Saturated Polyester Resins Market - Forecast(2023 - 2028)

Report Code: CMR 84687 Report Format: PDF + Excel

Saturated Polyester Resins Market Overview

Saturated polyester resins market is forecast to reach US$8.4 billion by 2027 after growing at a CAGR of 4.1% during 2022-2027. Globally, the increasing demand for saturated polyester resins owing to its heat resistance property in paints & coatings, and packaging applications is estimated to drive the market growth. Also, the rapidly rising demand for saturated polyester resins in automotive paints, powder coatings, polyurethane coatings, and others, to provide an excellent finish in various end-use segments has driven its demand. Over the projected period, new manufacturing technologies and the development of new end-user applications are anticipated to have a positive impact on saturated polyester resin demand. However, environmental concerns regarding the usage of various chemicals in the production of saturated polyester resins is estimated to have a negative impact on market growth over the forecast period.

COVID – 19 Impact:

In 2020, the production in various industries decreased and the supply of raw materials was disrupted, due to COVID-19, lockdown regulations, and a shortage of workers. Saturated polyester resins are used in a variety of applications, including paint and coatings. Because construction activities were halted due to the COVID-19 pandemic, paint sales were impacted. Berger Paints, India's second-largest paint company, reported a 6.5 percent drop in consolidated net profit for the fourth quarter ended March 31, 2020, to INR 1,032 million (US$ 13.7 million). Automobile sales also decreased, which had a negative impact on automotive paint manufacturers. Thus, this declined the demand for saturated polyester resins which dipped the development of the market.

Report Coverage

The report " Saturated Polyester Resins Market Report – Forecast (2022-2027)" by IndustryARC covers an in-depth analysis of the following segments of the saturated polyester resins industry.

By Type: Liquid Saturated Polyester Resins and Solid Saturated Polyester Resins.
By Form: Solid (Crystal, Powder, and Granule) and Liquid.
By Application: Ink, Adhesives, Coil & Can Coatings, Industrial Paints, Powder Coatings, Flexible Packaging, Automotive Paints, and Others.
By End-Use Industry: Transportation (Automotive, Marine, Aerospace, and Others), Building and Construction (Residential, Commercial, Industrial, and Infrastructure), Medical, Textile & Apparel, Oil & Gas, Electrical & Electronics, and Others.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Spain, Netherlands, Russia, Belgium, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia and New Zealand, Taiwan, Indonesia, Malaysia, and Rest of Asia Pacific), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and RoW (Middle East and Africa). 

Key Takeaways

  • The APAC region dominates the saturated polyester resins market due to the rising usage of automotive paints in the inclining automotive sector. For instance, according to the International Trade Administration domestic production of automotive in China is expected to reach 35 million by 2025.
  • An increase in demand for paints and coatings is one of the primary factors driving the growth of the market. For instance, according to the World Paint & Coatings Industry Association (WPCIA), global sales of paints and coatings were around US$ 173 billion in 2019, owing to the growing construction industry and rising consumer spending.
  • Furthermore, the large availability of substitutes such as vinyl ester resins and others will hinder the growth of the market in the forecast period.


Figure: Asia-Pacific Saturated Polyester Resins Market Revenue, 2021-2027 (US$ Billion)

Asia-Pacific Saturated Polyester Resins Market Revenue

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Saturated Polyester Resins Market Segment Analysis – By Type

Liquid saturated polyester resins held the largest share in the saturated polyester resins market and are expected to continue its dominance over the period 2022-2027. Saturated polyester resin with a liquid backbone is referred to as liquid saturated polyester resin. Since saturated polyester resin has a low molecular weight, it can be used as a plasticizer and a major reactant in the production of urethane polymers. When compared to unsaturated polyester resins, these are less reactive. They have excellent durability and adhesion, making them suitable for a wide range of applications including can and coil coating, automotive and industrial paints, flexible and rigid packaging, and more. As a result of the aforementioned factors the rising demand for liquid saturated polyester resin is further estimated to increase the growth of the saturated polyester resin market throughout the projection period.

