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.
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.
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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.
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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:
- Arkema S.A.
- Royal DSM N.V.
- Evonik Industries
- Stepan Company
- Allnex Belgium SA/NV
- Nuplex Industries
- Covestro AG
- Nippon Gohsei
- Megara Resins (Anastassios Fanis S.A.)
- Showa Denko Materials Co., Ltd. and others.
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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.
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