Asia Pacific Gelcoat Market Report Description:
Asia Pacific gelcoat market report gives comprehensive outlook on gelcoat across the globe with special emphasis on key countries such as Japan, China, India, Australia & New Zealand, ASEAN, South Korea and Rest of Asia-Pacific. The report on Asia Pacific gelcoat market gives historical, current, and future market sizes (US$ Mn) on the basis of resin type, end user and region. This report studies Asia Pacific gelcoat market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, Asia Pacific gelcoat market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed Asia Pacific gelcoat market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the Asia Pacific gelcoat market report include suppliers, manufacturers, marketers, policy makers, and healthcare service providers engaged in Asia Pacific gelcoat products.
Asia Pacific Gelcoat Market:
The Asia Pacific Gelcoat market estimated to be valued US$ XX Mn in 2018 and poised to grow at significant CAGR over 2019-2025. Some of the key factors influencing the market growth include increase in demand for gelcoat in the transportation industry, high growth in emerging economies, rise in applications in end user industries and growing demand for low-styrene emission gelcoat. In addition, APAC is a key gelcoat market. The booming transportation and construction industries are responsible for the growth of the gelcoat market in the region.
Rise in Applications in End User Industries
The Asia Pacific gelcoat market is growing owing to rise in applications in end user industries such as marine, constructions, wind and transportation. Growing use of polyester resin in marine, wind and transportation industry due to its excellent UV degradation compared to vinyl ester and epoxy resin has boosted the polyester resin gelcoat demand over the forecasted period. Gelcoats are widely used in producing marine products such as decks, ship hulls, motor yachts and power boats which need protective coatings to witnessed impact of water tides. Rise in demand for trading and increase in spending of high class people in boats for leisure has pushed the growth of marine industry along with rise in demand for gelcoat. Vinyl ester resin holds as comparative growth rate owing to use in marine industry.
Gelcoat are used on engine parts and other automobile parts to increase fuel efficiency and reduce weight. The prominent companies are focusing more on lightweight vehicles particularly in transportation industry which includes railways, ships and buses to increase the use of gelcoat in transportation industry.
One of the challenge of gel coat is that there are usually only a limited number of colors that can be used. On top of this, it is comparatively more difficult to work with gel coat in making custom graphics or images on the boat surface. The biggest disadvantage of gel coat is that it is very labor-intensive.
China Accounts for Larger Market Revenue Share in Asia Pacific Gelcoat Market
China accounted for larger revenue share in Asia Pacific Gelcoat market with considerable CAGR. China is one of the prominent consumers of gelcoat in the region. The country has become the single-largest consumer of gelcoat in the wind energy industry and is expected to strengthen its position further. The Chinese shipbuilding industry has integrated military and commercial efforts. With a strong commitment to the industry from China, the Chinese shipyards have already achieved a standard that caters to international customers, and the quality and quantity are expected to increase, during the forecast period. There are several projects and developments in the Chinese shipbuilding industry, which are evident examples of the growth of the market.
Key player’s profiles in the Asia Pacific Gelcoat market include:
- Turkuaz Polyester (Turkey)
- Scott Bader Company (UK)
- Polynt-Reichhold Group (US)
- Poliya Composites Resins and Polymers (Turkey)
- Interplastic Corporation (US)
- Ineos Enterprise (UK)
- HK Research Corporation (US)
- Bufa Composite Systems GmbH (Germany)
- Alpha Owens Corning (AOC) Aliancys (US)
- Allnex (Germany)
Asia Pacific Gelcoat market is surging owing to frequent acquisitions and launchings by the market players. For Instance, in 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.
Key Findings of the Report:
- Asia Pacific Gelcoat market expanding at significant CAGR over 2019 to 2025 due to booming transportation and construction industries.
- Based on Resin Type, Epoxy segment accounted for larger market revenue share in 2018 and projected gain market revenue share over the forecast period
- Players focusing on innovation of newer products and collaboration strategies to retain market position in Asia Pacific Gelcoat market
- Vinyl Ester
By End User
- Aerospace and Defense
- Wind Energy
- Australia & New Zealand
- ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
- South Korea
- Rest of Asia-Pacific
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2014-2018) and forecast (2019-2025)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market