Product Code: 50047
The Global Saturated Polyester Resins Market is projected to register a CAGR of over 4.5% during the forecast period (2021-2026).
Due to COVID-19, due to lockdown regulations and a deficient number of workers, the production in various industries has decreased and the supply of raw materials has disrupted. Paint and coatings is one of the major application of saturated polyester resins. The COVID-19 pandemic has affected the sales of paints as the construction activities were halted. India's second-largest paint company, Berger Paints, reported approximately a 6.5 percent fall in its consolidated net profit to INR 1,032 million for the fourth quarter ended March 31st, 2020. Also, the sales of automobiles have witnessed a decline and badly impacted the automotive paint producers. However, there is an increase in the home decorative paints segment as the people were confined to their homes due to lockdown.
- Over the medium term, the major factors driving the growth of the market studied are increasing demand from the packaging industry and rapid industrialization in Asia-Pacific and Central and Eastern Europe.
- On the flip side, the high processing and manufacturing cost of saturated polyester resins and COVID-19 impact are projected to hinder the growth of market studied.
- Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.
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 sector is expected to drive the usage of powder coatings, thereby boosting the growth of the market studied during the forecast period.
- According to World Paint & Coatings Industry Association (WPCIA), the global sales volume of paints and coatings in 2019 is around USD 173 billion, primarily due to the rising construction industry, and increasing household consumption expenditure. However, declined in 2020 due to the COVID-19 impact in the major economies across the world.
- The construction sector has been witnessing 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 Qatar were the bright spots for the construction industry, with robust launch of projects ahead of FIFA World Cup 2022.
- 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 post COVID-19 recovery.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market, in terms of share, owing to the growing demand from economies of China, India, and Japan.
- 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 construction, packaging industries, and paints and coatings demand in the country.
- For instance, it is one of the major countries in Asia-Pacific with ample construction activities, with the industrial and construction sectors accounting for approximately ~50% of the GDP.
- China is promoting and undergoing a process of continuous urbanization, with a target 60% in 2020. The increased living spaces required in the urban areas resulting from urbanization and the desire of middle-class urban residents to improve their living conditions may have a profound effect on the housing market, and thereby, increase the residential construction in the country.
- India is one of the major country of huge manufacturing sector and Make in India initiative has increased the number of industries being placed. According to the United Nations Industrial Development Organisation (UNIDO), in 2019, India ranked 42 out of 152 countries, with manufacturing value added (MVA constant 2015 USD) totalling USD 430.25 billion, or equal to 15.5 per cent of its gross domestic product (GDP).
- India is also witnessing significant interest from international investors in the construction space. Foreign Direct Investment (FDI) in Construction Development sector (townships, housing, built up infrastructure and construction development projects) stood at USD 25.66 billion during April 2000 to March 2020, according to Department for Promotion of Industry and Internal Trade (DPIIT).
- The aforementioned factors are expected to drive the demand for saturated polyester resins in the region during the forecast period.
The saturated polyester resins market is partially fragmented with the top players accounting for a small chunk of the market. Some of these major players include Arkema Group, Covestro AG, Showa Denko Materials Co., Ltd., Evonik Industries AG, and CIECH S.A., among others
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- The market estimate (ME) sheet in Excel format
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TABLE OF CONTENTS
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Increasing Demand from the 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
- 4.2.2 Impact of COVID-19 on the Market
- 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 Buyers
- 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
- 188.8.131.52 China
- 184.108.40.206 India
- 220.127.116.11 Japan
- 18.104.22.168 South Korea
- 22.214.171.124 Rest of Asia-Pacific
- 5.3.2 North America
- 126.96.36.199 United States
- 188.8.131.52 Canada
- 184.108.40.206 Mexico
- 5.3.3 Europe
- 220.127.116.11 Germany
- 18.104.22.168 United Kingdom
- 22.214.171.124 Italy
- 126.96.36.199 France
- 188.8.131.52 Rest of Europe
- 5.3.4 South America
- 184.108.40.206 Brazil
- 220.127.116.11 Argentina
- 18.104.22.168 Rest of South America
- 5.3.5 Middle-East and Africa
- 22.214.171.124 Saudi Arabia
- 126.96.36.199 South Africa
- 188.8.131.52 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 ALLNEX GMBH
- 6.4.2 Arkema Group
- 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 Showa Denko Materials Co., Ltd.
- 6.4.9 Hitech Industries FZE
- 6.4.10 Hexion
- 6.4.11 Novaresine SRL
- 6.4.12 DSM
- 6.4.13 Sir Industriale
- 6.4.14 Stepan Company
- 6.4.15 Nippon Gohsei
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Increasing Usage of Saturated Polyester Resins due to Low VOC Emissions