According to Market Research Future (MRFR), the global polyester coatings market has been assessed to reach a remarkable market valuation at a striking CAGR over the review period.
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Polyester coatings are primarily used for enhancing the high standard performance and imparting chemical resistance, durability, reduced yellowing, weather-proof resistance, and non-toxic nature to the end-use product. The market is projected to be influenced by the increase in infrastructural development over the assessment period. The swelling demand for powder coatings from the automotive industry is expected to drive the market over the review period, due to benefits provided by the product such as enhanced efficiency, lower cost, and other superior features. Polyester coatings are also used in numerous applications such as brake pads, door handles, roof racks, engines, oil and fuel filters, exterior & interior trim since they offer enhanced thermal and humidity resistance to the end-use product.
Regional Analysis
Based on regions, the Polyester Coatings Market has been segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
The Asia Pacific (APAC) region accounts for a significant share of the market due to the rising demand for polyester coatings in end-user industries such as automotive, aviation, construction, packaging, paints & coatings, and others. The surge in disposable income and production of hybrid coatings in noteworthy industries has driven the region to witness higher growth over the assessment period. Countries such as Japan, China, and India are significant contributors to the regional market share in the polyester coatings market.
The North American region is expected to grow significantly in the market due to rapid urbanization along with the increasing popularity of polyester coatings in end-use industries. It is projected that increasing investments in the end-use industries are likely to drive the market in the region during the review period. The growing consumption of polyester coatings in aviation, construction, and packaging sectors has driven developed countries such as Canada, the U.S., and Mexico to attain remarkable growth in the market as they provide excellent stability, flexibility, and durable nature to the end-use product.
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The European market is estimated to witness remarkable growth due to stringent regulations employed by governments to follow polyester coating in end-user products. The polyester coatings market has been driven by the application of this rule in textiles, paints & coatings, and adhesives segments. It is estimated that the rising innovation and technological advancements in the region are predicted to boost the growth in developing countries such as the U.K, Germany, Italy, and France during the review period.
The Latin America (LATAM) region is projected to observe a significant growth in the market owing to greater use of high-performance coatings in automotive, aviation, construction, and others. Polyester coatings are expected to drive the market over the review period owing to their growing usage in automotive interior and exterior parts, filter pads, and others. Furthermore, the Middle East & Africa is expected to observe higher growth in the market due to a surge in the construction activities in the region over the review period.
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).
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Segmental Analysis
The global polyester coatings market is segmented on the basis of the application. Based on application, the market has been sub-segmented into automotive, construction, packaging, aviation, paints & coatings, and others. The paints and coatings segment is predicted to drive the market due to the rising manufacture of polyester paint in the sector and its massive demand in end-use applications over the review period. Moreover, increasing consumer awareness and higher usage of the product in significant industries are set to drive the market over the assessment period.
Among these, the construction sector holds a significant portion owing to the rising consumption of polyester coatings in numerous applications such as warehouses, facades, roofing, and others.
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