Saturated Polyester Resins Market Segment Analysis – By Application

The coil & can coating sector dominated the saturated polyester resins market in 2021 and is projected to grow at a CAGR of 4.7% during 2022-2027. Coil & can coating is a unique industrial process that is highly automated and continuous in nature. Metal is pretreated in this type of coating, which means the coating is applied before the metal is cut or formed, allowing for firmly adhering and bonding finishes. Additionally, because of the perfectly tight coatings coil coated metal can be far more corrosion resistant and durable. Synthetic polyester resins are used in coil & can coatings to provide a coating with excellent property in respect of bending processability, hardness, weather resistance, chemical resistance, marker stain resistance and others. Due to the rising investments in the production of cans the demand for coil & can coating is also anticipated to increase. For instance, in September 2021, Ball Corporation announced that it will invest US$ 290 million in a new aluminium beverage packaging plant in Las Vegas. The plant will be able to produce a variety of can sizes. The plant is expected to start production in late 2022. Thus, the rising growth of coil & can coating is further anticipated to drive the market growth.

Saturated Polyester Resins Market Segment Analysis – By Geography

The Asia-Pacific region dominated the saturated polyester resins market with a share of 39% in terms of value in the year 2021. The market in the region is witnessing expansion with increasing investments in several end-use sectors. Rising growth of the building and construction, automotive, medical, textile & apparel, and other industries, has also uplifted the market growth. For instance, in 2021, the Central Sanctioning and Monitoring Committee (CSMC) approved the construction of 1,68,606 new homes in urban areas under the Pradhan Mantri Awas Yojana. Also, the Indian automotive industry (including component manufacturing) is estimated to reach US$ 251 billion to US$ 282 billion by 2026, according to India Brand Equity Foundation (IBEF). With the rising growth of the building and construction and automotive sectors in Asia Pacific region the demand for automotive paints, powder coatings, polyurethane coatings, and others, would increase in the forecast period. Thus, which is expected to continue to be the driving factor behind Asia Pacific saturated polyester resins market growth.

Saturated Polyester Resins Market Drivers

Rising Demand for Flexible Packaging will Drive the Growth of the Market

Saturated polyester resins are used as a necessary and fundamental component in a wide range of industrial and manufacturing processes. These resins are ideal raw materials used in the production of flexible packaging to provide excellent adhesion, flexibility, and formability, as well as excellent surface hardness. Rising demand and growth for flexible packaging has further driven the growth of the industry in recent years. For instance, according to the Flexible Packaging Association, the flexible packaging industry had $33.6 billion in sales in the United States in 2019. Flexible packaging is widely used in the food and beverage industry because they extend product shelf life, protecting food for longer periods of time and providing economic benefits to vendors. Increasing growth of the food & beverage industry has also driven the demand for flexible packaging. Thus, which is anticipated to positively impact the market growth in the upcoming years.

Surging Growth of the Building and Construction Sector

Saturated polyester resins are used in a variety of paints and coatings because of their shiny high-gloss surface, which can dramatically increase the brightness of interior and exterior areas in the residential and commercial buildings. Hence, it is estimated that the consumption of coating resins will have a significant impact on the building and construction industry. Rising growth of the building and construction industry has inclined the demand for saturated polyester resins in recent years. For instance, as per The U.S. Census Bureau and the U.S. Department of Housing and Urban Development in December 2021, the seasonally adjusted annual rate of privately owned housing starts was 1,702,000. This was 1.4% (10.1%) higher than the revised November estimate of 1,678,000, and 2.5% (13.8%) higher than the December 2020 rate of 1,661,000. Also, according to the Office for National Statistics in November 2021, monthly construction output increased by 3.5% in volume terms, the largest monthly increase in output growth since March 2021.

