Market Trends of Gelcoat Industry
Automotive and Transportation (including Aerospace and Marine) segment to lead the Market
- As per OICA, the Global Automotive Industry is currently growing at a substantial rate of 6% in 2022 over 2021. In 2022, various developed and developing countries across the world, including China, Germany, South Korea, Canada, the United Kingdom, and Italy, experienced an increase in automotive production. In 2022, over 85 Million Units of Motor vehicles were manufactured.
- The National Marine Manufacturers Association (NMMA) reports that the recreational boating industry in the U.S. generated an estimated US230.3 billion in sales in 2022.
- According to Invest India, during January 2021, a total of 161 projects in the marine industry, at a cost of US$12 billion, have been completed, and 178 projects at a cost of INR 1,96,578 Crores (US$ 26,595 million) are under implementation.
- As per IATA, it expects a year-over-year increase in total revenues of 9.7% to reach USD 803 Billion in 2023. This marks the first instance of industry revenues surpassing the USD 800 Billion threshold since 2019 when it reached USD 838 Billion. The growth in expenses is projected to be limited to an 8.1% annual rise.
- All these factors are likely to rapidly drive the market during the forecast period.
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Asia-Pacific Region to Dominate the Gelcoat Market
- Asia-Pacific region dominated the global market share. The increasing investments and production in end-user industries, aerospace, automotive, marine, construction, etc, are driving the demand for Gelcoat Market in the region.
- A consortium involving Toshiba, Hitachi, Zosen Corp, and JFE Steel is set to construct the world's largest offshore wind farm off the Fukushima coast in Japan. This project, featuring as many as 143 floating turbines and expected to become operational after 2025, is likely to boost the demand for gelcoats.
- Moreover, the Indian Ministry of New and Renewable Energy (MNRE) has set targets for offshore wind installations, aiming for 30 GW by 2030. The use of an in-mold stable gelcoat is frequently required for the protective coating on blades, as well as wind and tidal turbine rotor blades
- According to Lloyd's Register, by 2030, China is poised to become a prominent maritime powerhouse in the shipping industry. To accomplish this, China plans to construct 40 cruise ships, with a portion intended for the domestic market and others for international markets, during this period.
- At the I2U2 Summit, the leaders disclosed that the UAE will allocate $2 billion for the establishment of a network of comprehensive food parks throughout India. Additionally, the group has confirmed its intention to move forward with a hybrid renewable energy project in India's Gujarat State. This initiative will encompass 300 megawatts (MW) of wind and solar capacity, enhanced by a battery energy storage system.
- As per Invest India, the construction industry in India is expected to reach USD 1.4 Trillion by 2025, and the construction industry in India works across 250 sub-sectors with linkages across sectors and over 54 global innovative construction technologies identified under a Technology Sub-Mission of PMAY-U to start a new era in Indian Construction Sectors.
- Furthermore, the rapidly growing construction industry, primarily in China, is a major factor driving the demand for gelcoat in the construction industry.
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