NEWARK, Del, Feb. 27, 2024 (GLOBE NEWSWIRE) -- According to Future Market Insights' latest industry analysis, the global market size for saturated polyester resin is estimated to be around US$ 4.4 billion in 2024. It is projected to exhibit a CAGR growth of 6.10% over the forecast period, reaching an estimated saturated polyester resin market size of US$ 8 billion by 2034.
The demand for saturated polyester resins is increasing in the automotive, construction, and packaging industries due to their excellent mechanical properties and durability. The construction industry, particularly in emerging economies, is also driving the demand for high-performance coatings, adhesives, and sealants. Additionally, the expansion of the packaging industry, mainly in the food and beverage sector, is leading to increased usage of saturated polyester resins for flexible packaging applications.
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Rising consumer awareness regarding sustainable and environmentally friendly products is also leading to the adoption of bio-based and recycled saturated polyester resins. Moreover, increasing investments in infrastructure projects, such as bridges, roads, and railways, in countries such as India, China, and the United States, are boosting the demand for corrosion-resistant coatings and composite materials.
The adoption of powdered coatings is growing in various end-use industries due to their superior performance, ease of application, and environmental advantages. Furthermore, the expansion of the electronics industry, particularly in the Asia Pacific, is also driving the demand for specialized coatings and encapsulation materials. Rapid industrialization and urbanization in developing countries are leading to increased demand for industrial coatings, composites, and laminates for infrastructure and manufacturing applications.
“In today's competitive landscape, it is imperative for companies operating in the saturated polyester resin market to prioritize the development of eco-friendly products and manufacturing processes to meet increasing consumer and regulatory demands for sustainability,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Market Study
- The coatings segment is expected to dominate the saturated polyester resin industry, recording a CAGR of 6.00%.
- Based on end-user segmentation, the automotive segment is poised to lead the saturated polyester resin industry, registering a CAGR of 5.70%.
- The saturated polyester resin industry in the United Kingdom is anticipated to grow at a modest CAGR of 7.20% through 2034.
- The saturated polyester resin market in China is estimated to rise at a CAGR of 6.80% through 2034.
- The saturated polyester resin industry in Japan has the potential to increase at a projected CAGR of 7.40% through 2034.
- The United States saturated polyester resin industry is predicted to rise with a CAGR of 6.20% through 2034.
- The saturated polyester resin industry in South Korea is likely to grow at a CAGR of 6.90% through 2034.
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Competitive Landscape
The saturated polyester resin market is highly competitive, with numerous players catering to both international and domestic consumers.
Key Companies in the Market
- Koninklijke DSM N.V.
- Allnex
- Arkema S.A.
- Hitachi Chemical Co. Ltd.
- Stepan Company
- Nuplex Industries Ltd.
- Evonik Industries AG
- Covestro AG
- Eternal Materials Co., Ltd.
- Dynea AS
- Hexion Inc.
- Polynt SpA
- Reichhold LLC
- Royal Adhesives & Sealants
- Showa Denko K.K.
- Helios Group
- Sika AG
- Scott Bader Company Ltd.
- Interplastic Corporation
- AOC Resins
These companies specialize in providing protective coatings, adhesives, and composite materials to automotive, aerospace, and manufacturing companies. All of these key market players are investing heavily in research and development to make their offerings more environmentally friendly, affordable, and lightweight, aiming to attract a wider consumer base.
Recent Developments:
- In December 2023, BASF facilitated the supply of Neopentyl Glycol from Zhanjiang to KHUA, one of the leading companies in the saturated polyester resins market. This supported the growing demand for low-emission powder coatings in the Asia Pacific, with a specific focus on China. KHUA also announced plans to establish a 100 KT/a production facility for high-end saturated polyester resins in Zhanjiang.
- Arkema, a key player in the saturated polyester resin industry, concluding a 20-year solar power purchase agreement (PPA) with EDF Renewables in January 2024. This agreement secures 70% of Bostik's electricity requirements across its French sites, totaling 400 GWh annually. The deal also represents a significant stride towards embracing sustainable energy practices.
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Saturated Polyester Resin Market by Segmentation
By Application:
- Coatings
- Adhesives
- Composites
- Others
By End-user:
- Automotive
- Aerospace
- Construction
- Packaging
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
- Europe
Author by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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