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The polyester coatings market exhibits dynamic trends shaped by various factors influencing its growth and competitive landscape. Here's an overview of key points outlining these market dynamics:
Rising Demand in Construction Sector: The construction industry is a major consumer of polyester coatings, used for applications such as architectural coatings, protective coatings for infrastructure, and decorative finishes. As construction activities increase globally, driven by urbanization and infrastructure development, the demand for polyester coatings is expected to rise, positively impacting market dynamics.
Growth in Automotive and Transportation: Polyester coatings are extensively used in the automotive and transportation sectors for coating vehicle parts, components, and bodies to enhance durability, aesthetics, and corrosion resistance. With the automotive industry witnessing steady growth and technological advancements, the demand for high-performance coatings is increasing, influencing market dynamics.
Expansion of Industrial Manufacturing: The industrial manufacturing sector utilizes polyester coatings for a wide range of applications including machinery, equipment, appliances, and metal fabrication. As industrial production expands globally, driven by economic growth and industrialization, the demand for protective and functional coatings is expected to grow, shaping market dynamics.
Technological Advancements in Coating Formulations: Ongoing advancements in coating formulations have led to the development of polyester coatings with improved properties such as UV resistance, weatherability, scratch resistance, and chemical resistance. These technological innovations cater to specific industry requirements and drive market dynamics by expanding the application scope of polyester coatings.
Shift towards Waterborne and Powder Coatings: Environmental regulations and sustainability concerns are driving the shift towards waterborne and powder coatings in various industries, including construction, automotive, and industrial manufacturing. Polyester coatings formulations compatible with waterborne and powder technologies are witnessing increased demand, influencing market dynamics by addressing environmental concerns and regulatory requirements.
Regional Growth Dynamics: Market dynamics in the polyester coatings industry vary across regions, influenced by factors such as economic conditions, industrial activities, regulatory frameworks, and consumer preferences. Emerging economies experiencing rapid industrialization and infrastructure development present growth opportunities, while mature markets focus on innovation and sustainability, shaping regional market dynamics differently.
Impact of COVID-19 Pandemic: The COVID-19 pandemic has had mixed effects on the polyester coatings market. While the initial disruption in supply chains and construction activities posed challenges, the recovery and resurgence of the construction and automotive sectors post-pandemic have driven demand for coatings, influencing market dynamics.
Competitive Landscape and Pricing Strategies: Intense competition among manufacturers in the polyester coatings market influences pricing strategies and market dynamics. Companies adopt various strategies such as product differentiation, technological innovation, mergers, acquisitions, and partnerships to gain a competitive edge and maintain market share, impacting market dynamics.
Consumer Preferences for Sustainable and High-Performance Coatings: Increasing consumer awareness and preferences for sustainable and high-performance coatings drive the demand for environmentally friendly formulations with low VOCs (volatile organic compounds) and superior performance characteristics. Manufacturers respond to these preferences by developing eco-friendly polyester coatings, influencing market dynamics.
Raw Material Price Volatility: Fluctuations in raw material prices, including petrochemicals and feedstocks used in polyester resin production, impact the pricing of polyester coatings and overall market dynamics. Manufacturers closely monitor raw material prices and adjust pricing strategies accordingly to remain competitive in the market.
Polyester Coatings Market Highlights:
Polyester Coatings Market Overview
The global polyester coatings market was valued at USD 13,532.8 million in 2022 and is projected to register a CAGR of over 4.5%. Polyester coatings are used as substitutes for alkyd resins. These coatings are also known as oil-free alkyds coating and offer advantages such as ease of use, high chemical & physical resistance, excellent shine, quick drying, and affordability. Moreover, these coatings are formaldehyde- and NMP-free. The primary factor driving the global polyester coatings market is the growth of the end-use industries such as automotive, construction, and aerospace & defense worldwide. These coatings are used in the automotive industry on account of their mechanical, impact, UV, and chemical resistance. An added advantage of polyester coatings is that they do not emit volatile organic contents (VOC), once they are dried off. Moreover, the polyester coatings offer variety choice of colors, gloss levels, and special effects. Stringent government regulations by the US Environmental Protection Agency and European Chemicals Agency associated with the emission of VOC is projected to fuel the demand for polyester coatings. Growing construction industry due to rapid industrialization and urbanization is projected to fuel the demand for polyester coatings. According to the US Census Bureau, the overall construction spending in the US was valued at USD 1,246,000 million in 2017, of which USD 276,510 million was spent on non-residential construction. The increasing demand for commercial spaces in developed as well as developing countries due to the growth of service sectors such as IT, BFSI, and telecom is driving the growth of the construction industry, which as a result is projected to support the growth of the global polyester coatings market. Expanding aerospace industry is another key factor responsible for the growth of polyester coatings market. The total economic impact of the aviation industry was nearly 3.5% of the world’s GDP, i.e., USD 2.7 trillion in 2014. According to the International Civil Aviation Organization, the aviation industry is expected to generate USD 5.9 trillion by 2034, i.e., a 122% increase from 2014. Manufacturers in this market are focused on strategic growth initiatives such as expansion, agreement, and acquisitions. For instance, in February 2019, Arkema inaugurated its new polyester resin manufacturing facility in Mumbai, India, for the production of polyester powder resins marketed under the trade name REAFREE. These polyester resins are primarily used to develop low-VOC powder coatings for a wide range of industrial and architectural applications. However, factors restraining market growth include the environmental effects and fluctuating prices of ethylene.
Regional Analysis
The global polyester coatings market has been studied for five regions, namely North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific accounted for the largest market share in 2018 due to the high demand for polyester coatings in various major end-use industries such as construction and automotive. According to Invest India, the construction market in India is expected to become the third-largest worldwide and is projected to exhibit a CAGR of 5.6% during the forecast period. Additionally, various government initiatives in India such as the Atal Mission for Rejuvenation and Urban Transformation (AMRUT), Jawaharlal Nehru National Urban Renewal Mission (JNNURM), and the Pradhan Mantri Aawas Yojana are expected to increase the infrastructural development activities, which is projected to surge the demand for polyester coatings. The large industrial base in the North American market is projected to fuel the demand for polyester coatings during the review period. The US has one of the leading aerospace industries across the globe and offers lucrative opportunities to the players in the polyester coatings market. According to the US Department of Commerce, Bureau of the Census, Foreign Trade Division, the total exports of the US aerospace industry held at USD 150.61 billion in 2018, which increased from USD 143.17 billion in 2017. The five major destinations for the US aerospace exports in 2018 were China, France, the UK, Canada, and Germany. The high production and sales of automotive components in Europe is the major driver of polyester coatings market in the region. Major contributors to the growth of the market include Germany, the UK, France, and Russia.
Segmentation
The global polyester coatings market has been segmented by application and region. On the basis of application, the global market has been segregated into automotive, construction, aerospace & defense, industrial, OEM, shipbuilding, and others.
Key Players
Some of the prominent players operating in the global polyester coatings market are Arkema (France), BASF SE (Germany), 3M (US), AGC Chemicals (US), Huntsman International LLC (US), PPG Industries, Inc. (US), Axalta Coating Systems, LLC (US), Akzo Nobel N.V. (Netherlands), Durolac Paints, Inc. (India), Marpol Private Limited (India), INDUSTRIA CHIMICA ADRIATICA SpA (Italy), and Cardinal (US).
Intended Audience
- Polyester coatings manufacturerszs
- Traders and distributors of polyester coatings
- Research and development institutes
- Potential investors
- Raw material suppliers
- Nationalized laboratories
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