Saturated Polyester Resins Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 5.27 Billion |
| Market Size (2029) | USD 6.49 Billion |
| CAGR (2024 - 2029) | 4.24 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Saturated Polyester Resins Market Analysis
The Saturated Polyester Resins Market size is estimated at USD 5.27 billion in 2024, and is expected to reach USD 6.49 billion by 2029, growing at a CAGR of 4.24% during the forecast period (2024-2029).
During the COVID-19 pandemic, the saturated polyester resin market witnessed a downturn due to operational and supply chain restrictions in various countries across the globe. Factors like these negatively impacted the demand from key end users like Paints and Coatings industry, among others. However, as the restriction eased in 2021, the demand for polyester resin rose to pre-pandemic levels.
- Over the medium term, the major factor driving the market's growth is their better performance compared to their alternatives because of their superior mechanical properties.
- On the flip side, the high processing and manufacturing cost of saturated polyester resins is expected to hinder the studied market's growth.
- The growing trend of non-BPA can coatings creates new growth opportunities for saturated polyester resins.
- The Asia-Pacific region is expected to dominate the market and will likely witness the highest CAGR during the forecast period.
Saturated Polyester Resins Market Trends
Increasing Demand for Powder Coatings
- Saturated polyester resins are primarily used to manufacture solvent-free powder paints and coatings. 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.
- Globally the rapid pace of innovation in terms of the advancement of technologies and R&D activities in the electronics industry is driving the demand for newer, faster, and more reliable electronic products, thus increasing the need for coated components.
- According to the Japan Electronics and Information Technology Industries Association (JEITA), the production by the global electronics and IT industry was estimated at USD 3.44 trillion in 2022, registering a growth rate of 1% year on year, compared to USD 3.36 trillion in 2021. Moreover, the industry is expected to grow by 3% year on year by 2023. According to the Consumer Technology Association, the retail revenue from consumer electronics or technology sales in the United States was estimated at USD 505 billion in 2022, compared to USD 461 billion in 2021.
- In Europe, the German electronics industry is the largest in the region. According to the ZVEI, Germany's electro and digital industry turnover accounted for EUR 21.1 billion (USD 21.7 billion) in November 2022, witnessing a growth rate of 14.4% compared to November 2021.
- Similarly, the growing construction sector is expected to drive the usage of solvent-free powder coatings manufactured using saturated polyester resins. It is thereby boosting the growth of the market studied during the forecast period.
- The construction sector is witnessing robust growth in Asia-Pacific, Middle East & Africa. In the Middle East & Africa region, governments are trying to develop the non-oil sectors. For Instance, Under the Vision 2030 economic transformation plan, the Saudi Arabian government 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 in the demand for powder coatings from various end-user industries is expected to drive the demand for saturated polyester resins.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominated the global market in terms of share, owing to the growing demand from economies like China, India, and Japan.
- Asia-Pacific is expected to witness healthy growth in the demand for saturated polyester resins during the forecast period. It is due to the expected noticeable growth of paints and coatings applications in industries like construction, automotive, and electronics industries, among others in the region.
- In February 2022, the Chinese government agencies proposed a TWD 180 billion (USD 6.47 billion) infrastructure development plan, according to the National Development Council (NDC). It includes the proposed budget for the fourth stage of the Forward-looking Infrastructure Development Program would be used from 2023-2024.
- In China, residential buildings comprised the largest portion of finished development in 2021. Construction intended for housing accounted for over 67% of the completed floor space. As the economy grows, more people move from rural to urban regions, increasing the need for residential accommodation. In addition, the country includes the largest construction market in the world, encompassing 20% of all construction investments globally. China is expected to spend nearly USD 13 trillion on buildings by 2030, creating a positive market outlook for the global saturated polyester resins market.
- The Asia-Pacific region is home to some of the world's most valuable vehicle manufacturers. Developing countries such as China, India, Japan, South Korea. As paints and coatings based on saturated polyester resins offer high adhesion to metallic surfaces, These are increasingly used in the automotive industry.
