Saturated Polyester Resin Market Size, Trends & Growth Opportunity, By Type (Liquid saturated polyester resin, and Solid saturated polyester resin (Solid carboxyl-terminated saturated polyester resin and Solid hydroxyl-terminated saturated polyester resin
Description
Saturated Polyester Resin Market Size, Trends & Growth Opportunity, By Type (Liquid saturated polyester resin, and Solid saturated polyester resin (Solid carboxyl-terminated saturated polyester resin and Solid hydroxyl-terminated saturated polyester resin)), By Application (Powder Coatings, Industrial Paints, Coil & Can Coatings, Automotive Paints, 2k PU Coatings, and Others), By Region and Forecast till 2027>
Saturated Polyester Resin Market
The global Saturated Polyester Resin market was valued at USD 4860.45 million in 2021 and is expected to reach USD 6,598.5 million by 2027, growing at a CAGR of 4.22% from 2022 to 2027>
Saturated polyester resin is formed by the reaction of polybasic acids and polyols, and its feature includes exceptional flexibility and hardness. In can coating, rolled steel, non-stick pan, ink, adhesive, PET coil, metallic baking paint (such as automotive paint, and so on), it is primarily used.
Saturated polyester resin is water, heat, and humidity resistance; therefore, they offer a wide range of applications in several industries like paint & coating which are projected to boost the market growth over the forecast period. The expanding industrial sector is influencing to spur market growth in the upcoming years. Additionally, 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: Growing 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 growing pressure from food brands, formulators and can makers are actively looking for alternative solutions that can meet or exceed the performance of BPA-based coatings. Among 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 anticipated 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 because of its extensive usage in the coating industry as industrial paints and automotive paints.
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.
Geographically, the North America dominated the market with the highest revenue share due to the growing adoption of the electric vehicles due to rising awareness about the pollution control devices, and increasing the disposable income in this region have propelled the saturated polyester market.
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:
In July 2020, 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. Arkema reinforces its high-performance thermobonding adhesives business with the acquisition of Fixatti
In March 2019, 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.
Market Taxonomy
By Type
o Solid hydroxyl-terminated saturated polyester resin
By Application
Saturated Polyester Resin Market
The global Saturated Polyester Resin market was valued at USD 4860.45 million in 2021 and is expected to reach USD 6,598.5 million by 2027, growing at a CAGR of 4.22% from 2022 to 2027>
Saturated polyester resin is formed by the reaction of polybasic acids and polyols, and its feature includes exceptional flexibility and hardness. In can coating, rolled steel, non-stick pan, ink, adhesive, PET coil, metallic baking paint (such as automotive paint, and so on), it is primarily used.
Saturated polyester resin is water, heat, and humidity resistance; therefore, they offer a wide range of applications in several industries like paint & coating which are projected to boost the market growth over the forecast period. The expanding industrial sector is influencing to spur market growth in the upcoming years. Additionally, 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: Growing 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 growing pressure from food brands, formulators and can makers are actively looking for alternative solutions that can meet or exceed the performance of BPA-based coatings. Among 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 anticipated 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 because of its extensive usage in the coating industry as industrial paints and automotive paints.
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.
Geographically, the North America dominated the market with the highest revenue share due to the growing adoption of the electric vehicles due to rising awareness about the pollution control devices, and increasing the disposable income in this region have propelled the saturated polyester market.
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:
In July 2020, 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. Arkema reinforces its high-performance thermobonding adhesives business with the acquisition of Fixatti
In March 2019, 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.
Market Taxonomy
By Type
- Liquid saturated polyester resin
- Solid saturated polyester resin
o Solid hydroxyl-terminated saturated polyester resin
By Application
- Powder Coatings
- Industrial Paints
- Coil & Can Coatings
- Automotive Paints
- Flexible Packaging
- 2k PU Coatings
- Others
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
- What are the Key Opportunities in Saturated Polyester Resin Market?
- What will be the growth rate from 2022 to 2027?
- Which segment/region will have highest growth?
- What are the factors that will impact/drive the Market?
- What is the competitive Landscape in the Industry?
- What is the role of key players in the value chain?
- What are the strategies adopted by key players?
