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Polyester Coatings Market Overview
Polyester Coatings Market size is
estimated to reach US$17.5 billion by 2027 after growing at a CAGR of 5.5%
during 2022-2027. Polyesters are acidic and hydroxyl functional resins. These
polyester resins are prepared from condensation of polyhydric alcohols and
dibasic or tribasic or anhydrides. It has wide variety of industrial applications ranging from aviation and construction to gardening and
furniture. Majorly polyesters are used as the thermoplastic polymers in
coatings providing adhesion and resistance to hydrolysis and weathering. It
comes in different technologies like solvent based coating, water-based coating and powder
based coating. Alkyd
resins and organic polyesters are vegetable oil modified polyesters. It
is mainly used in metal casting. A fluorocarbon based plastic resins are called
Fluoropolymers. It
has a high resistance to acidic and basic compounds. Epoxy polyester hybrid are commonly used in
powder coatings.
It provides high resistance to chemicals and corrosion.
COVID-19 Impact
Many of the industries across the
globe have faced several challenges due to the COVID-19 pandemic. The industries
such as automotive, constructions, and aerospace including many others have
experienced pitfalls. Many projects in such industries have been halted due to an
interrupted supply chain and employee shortages due to quarantines. Also, the
production and demand in polyester coatings industry has declined due to an
interrupted supply chain and cessation in transportation of raw materials. According to the article published by Business
News Today, there was a sharp decrease in the production of household
appliances due to complete factory shut down in 75 districts in India. Thus,
the global pause in industrial production and distribution, the demand and
consumption of polyester coatings has hampered to an extent in several
industries.
Report Coverage
The “Polyester Coatings Market Report – Forecast (2022-2027)”, by IndustryARC
covers an in-depth analysis of the following segments of the polyester coatings
industry.
By Technology: Solvent based, Water based, and Powder based
By Type: Polyester-Melamine Coatings, Polyester-Urethane Coatings,
Polyester-Acrylate Coatings, Polyester-Epoxy Coatings, and Others
By Product: Paraffinic and Non-paraffinic
By Application: Wooden Floor, Sport Equipment, Power Tools, Garden
Equipment, Household Appliances, and Others
By End Use: Automotive (Passenger Cars, Light Commercial Vehicle,
and Heavy Commercial Vehicle), Constructions (Residential, Commercial, and
Industrial), Aerospace, Marine Industry, Furniture (Wooden Sofas, Wooden Table,
Wooden Chairs, and Others), and Others
By Geography: North America (USA, Canada, and Mexico), Europe (UK,
Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of
Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New
Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), and South America
(Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of
the World (Middle East and Africa)
Key Takeaways
- Asia Pacific is the fastest growing region in the global Polyester Coatings Market. This growth is mainly attributed to the increased demand for sustainable products mainly in industrial coatings.
- Polyester coating is expected to grow at a substantial rate owing to the surge in demand from construction industry.
- Polyester coatings play an important role in several industries especially in the household appliances which is expected to provide significant growth opportunity for the global market.
Figure: Asia Pacific Polyester Coatings Market Revenue, 2021-2027 (US$ Billion)
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Polyester Coatings Market Segment Analysis – By Technology
The water based segment held the
largest Polyester Coatings Market share in 2021 and it is expected to grow with
a CAGR of around 6.0% during the forecast period. This is owing to an increase
in the use of water-borne coatings by automobiles and residential construction.
Water-based coatings are both cost-effective and high-quality. Water-based polyester have inherited the
benefits of oily polyester, but also outperformed solvent-based polyester in
some areas. In recent years, a rise in oil prices has caused the price of
solvent-based paint to rise, to the point where some solvent-based paints are
now more expensive than water-based paints. This type of situation has boosted
the development of water-based paints and coatings, making some water-based
coatings exciting best-selling situations; it is a lucrative opportunity for
the development of water-based coatings.
Polyester Coatings Market Segment Analysis – By End-Use Industry
The construction segment held the
largest Polyester Coatings Market share in 2021 and it is expected to grow with
a CAGR of around 5.1% during the forecast period. The creation of households, which is a significant demand driver for the
coatings sector, is favorable and growing. Overall, housing demand is high, but
supply of affordable houses is restricted, implying the rise in housing prices.
According to Invest India, infrastructure activities accounted for 13% share of
the overall FDI inflows of US$81.72 billion for FY21. Throughout the COVID 2020
timeframe, fresh real estate construction was at halt but repairs, remodels,
and maintenance experienced a significant increase, leading in a major increase
for architectural coatings. Thus, surge in demand of paints and coatings in
construction sector is boosting the global Polyester Coatings Market.