- According to the China Association of Automobile Manufacturers (CAAM), China contains the largest automotive production base in the world, with a total vehicle production of 27 million units in 2022, registering an increase of 3.4 % compared to 26 million units produced last year. Further, in the first 7 months of 2022, the country produced 14.57 million units of cars, registering a growth rate of 31.5% Year on Year. Furthermore, in July 2022, the number of battery-powered electric vehicles increased by 117.2% compared to January-July in 2021. In July 2022, the country's electric vehicle sales were estimated at around 617 thousand units.
- Moreover, in India, during FY 2021-22 (April 2021 to March 2022), according to the Society of Indian Automobile Manufacturers (SIAM), the country's automotive industry produced a total of 22.03 million vehicles compared to 22.66 million units during April 2020 to March 2021. Further, according to the Centre for Monitoring Indian Economy (CMIE), car production increased to 193.63 thousand units in July 2022 from 169.52 thousand units in June 2022. Such factors are likely to increase the demand for the studied market
- The factors above are expected to drive the demand for saturated polyester resins in the region during the forecast period.
Saturated Polyester Resins Industry Overview
The saturated polyester resins market is partially fragmented, with the top players accounting for a small chunk of the market. These major players include Arkema Group, Covestro AG, Showa Denko Materials Co. Ltd, Evonik Industries AG, and CIECH SA.
Saturated Polyester Resins Market Leaders
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Evonik Industries AG
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CIECH SA.
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Arkema Group
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Showa Denko Materials Co., Ltd.
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Covestro AG
*Disclaimer: Major Players sorted in no particular order
Saturated Polyester Resins Market News
All recent developments in the market will be included in the report.
Saturated Polyester Resins Market Report - Table of Contents
1. INTRODUCTION
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
4.1.3 Other Drivers
4.2 Restraints
4.2.1 High Processing and Manufacturing Cost
4.2.2 Other Restraints
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
5. MARKET SEGMENTATION (Market Size in Value)
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
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/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
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Usage of Saturated Polyester Resins Due to Low VOC Emissions
7.2 Other Opportunities
Saturated Polyester Resins Industry Segmentation
The reaction of polybasic acids and polyols produces a saturated polyester resin, and its characteristics include excellent flexibility and hardness. It primarily coats rolled steel, non-stick pan, ink, adhesive, PET coil, metallic baking paint, etc. The saturated polyester resin market is segmented by type, application, and geography. The market is segmented by type into liquid saturated polyester resin and solid saturated polyester resin. The market is segmented by application into powder coatings, coil and can coatings, automotive paints, packaging, industrial paints, and other applications. The report also covers the market size and forecast for the saturated polyester resins market in 15 countries across major regions. Each segment's market sizing and forecast are done based on revenue (USD).
| Type | |
| Liquid Saturated Polyester Resin | |
| Solid Saturated Resin |
| Application | |
| Powder Coatings | |
| Coil and Can Coatings | |
| Automotive Paints | |
| Packaging | |
| Industrial Paints | |
| Other Applications |
| Geography | |||||||
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Saturated Polyester Resins Market Research FAQs
How big is the Saturated Polyester Resins Market?
The Saturated Polyester Resins Market size is expected to reach USD 5.27 billion in 2024 and grow at a CAGR of 4.24% to reach USD 6.49 billion by 2029.
What is the current Saturated Polyester Resins Market size?
In 2024, the Saturated Polyester Resins Market size is expected to reach USD 5.27 billion.
Who are the key players in Saturated Polyester Resins Market?
Evonik Industries AG , CIECH SA. , Arkema Group, Showa Denko Materials Co., Ltd. and Covestro AG are the major companies operating in the Saturated Polyester Resins Market.
Which is the fastest growing region in Saturated Polyester Resins Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Saturated Polyester Resins Market?
In 2024, the Asia Pacific accounts for the largest market share in Saturated Polyester Resins Market.
What years does this Saturated Polyester Resins Market cover, and what was the market size in 2023?
In 2023, the Saturated Polyester Resins Market size was estimated at USD 5.06 billion. The report covers the Saturated Polyester Resins Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Saturated Polyester Resins Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Saturated Polyester Resins Industry Report
Statistics for the 2024 Saturated Polyester Resins market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Saturated Polyester Resins analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
