As awareness regarding sustainability and environmental impact has grown, a paradigm shift was seen globally, where every industry is making necessary changes to transform to achieve sustainability with respect to the environment, and so did the chemical industry. As chemicals become more versatile, stable, and refined, their incorporation in products has grown substantially, such as in paints and coatings, adhesives, and more.
Use of compounds to achieve desired properties in chemicals has increased, and one such resin compound – powder polyester resin – shows high potential to grow because of the properties it brings for key end-use sectors such as construction and paints & coatings. The global powder polyester resins market is estimated to expand at a healthy CAGR of more than 6%, to be valued at around US$ 4.2 Bn by the end of 2030.
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Key Takeaways from Powder Polyester Resins Market Study
- Improved technology in chemical research has led to substantial growth of the chemical industry, capable of serving a number of different end-use segments and their diverse demands. Powder polyester resin is one of the key products in the chemical industry, which has made its way in paints and coatings.
- The East Asian region dominates the global powder polyester resins market, with China being the leading country, having good production as well as consumption. Developing economies are regions that show high growth potential, with improvement in infrastructure and growing end uses, and hence, will be major targets for key manufacturers in the powder polyester resins market.
- Growing popularity of powder coatings in the global paints & coatings market, chiefly as a much more environment-friendly alternative to solvent-based coating systems, is providing significant impetus to the growth of the powder polyester resins market.
- Given the regulatory hurdles faced by Triglycidyl Isicyanurate (TGIC)-based polyester resins, manufacturers are increasingly focusing on the formulation of alternative products, known as HAA-based or sometimes ‘Primid’ or simply TGIC-free powder polyester resins.
- The COVID-19 pandemic has led to supply chain disruptions and decreased demand from end-use industries, thereby adversely affecting the short-term growth of the powder polyester resins market.
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Market Landscape Continues to Remain Moderately Fragmented
The global powder polyester resins market is fragmented in nature, and as a consequence, competition in the market is extremely high, with established players collaborating to gain an advantage over others and rising local players trying to provide cost-effective solutions. Increasing regulatory requirements demanding produce localization are also pushing global players to set up bases near their client markets. Some of the key players in the global powder polyester resins market are DIC Corporation, Arkema S.A., DSM, Marpol Private Limited, Stepan Company, Anhui Shenjian New Materials Co Ltd, Evonik Industries, Tough Color Resins Private Limited, Karna Paints, and others.
Powder Polyester Resins Market: Conclusion
East Asia has the maximum share in the global powder polyester resins market, and will hold its dominant position till the end of the forecast period. Developing regions will be key contributors, which will improve demand for powder polyester resins over the coming years. Key manufacturers will focus on improving reach and getting close to end-use markets, for which, strategic collaborations and partnerships will grow, whereas, local manufacturers will try to provide cost-effective products to compete for local business.
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