Saudi Arabia Gelcoat Market Size Booming to Touch USD 60.7 Million by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Saudi Arabia gelcoat market size at USD 38.79 Million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Saudi Arabia gelcoat market size to grow at a CAGR of 6.76% reaching a value of USD 60.69 Million by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Saudi Arabia gelcoat market size at USD 38.79 Million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Saudi Arabia gelcoat market size to grow at a CAGR of 6.76% reaching a value of USD 60.69 Million by 2029. An increasing demand for high-performance composite materials across a variety of industries, including transportation, aviation, aerospace, and military defense, is one of the main development factors for the Saudi Arabia gelcoat market. Expanding building operations in Saudi Arabia as a means of economic diversification is also emerging as a significant driving force for the growth of the Gelcoat market.
Saudi Arabia Gelcoat Market – Overview
Gelcoat, also called Gel Coat, is a substance used to give a high-quality finish on the visible surface of a fiber-reinforced composite. It is a two-part polyester resin that has been particularly prepared for use as the initial resin layer to be put in a mold for creating a polyester or vinyl ester composite product. The objective is to produce an opaque surface that will totally prevent glass pattern show-through. However, free water will seep through the surface of the gelcoat and infiltrate into the structure since Gelcoat is not waterproof. The water will then either evaporate or freeze, shattering the gelcoat as a result of temperature extremes.
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Saudi Arabia Gelcoat Market – By End User
Based on end user, the Saudi Arabia Gelcoat market is segmented into automotive, marine, building & construction, wind energy, and others. The marine segment accounts for the highest market share. Gelcoat is a form of polymer that is applied to boats and other watercraft as a protective covering. It protects the vessel's hull from UV radiation, seawater, and other factors and is commonly applied to the hull. The color options for gelcoat are many, and it may be polished to a brilliant gloss. “Saudi Arabia is placed 20th internationally in the marine transport sector and achieved the highest regional improvement in the 2021 Maritime Connectivity Index”, as reported by Arab News. As a result, the demand for gelcoat is also expanding in the marine industry.
Impact of COVID-19 on Saudi Arabia Gelcoat Market
The unprecedented COVID-19 pandemic outbreak affected the growth of the Saudi Arabia gelcoat market. The operations of the major end-user industries of the Gelcoat market including automotive and building & construction were temporarily hindered which is impacting the market demand for gelcoat in Saudi Arabia. Additionally, the production activities and import activities also negatively affected the Saudi Arabia gelcoat market.
Competitive Landscape
Major players operating in Saudi Arabia gelcoat market include LyondellBasell Industries Holdings B.V., 3M, SIKA AG, AEKYUNG CHEMICAL Co., Ltd, ALLNEX NETHERLANDS B.V., AOC, LLC, BÜFA GmbH & Co. KG, Changzhou Huake Polymers Co., Ltd., Eternal Synthetic, and Euroresins. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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