Table of Contents
119 Pages
- 1 Introduction
- 1.1 Objective of the Study
- 1.2 Market definition
- 1.3 Market Scope
- 2 Research Methodology
- 2.1 Data Mining
- 2.2 Validation
- 2.3 Primary Interviews
- 2.4 List of Data Sources
- 3 Executive Summary
- 4 Saturated Polyester Resin Market Outlook
- 4.1 Overview
- 4.2 Market Dynamics
- 4.2.1 Drivers
- 4.2.2 Restraints
- 4.2.3 Opportunities
- 4.3 Porters Five Force Model
- 4.4 Value Chain Analysis
- 5 Saturated Polyester Resin Market, By Type
- 5.1 Y-o-Y Growth Comparison, By Type
- 5.2 Saturated Polyester Resin Market Share Analysis, By Type
- 5.3 Saturated Polyester Resin Market Size and Forecast, By Type
- 5.3.1 Liquid saturated polyester resin
- 5.3.2 Solid saturated polyester resin
- 5.3.2.1 Solid carboxyl-terminated saturated polyester resin
- 5.3.2.2 Solid hydroxyl-terminated saturated polyester resin
- 6 Saturated Polyester Resin Market, By Application
- 6.1 Y-o-Y Growth Comparison, By Application
- 6.2 Saturated Polyester Resin Market Share Analysis, By Application
- 6.3 Saturated Polyester Resin Market Size and Forecast, By Application
- 6.3.1 Powder Coating
- 6.3.2 Industrial Paints
- 6.3.3 Coil & Can Coatings
- 6.3.4 Automotive Paints
- 6.3.5Flexible Packaging
- 6.3.62k PU Coatings
- 6.3.7 Others
- 7Saturated Polyester Resin Market, By Region
- 7.1 Saturated Polyester Resin Market Share Analysis, By Region
- 7.2 Saturated Polyester Resin Market Share Analysis, By Region
- 7.3 Saturated Polyester Resin Market Size and Forecast, By Region
- 8North America Saturated Polyester Resin Market Analysis and Forecast (2022-2027)
- 8.1 Introduction
- 8.2 North America Saturated Polyester Resin Market Share Analysis, By Type
- 8.3 North America Saturated Polyester Resin Market Size and Forecast, By Application
- 8.4 North America Saturated Polyester Resin Market Size and Forecast, By Country
- 8.4.1 U.S
- 8.4.2 Canada
- 8.4.3 Mexico
- 9Europe Saturated Polyester Resin Market Analysis and Forecast (2022-2027)
- 9.1 Introduction
- 9.2 Europe Saturated Polyester Resin Market Share Analysis, By Type
- 9.3 Europe Saturated Polyester Resin Market Size and Forecast, By Application
- 9.4 Europe Saturated Polyester Resin Market Size and Forecast, By Country
- 9.4.1 Germany
- 9.4.2 France
- 9.4.3 UK
- 9.4.4. Rest of Europe
- 10Asia Pacific Saturated Polyester Resin Market Analysis and Forecast (2022-2027)
- 10.1 Introduction
- 10.2 Asia Pacific Saturated Polyester Resin Market Share Analysis, By Type
- 10.3 Asia Pacific Saturated Polyester Resin Market Size and Forecast, By Application
- 10.4 Asia Pacific Saturated Polyester Resin Market Size and Forecast, By Country
- 10.4.1 China
- 10.4.2 Japan
- 10.4.3 India
- 10.4.4. Rest of Asia Pacific
- 11Latin America Saturated Polyester Resin Market Analysis and Forecast (2022-2027)
- 11.1 Introduction
- 11.2 Latin America Saturated Polyester Resin Market Share Analysis, By Type
- 11.3 Latin America Saturated Polyester Resin Market Size and Forecast, By Application
- 11.4 Latin America Saturated Polyester Resin Market Size and Forecast, By Country
- 11.5.1 Brazil
- 11.5.2 Rest of Latin America
- 12Middle East Saturated Polyester Resin Market Analysis and Forecast (2022-2027)
- 12.1 Introduction
- 12.2 Middle East Saturated Polyester Resin Market Share Analysis, By Type
- 12.3 Middle East Saturated Polyester Resin Market Size and Forecast, By Application
- 12.4 Middle East Saturated Polyester Resin Market Size and Forecast, By Country
- 12.5.1. Saudi Arabia
- 12.5.2. UAE
- 12.5.3. Egypt
- 12.5.4. Kuwait
- 12.5.5. South Africa
- 13Competitive Analysis
- 13.1 Competition Dashboard
- 13.2 Market share Analysis of Top Vendors
- 13.3 Key Development Strategies
- 14Company Profiles
- 14.1 Royal DSM N.V
- 14.1.1 Overview
- 14.1.2 Offerings
- 14.1.3 Key Financials
- 14.1.4 Business Segment & Geographic Overview
- 14.1.5 Key Market Developments
- 14.1.6 Key Strategies
- 14.2 Allnex Belgium SA/NV
- 14.2.1 Overview
- 14.2.2 Offerings
- 14.2.3 Key Financials
- 14.2.4 Business Segment & Geographic Overview
- 14.2.5 Key Market Developments
- 14.2.6 Key Strategies
- 14.3 Arkema S.A
- 14.3.1 Overview
- 14.3.2 Offerings
- 14.3.3 Key Financials
- 14.3.4 Business Segment & Geographic Overview
- 14.3.5 Key Market Developments
- 14.3.6 Key Strategies
- 14.4 Nuplex Industries Ltd
- 14.4.1 Overview
- 14.4.2 Offerings
- 14.4.3 Key Financials
- 14.4.4 Business Segment & Geographic Overview
- 14.4.5 Key Market Developments
- 14.4.6 Key Strategies
- 14.5 Stepan Company
- 14.5.1 Overview
- 14.5.2 Offerings
- 14.5.3 Key Financials
- 14.5.4 Business Segment & Geographic Overview
- 14.5.5 Key Market Developments
- 14.5.6 Key Strategies
- 14.6 Evonik Industries
- 14.6.1 Overview
- 14.6.2 Offerings
- 14.6.3 Key Financials
- 14.6.4 Business Segment & Geographic Overview
- 14.6.5 Key Market Developments
- 14.6.6 Key Strategies
- 14.7 Nippon Gohsei
- 14.7.1 Overview
- 14.7.2 Offerings
- 14.7.3 Key Financials
- 14.7.4 Business Segment & Geographic Overview
- 14.7.5 Key Market Developments
- 14.7.6 Key Strategies
- 14.8 Covestro AG
- 14.8.1 Overview
- 14.8.2 Offerings
- 14.8.3 Key Financials
- 14.8.4 Business Segment & Geographic Overview
- 14.8.5 Key Market Developments
- 14.8.6 Key Strategies
- 14.9 Megara Resins
- 14.9.1 Overview
- 14.9.2 Offerings
- 14.9.3 Key Financials
- 14.9.4 Business Segment & Geographic Overview
- 14.9.5 Key Market Developments
- 14.9.6 Key Strategies
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