Press release
Global Saturated Polyester Resin Market Size, Business Opportunity, Share, Growth, Key Players, Future Scope, Demand and Forecast Report by 2027
The global Saturated Polyester Resin market was valued at USD 4,281.1 million in 2019 and is expected to reach USD 6,598.5 million by 2027, growing at a CAGR of 5.59% from 2020 to 2027.Saturated polyester resin is formed by the reaction of polybasic acids and polyols, and its feature includes excellent flexibility and hardness. It is mainly used in can coating, rolled steel, non-stick pan, ink, adhesive, PET coil, metallic baking paint such as automotive paint, and so on.
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Saturated polyester resin is water, heat, and humidity resistance, therefore, they offer a wide range of applications in several industries such as paint & coating which are projected to boost the market growth over the forecast period. The rising industrial sector is influencing to spur market growth in the upcoming years. Furthermore, strict government regulations imposed on VOC emissions have resulted in the development of eco-friendly technologies that are substituting solvent-borne coatings. This, in turn, might fuel the demand for saturated polyester resin
Drivers: 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.
Growing construction and automotive sector are expected to drive the usage of powder coatings, thereby boosting the growth of the market 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.
Challenges: Economic Influences
Significant numbers of raw materials used in coatings formulations are either derived directly from oil for their chemical composition, or indirectly as a result of energy derived from oil for their mining and/or processing. The price of oil can be highly volatile and many factors can impact this forecast, driving the price/barrel either up or down. As a result, oil prices have a significant impact on the price of coatings raw materials.
ChemQuest estimates that there is a “pass-through factor” of roughly 50%—i.e., if the price of oil doubles, raw material prices will increase by 50%. A realistic worst-case scenario might see prices of crude oil 50% higher than the forecast, which would increase raw materials for paints and coatings roughly 25%.Over the coming five years, the price of oil is forecast to remain relatively stable, within the range of $60–$70/barrel according to the U.S. Energy Information Administration (EIA).
The implication for raw material suppliers and coatings formulators is that the price of the base materials that comprise coatings will likely rise at a rate similar to the rate of inflation to 2022.
Opportunity: Trend toward Epoxy-Free Non-Bpa Can coatings
Consumer and regulatory pressure to replace bisphenol-A (BPA)-based materials in food contact metal packaging coatings has increased in recent years.Bisphenol-A (BPA) is a chemical commonly used in food contact plastics and coatings applications such as the BPA-epoxy-based linings of metal cans containing food or beverages.
With increasing pressure from food brands, formulators and can makers are actively looking for alternative solutions that can meet or exceed the performance of BPA-based coatingsAmong all the new resin technologies today, polyesters with a balance of key performance attributes have emerged as one of the most promising alternative solutions.
Impact of Covid-19 on Saturated Polyester Resin Market
The outbreak of coronavirus has resulted in major disruption of saturated polyester resin production, supply chain, shortage of raw materials, and increased costs. In addition, the cost volatility of petroleum products is impacting the market. Nevertheless, end-users are seeking alternative supply sources to maintain supply chains. The recovery is likely to be strong after the outbreak is brought under control, owing to the wide scope of applications for saturated polyester resins.
Liquid Saturated Polyester is expected to be the largest contributor
Based on the type segment, the overall saturated polyester resin market is segmented into solid saturated polyester resin and liquid saturated polyester resin. The liquid saturated polyester resin segment dominated the target market in 2019 due to its extensive usage in the coating industry as industrial paints and automotive paints.
Automotive accounted for highest market share in 2019
By application-wise, the worldwide market is classified into the automotive industry, home appliances, industrial machinery, and OEMs. Among this automotive industry has the highest market share owing to surge in the sale and production of vehicles around the globe.The demand is driven by rising sale and production of vehicles which requires polyester resins for automotive paintings, light covers, dashboards, panels, coating and among others.
North America to grow at the highest CAGR during the forecast period
Geographically, the global Saturated Polyester Resin market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the North America accounted for the highest revenue share.
North America Saturated Polyester Resin Market was valued at USD 763.6 million in 2019 and is expected to reach USD 1,202.9 million by 2027, growing at a CAGR of 5.88% from 2020 to 2027. Growing adoption of the electric vehicles due to growing awareness about the pollution control devices, and rising the disposable income in this region have propelled the saturated polyester market
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Key Players:
Various key players are discussed in this report such as Royal DSM N.V., Allnex Belgium SA/NV, Arkema S.A., Nuplex Industries Ltd., Stepan Company, Evonik Industries, Nippon Gohsei, Covestro AG, and Megara Resins.
Recent Developments:
DSM and Avril completed creation of joint venture to develop plant-based protein in July 2020
Arkema invested in continuous composites, strengthening their strategic partnership in July 2020. Arkema reinforces its high-performance thermobonding adhesives business with the acquisition of Fixatti
Covestro announced partnership with Genomatica, a San Diego based biotechnology company, will deploy Genomatica’s strengths in developing industrial-scale bioprocesses to produce widely used chemicals. Covestro complements the collaboration with strong know-how in chemical process technology and application development in March 2019
Market Taxonomy
By Type
Liquid saturated polyester resin
Solid saturated polyester resin
Solid carboxyl-terminated saturated polyester resin
Solid hydroxyl-terminated saturated polyester resin
By Application
Powder Coatings
Industrial Paints
Coil & Can Coatings
Automotive Paints
Flexible Packaging
2k PU Coatings
Others
By Region
North America
Latin America
Europe
Asia Pacific
Middle East & Africa
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Vishal Thakur
Research Support Specialist
QualiKet Research
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Website: https://qualiketresearch.com
About Us:-
QualiKet Research is a leading Market Research and Competitive Intelligence partner helping leaders across the world to develop robust strategy and stay ahead for evolution by providing actionable insights about ever changing market scenario, competition and customers. QualiKet Research is dedicated to enhancing the ability of faster decision making by providing timely and scalable intelligence. We use different intelligence tools to come up with evidence that showcases the threats and opportunities which helps our clients outperform their competition.
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