germany)

6. Alpha Owens Corning (US)

7. Polynt Reichold (US)