Product Code: 50047
The market for saturated polyester resins is expected to grow at a CAGR of more than 4.5% during the forecast period. One of the main factors driving the market is the growing demand from the packaging industry. However, high processing and manufacturing cost is expected to hinder the growth of the market studied.
- By application, powder coatings dominated the market, which is expected to grow further during the forecast period.
- Technological advancements and emerging applications are likely to act as an opportunity for the market studied in the future.
- Asia-Pacific dominated the market across the world with the largest consumption from countries, such as China and India.
Key Market Trends
Increasing Demand for Powder Coatings
- Saturated polyester resins are primarily used to manufacture solvent-free powder paints and coatings. Owing to its superior properties, such as good weather resistivity, excellent impact strength, and adhesion to metals (even under humid conditions), saturated polyester resins are favored for exterior and interior architectural applications, coating machinery, domestic appliances, steel furniture, and garden tools.
- The growing construction and automotive sector are expected to drive the usage of powder coatings, thereby boosting the growth of the market studied during the forecast period.
- The construction sector has been witnessing a robust growth in Asia-Pacific and Middle East & Africa. In the Middle East & African region, governments have been making efforts to develop the non-oil sectors, after the region faced a financial crisis, due to the drastic fall in oil prices in the past.
- The United Arab Emirates and Qatar were the bright spots for the construction industry, with robust launch of projects ahead of the Expo 2020 and FIFA World Cup 2022, respectively. The United Arab Emirates is the GCC region's largest projects' market, and the value of work awarded was USD 44.5 billion in the recent past.
- Under the Vision 2030 economic-transformation plan, the Saudi Arabian government has initiated numerous infrastructure projects. These projects majorly cover projects related to the power, water, hydrocarbons, construction, road, rail, seaport, and airport sectors.
- Hence, the robust growth of the construction industry is expected to drive the demand for powder coatings, further providing a positive influence on the market studied.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market, in terms of share.
- China is expected to witness a healthy growth in the demand for saturated polyester resins during the forecast period, owing to the expected noticeable growth of automotive, construction, packaging, and paints and coatings industries in the country.
- With healthy growth in such industries, the demand for powder coatings, automotive paints, packaging coatings and binders, etc., is expected to increase, further driving the demand for saturated polyester resins to produce such paints, coatings, and binders.
- China is majorly focusing on increasing the production and sale of electric vehicles in the country. For this purpose, the country has planned to increase the production of electric vehicles (EVs) to 2 million a year by 2020, and 7 million a year by 2025. The target, if achieved, is expected to increase the share of electric vehicles to 20% of total new car production for China, by 2025.
- China is the world's largest manufacturing economy and exporter of goods, which can indicate the importance of packaging for the country.
- The packaging industry in the country has also been witnessing a robust growth, owing to the growing trend of e-commerce.
- The aforementioned factors are expected to drive the demand for paints, coatings, binders, etc., further driving the growth of the market studied.
The saturated polyester resins market is partially fragmented with the top players accouting for a small chunk of the market. Some of these major players include Arkema, Covestro AG, Hitachi Chemical Co. Ltd, Evonik Industries AG, and CIECH SA.
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- The market estimate (ME) sheet in Excel format
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Table of Contents
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Increasing Demand from the Booming Packaging Industry
- 4.1.2 Rapid Industrialization in Asia-Pacific and Central and Eastern Europe
- 4.2 Restraints
- 4.2.1 High Processing and Manufacturing Cost
- 4.3 Industry Value Chain Analysis
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
- 4.5 Technological Snapshot
5 MARKET SEGMENTATION
- 5.1 Type
- 5.1.1 Liquid Saturated Polyester Resin
- 5.1.2 Solid Saturated Resin
- 5.2 Application
- 5.2.1 Powder Coatings
- 5.2.2 Coil and Can Coatings
- 5.2.3 Automotive Paints
- 5.2.4 Packaging
- 5.2.5 Industrial Paints
- 5.2.6 Other Applications
- 5.3 Geography
- 5.3.1 Asia-Pacific
- 126.96.36.199 China
- 188.8.131.52 India
- 184.108.40.206 Japan
- 220.127.116.11 South Korea
- 18.104.22.168 Rest of Asia-Pacific
- 5.3.2 North America
- 22.214.171.124 United States
- 126.96.36.199 Canada
- 188.8.131.52 Mexico
- 5.3.3 Europe
- 184.108.40.206 Germany
- 220.127.116.11 United Kingdom
- 18.104.22.168 Italy
- 22.214.171.124 France
- 126.96.36.199 Rest of Europe
- 5.3.4 South America
- 188.8.131.52 Brazil
- 184.108.40.206 Argentina
- 220.127.116.11 Rest of South America
- 5.3.5 Middle East & Africa
- 18.104.22.168 Saudi Arabia
- 22.214.171.124 South Africa
- 126.96.36.199 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis**
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 Allnex
- 6.4.2 Arkema
- 6.4.3 CIECH SA
- 6.4.4 Covestro AG
- 6.4.5 DIC Corporation
- 6.4.6 Eternal Materials Co. Ltd
- 6.4.7 Evonik Industries AG
- 6.4.8 Hitachi Chemical Co. Ltd
- 6.4.9 Hitech Industries FZE
- 6.4.10 Kimteks
- 6.4.11 Momentive
- 6.4.12 Novaresine SRL
- 6.4.13 Koninklijke DSM NV
- 6.4.14 Sir Industriale SpA
- 6.4.15 Stepan Company
- 6.4.16 The Nippon Synthetic Chemical Industry Co. Ltd (Nippon Gohsei)
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Increasing Usage of Saturated Polyester Resins due to Low VOC Emissions