Saturated Polyester Resins Market Challenges

Availability of Substitutes

A key concern for the saturated polyester resins market is the availability of other resins such as vinyl ester resins. Vinyl ester resins are a viable substitute to polyester in terms of mechanical and physical properties. Stretch tolerance is higher in vinyl esters than in saturated polyester. As a result, they are better able to absorb impact without being damaged. Also, when compared vinyl esters have a better cross bonding ability than polyesters. Due to which vinyl esters bond to core materials much better than saturated polyesters and the delamination is less of a problem. Moreover vinyl esters and saturated polyesters has various similar application, thus, vinyl ester resins can be utilized widely as an substitute to saturated polyester resins.

Saturated Polyester Resins Industry outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the saturated polyester resins market. Major players in the saturated polyester resins market include:

  1. Arkema S.A.
  2. Royal DSM N.V.
  3. Evonik Industries
  4. Stepan Company
  5. Allnex Belgium SA/NV
  6. Nuplex Industries
  7. Covestro AG
  8. Nippon Gohsei
  9. Megara Resins (Anastassios Fanis S.A.)
  10. Showa Denko Materials Co., Ltd. and others.

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1. Saturated Polyester Resins Market- Market Overview
    1.1 Definitions and Scope
2. Saturated Polyester Resins Market- Executive Summary
    2.1 Key Trends by Type
    2.2 Key Trends by Form
    2.3 Key Trends by Application
    2.4 Key Trends by End-Use Industry
    2.5 Key Trends by Geography
3. Saturated Polyester Resins Market– Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Saturated Polyester Resins Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Saturated Polyester Resins Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Saturated Polyester Resins Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Saturated Polyester Resins Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Saturated Polyester Resins Market – By Type (Market Size -US$ Million/Billion)
    8.1 Liquid Saturated Polyester Resins
    8.2 Solid Saturated Polyester Resins
9. Saturated Polyester Resins Market – By Form (Market Size -US$ Million/Billion)
    9.1 Solid
        9.1.1 Crystal
        9.1.2 Powder
        9.1.3 Granule
    9.2 Liquid
10. Saturated Polyester Resins Market – By Application (Market Size -US$ Million/Billion)
    10.1 Ink
    10.2 Adhesives
    10.3 Coil & Can Coatings
    10.4 Industrial Paints
    10.5 Powder Coatings
    10.6 Flexible Packaging
    10.7 Automotive Paints
    10.8 Others
11. Saturated Polyester Resins Market – By End-Use Industry (Market Size -US$ Million/Billion)
    11.1 Transportation
        11.1.1 Automotive
            11.1.1.1 Passenger Cars
            11.1.1.2 Light Commercial Vehicles
            11.1.1.3 Heavy Commercial Vehicles
        11.1.2 Marine
        11.1.3 Aerospace
        11.1.4 Others
    11.2 Building and Construction
        11.2.1 Residential
        11.2.2 Commercial
        11.2.3 Industrial
        11.2.4 Infrastructure
    11.3 Medical
    11.4 Textile & Apparel
    11.5 Oil & Gas
    11.6 Electrical & Electronics
    11.7 Others
12. Saturated Polyester Resins Market -By Geography (Market Size -US$ Million/Billion)
    12.1 North America
        12.1.1 USA
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 UK
        12.2.2 Germany
        12.2.3 France
        12.2.4 Italy
        12.2.5 Netherlands
        12.2.6 Spain
        12.2.7 Russia
        12.2.8 Belgium
        12.2.9 Rest of Europe
    12.3 Asia-Pacific
        12.3.1 China
        12.3.2 Japan
        12.3.3 India
        12.3.4 South Korea
        12.3.5 Australia and New Zealand
        12.3.6 Indonesia
        12.3.7 Taiwan
        12.3.8 Malaysia
        12.3.9 Rest of APAC
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Colombia
        12.4.4 Chile
        12.4.5 Rest of South America
    12.5 Rest of the World
        12.5.1 Middle East
            12.5.1.1 Saudi Arabia
            12.5.1.2 UAE
            12.5.1.3 Israel
            12.5.1.4 Rest of the Middle East
        12.5.2 Africa
            12.5.2.1 South Africa
            12.5.2.2 Nigeria
            12.5.2.3 Rest of Africa
13. Saturated Polyester Resins Market – Entropy
    13.1 New Product Launches
    13.2 M&As, Collaborations, JVs and Partnerships
14. Saturated Polyester Resins Market – Industry Competition Landscape Premium
    14.1 Company Benchmarking Matrix – Major Companies
    14.2 Market Share at Global Level – Major companies
    14.3 Market Share by Key Region – Major companies
    14.4 Market Share by Key Country – Major companies
    14.5 Market Share by Key Application – Major companies
    14.6 Market Share by Key Product Type/Product category – Major companies
15. Saturated Polyester Resins Market – Key Company List by Country Premium Premium
16. Saturated Polyester Resins Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"