Polyester Coatings Market Segment Analysis – By Geography
The Asia Pacific is the leading region accounted for the largest share in the Polyester Coatings Market in 2021 and held nearly 32% of market share. Increase in construction projects in Asia Pacific is boosting the demand for paints and coatings. According to ECHEMI Technology Co., Ltd., Asia Pacific is the leading region in world accounting for around 50% of global coating market and sales of US$92 billion in 2020. After facing significant downturn due to pandemic construction industry in gaining pace. Both residential and commercial segments are witnessing increasing number of projects. As the Polyester resins are one of the major raw materials in paint manufacturing it has a direct impact on Polyester Coatings Market. Thus, the growth in construction industry and surge in demand for paints and coating, in turn boosts the market growth.
Polyester Coatings Market – Drivers
Surge in Building and Construction Activities
Polyesters
resins are extensively used in the manufacturing of paints and coatings. Polyester
coating enhances the overall characteristics of paint in terms of better
physical and chemical qualities than acrylic paint. It is the perfect paint for
dressing up high-end furniture. It has a durable, wear-resistant,
water-resistant and heat-resistant. It also offers chemical-resistant quality
to paint which provides resistance to dilute acids, alkalis, solvents, oils,
and other chemicals, as well as good insulation. The film of paint made up of
Ployester coating has a plump, thick appearance with an extraordinarily high
shine. The varnish is highly decorative and has a light hue, great
transparency, good gloss, and color retention. Such paint is mostly used for
furniture, wood flooring, metal corrosion protection, and other applications. The
increased construction activities across the globe boosting the demand for such
paintsand, eventually Polyester coatings. For
instance, as per European Union, in December 2021, construction of building
increased by 4.6% and civil engineering by 3.3% compared to 2020. Thus,
the growth in construction sector increases the demand for coatings, in turn,
fueling the growth of global Polyester Coatings Market.
Growth in Home Appliances
Polyester based
powder coating is used in home appliances for high quality finishing. It also
provides resistance to corrosion. Due to rising demand from important nations
such as China and India over the projection period, Asia-Pacific is expected to
be the largest market in the coming years. In Asia-Pacific, the home appliance
sector is booming, especially in large markets like China, India, and other ASEAN
countries. The rise in disposable incomes and the increase in population are
driving growth in the home appliance market. In recent years, rising
refrigerator usage has fueled market expansion in various nations, including
China and India. The demand for household appliances is increasing at a rapid
pace in Asia-Pacific countries as a result of the region's constant economic
expansion. For instance, as stated by China Daily, the home appliances industry
in China is expected to grow by 3.8% in 2021. China is the largest manufacturer
of home appliances accounting for 60 to 70 % global production. Thus, growth of
home appliance industry is boosting the demand for polyester coatings.
Polyester Coatings Market – Challenges
Eco-friendly coatings
Eco-friendly products are gaining appeal in the global market, which is driving up demand for coatings resins. Volatile organic compounds are emitted in synthetic polyester coating and it hampers air quality. Exposure to such compounds also has an adverse impact on health. Smart coatings, such as aqueous alkyd, are also displacing traditional coatings. Green coating product, with low concentration of volatile organic compounds (VOC), is likely to be a leading trend in future. Thus, the emergence of eco-friendly coatings may hinder the market growth.
Polyester Coatings Industry Outlook
Technology launches, acquisitions, and R&D
activities are key strategies adopted by players in the Polyester Coatings Market. Polyester Coatings Market top 10 companies include -
1. 3M Company
2. Dupont
3. BASF SE
4. AGC Chemicals
5. Dow Chemical Company
6. AkzoNobel
7. PPG Industries
8. Momentive Chemicals
9. Arkema
10. ICA Group
Recent Developments
- In October 2021, AkzoNobel launched new Anti-Viral coating, Dulux Wash & Wear Anti-Viral paint in Singapore. It is based on silver ion technology and it is effective against some viruses such as human NL-63 coronavirus.
- In September 2021, Axalta Coating Systems, a leading brand in powder & liquid coating, completed the acquisition of the U-POL Holdings Limited. This has strengthened company’s position in global market.
- In November 2020, the new Joncryl 953X range for water-based 1K systems was created by BASF to protect and enhance the beauty of wood while also meeting sustainability requirements. Five straight acrylic dispersions are included in the Joncryl 953X portfolio. These are all multipurpose providing chemical resistance, scratch resistance and hardness.
Relevant Reports
Industrial
Coatings Market – Forecast (2022 - 2027)
Report
Code: CMR 0110
Unsaturated Polyester Resins
Market- Forecast (2022 - 2027)
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Code: CMR 75366
Paints and Coatings Market - Forecast(2022 - 2027)
Report Code: CMR 0227
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