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The Global Gelcoat Market size is projected to grow from USD 974 Million in 2020 to USD 1,808 Million by 2025, at a CAGR of 13.2% between 2020 and 2025.
Top Companies Profiled in the Gelcoat Market:
- HK Research Corporation (US)
- Scott Bader (UK)
- Ineos (UK)
- Bufa Composite Systems Gmbh (Germany)
- Allnex (Germany)
- Alpha Owens Corning (US)
- PolyntReichold (US)
- Turkuaz Polyester (Turkey)
- PoliyaComposites Resins and Polymers(Turkey)
Excellent chemical resistance, durability, and strength of epoxy resin make it suitable for manufacturing gelcoat. Due to thermal and mechanical properties offered by epoxy resin-based gelcoat, such as resistance to corrosive liquids, excellent electrical insulation, good performance at elevated temperatures, lower styrene emission as compared with polyester resins, and good adhesion strength to different varieties of reinforcements., makes it most promising segment.
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The wind energy industry is expected to grow at the highest CAGR during the forecast period in terms of value. Chemical protection and UV resistance properties of gelcoat are increasing its use in the wind energy industry Wind is an important source of renewable energy, and wind turbine blades are the key components in wind power generation system.
Due to COVID-19, numerous wind blade manufacturers and automotive companies have halted their production sites across various countries that has led to reduced demand for composites, which affected the gelcoat demand in Asian countries. The recovery in the end-use industries with restoration in the supply chain would drive the gelcoat demand during the forecast period.
Breakdown of primary participants’ profile:
- By Company Type – Tier 1- 40%, Tier 2- 33%, and Tier 3- 27%
- By Designation – C Level- 50%, Director Level- 20%, and Others- 30%
- By Region – North America- 50%, Europe- 20%, APAC- 15%, Latin America-10%, MEA-5%,