GELCOAT MARKET: INTRODUCTION
Gelcoat is a substance used to provide a superior finishing on a surface of a fiber-reinforced composite used to protect structural laminates. Isophthalic acid-based resins are used to manufacture gelcoats. The common gelcoat are thermosetting polymers based on epoxy or unsaturated polyester resin. Gelcoats are modified resins which are applied to molds in a liquid state. These coats offer various properties such as corrosion resistance, UV degradation and water absorption. The selection of isophthalic acid-based resins increases water retention and blister resistance by gelcoats.
Increase in demand for composites to reduce weight and enhancing fuel efficiency of the transportation systems such as railways, autos, and leisure vehicles plays propels the requirement for gelcoats in the transportation industry. These coats are available in brush and spray forms of suitable thickness so that laminate is not susceptible to any cracking damage with various uses in marine, wind, construction, and transportation industries. Most gelcoats are used in the marine industry.
GELCOAT MARKET: SEGMENTATION
The global gelcoat market can be segmented based on resin, end-user industry, and region. In terms of resin, the global gelcoat market can be classified into polyester, vinyl ester, epoxy, and others. Polyester gelcoats are widely used due to the increase in demand for polyester resin in transportation and marine industries. Polyester and vinyl ester resin gelcoats are used in the marine industry due to their unique properties such as corrosion resistance, UV degradation, and water absorption.
Based on end-use industry, the gelcoat market can be classified into marine, transportation, construction, wind, and others. According to National Marine Manufacturers Association, approximately 95% of powerboats sold in the U.S. are manufactured in the U.S. itself. Gelcoats are widely used in marine applications such as decks, ship hulls and motor yachts & power boats which are made of high quality fiber reinforced plastics, which are gelcoated.
GELCOAT MARKET: REGIONAL OUTLOOK
Based on region, the global gelcoat market can be segregated into Asia Pacific, Europe, Latin America, North America, and Middle East & Africa. North America is estimated to continue to dominate the global gelcoat market during the forecast period. Rise in marine boat safety in countries such as the U.S. and Canada is a major factor driving the demand for global gelcoat market. The U.S. is a major consumer of gelcoat globally. Rise in demand for gelcoat in the U.S. can be attributed to the recovery of the marine industry after an economic recession.
The market in Asia Pacific is anticipated to expand at a moderate pace due to the growth in building & construction industry. However, the amount of gelcoat used in building & construction industry is lesser compare that that in the marine industry.
GELCOAT MARKET: KEY PLAYERS
The global gelcoat market is fragmented and a large number of companies operate on global and regional levels. Major companies operating in the market include Synergys Technologies, Bang and Bonsomer, Ashland, Alpha Owens-Corning (AOC) Resins, HK Research, Nuplex Industries Ltd., Reichhold LLC, CCP Composites, Fibre Glass Development Corporation, Axson Technologies, and Scott Bader.Ashland Inc., BUFA GmbH & Co. KG, HK Research Corporation, Nuplex Industries Ltd., Polynt S.p.A, Reichhold LLC, and Scott Bader Company Limited.
In the 2017, Bang and Bonsomer launched a new gelcoat manufacturing unit at Kokkola site in Finland. This unit manufactures the highly valued Polycor gelcoats. This investment is expected to help the company establish its footprints in Finland and diversify its business.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.