Growth Opportunity Assessment of Polyester Coatings Market 2018 to 2025
Polyester Coatings Market: Overview
Polyester coatings are used as a substitute for alkyd resins; they are alternatively known as oil-free alkyds. Polyester coatings are widely used due to their high acceptance, versatility, and low cost. They provide hardness, high strength, high flexibility, and chemical resistance. The ICA Group provides a wide range of pigmented and transparent, gloss and matt polyester coatings.
Polyester Coatings Market: Segmentation
The polyester coatings market can be segmented on the basis of its application and region. On the basis of application, the global market is categorized into automotive, infrastructure, industrial coatings and packaging, construction, OEM coatings, and aviation. The OEM coatings can be further sub-segmented into paper and paperboard coatings, radiation cured coatings, appliances coatings, coil coatings, powder coatings, and wood furniture coatings. Geographically, the market is diversified into Asia Pacific, Europe, the Middle East and Africa, North America, and Rest of the World.
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Polyester Coatings Market: Growth Factors
The polyester coatings are in great demand in the construction industry. The main reason behind the high growth of the polyester coatings market is growing construction industry on account of increasing population. People are opting for second home plans as investments due to the rise in their income. Thus, the increasing investments in the infrastructure are leading to the polyester coatings market growth. Constructions in not only residential but also commercial sectors are having their share of the market growth. The rise in development and innovations in the industries are directly increasing the chances of the usage of protective coatings. The OEM coating is also expected to boost the polyester coating market growth. The main reason that polyester coatings are used widely as compared to other coatings is its excellent corrosion and chemical resistant properties. The polyester coatings have properties such as chemical, abrasion, and salt resistance; hence, they are used in the marine industry. They also provide better dielectric properties, excellent resistance to humidity, and are also cost-effective. These all things are driving the polyester coatings market growth. The polyester coatings are produced from ethylene, a derivative of petroleum, hence the high cost of raw material may act as a market restraint. Another factor that hampers the market growth is the strict regulations imposed against the production of polyester coatings, as it is leading to many environmental problems and also affecting human health.
Polyester Coatings Market: Regional Analysis
Asia Pacific is dominating the polyester coatings market, both in terms of volume and value. The countries that are mainly contributing to the market growth are China and India. China is the largest market owing to the major demand of polyester coatings in the marine, construction and infrastructure industries. Due to strict protocols, the regions such as North America and Europe are having sluggish growth but are expected to grow in the coming years owing to the new research and technologies.
Polyester Coatings Market: Competitive Players
The key players in the polyster coatings market include AGC Chemicals, BASF SE, Du Pont, Momentive Chemicals, The Dow Chemical Company, Huntsman Corporation, 3M Company, PPG Industries, Axalta Coatings Systems, AkzoNobel NV, Valspar, Sika AG, Hempel A/S, Wacker Chemie AG, Arkema SA, The Sherwin-Williams Company Limited, and RPM International.
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Polyester Coatings Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa