Saturated Polyester Resins Market Trends

Statistics for the 2023 & 2024 Saturated Polyester Resins market trends, created by Mordor Intelligence™ Industry Reports. Saturated Polyester Resins trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

Market Trends of Saturated Polyester Resins Industry

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.
Saturated Polyester Resins Market - Segmentation

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 Market - Regional Trend

Saturated Polyester Resins Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)