LIST OF TABLES

1.Global MARKET SEGMENTATION Market 2019-2024 ($M)
2.Global COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
2.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2019-2024 ($M) - Global Industry Research
3.Global MARKET SEGMENTATION Market 2019-2024 (Volume/Units)
4.Global COMPETITIVE LANDSCAPE Market 2019-2024 (Volume/Units)
4.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2019-2024 (Volume/Units) - Global Industry Research
5.North America MARKET SEGMENTATION Market 2019-2024 ($M)
6.North America COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2019-2024 ($M) - Regional Industry Research
7.South America MARKET SEGMENTATION Market 2019-2024 ($M)
8.South America COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
8.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2019-2024 ($M) - Regional Industry Research
9.Europe MARKET SEGMENTATION Market 2019-2024 ($M)
10.Europe COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
10.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2019-2024 ($M) - Regional Industry Research
11.APAC MARKET SEGMENTATION Market 2019-2024 ($M)
12.APAC COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
12.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2019-2024 ($M) - Regional Industry Research
13.MENA MARKET SEGMENTATION Market 2019-2024 ($M)
14.MENA COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
14.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Saturated Polyester Resins Market Revenue, 2019-2024 ($M)
2.Canada Saturated Polyester Resins Market Revenue, 2019-2024 ($M)
3.Mexico Saturated Polyester Resins Market Revenue, 2019-2024 ($M)
4.Brazil Saturated Polyester Resins Market Revenue, 2019-2024 ($M)
5.Argentina Saturated Polyester Resins Market Revenue, 2019-2024 ($M)
6.Peru Saturated Polyester Resins Market Revenue, 2019-2024 ($M)
7.Colombia Saturated Polyester Resins Market Revenue, 2019-2024 ($M)
8.Chile Saturated Polyester Resins Market Revenue, 2019-2024 ($M)
9.Rest of South America Saturated Polyester Resins Market Revenue, 2019-2024 ($M)
10.UK Saturated Polyester Resins Market Revenue, 2019-2024 ($M)
11.Germany Saturated Polyester Resins Market Revenue, 2019-2024 ($M)
12.France Saturated Polyester Resins Market Revenue, 2019-2024 ($M)
13.Italy Saturated Polyester Resins Market Revenue, 2019-2024 ($M)
14.Spain Saturated Polyester Resins Market Revenue, 2019-2024 ($M)
15.Rest of Europe Saturated Polyester Resins Market Revenue, 2019-2024 ($M)
16.China Saturated Polyester Resins Market Revenue, 2019-2024 ($M)
17.India Saturated Polyester Resins Market Revenue, 2019-2024 ($M)
18.Japan Saturated Polyester Resins Market Revenue, 2019-2024 ($M)
19.South Korea Saturated Polyester Resins Market Revenue, 2019-2024 ($M)
20.South Africa Saturated Polyester Resins Market Revenue, 2019-2024 ($M)
21.North America Saturated Polyester Resins By Application
22.South America Saturated Polyester Resins By Application
23.Europe Saturated Polyester Resins By Application
24.APAC Saturated Polyester Resins By Application
25.MENA Saturated Polyester Resins By Application