Global Liquid Saturated Polyester Resin Market - Overview
The liquid saturated polyester resin market is growing continually due to the rising demand from the flexible & rigid packaging industry. Besides, the growing consumption of liquid saturated polyester resins in the production of automotive paints & coating fosters the growth of the market. Moreover, increasing demand for lightweight automobile parts, alongside the growing production in the automotive sector accelerates the market growth excellently.
Resultantly, the liquid saturated polyester resin market garners colossal traction on a global level. According to Market Research Future (MRFR), the global liquid saturated polyester resin market is expected to grow at an impressive CAGR during the forecast period (2021-2030). The burgeoning automotive and packaging sectors are the key end-use industries of the resins. The large consumption of liquid saturated polyester resins in these industries is a major driving force behind the growth of the market.
Increasing numbers of projects in commercial and residential construction is another key growth driver for the market. Additionally, rapid industrialization and growth in the global economy drive market growth, increasing the demand in the building & construction sector. On the other hand, stringent regulations implemented by REACH and EPA are expected to slightly hamper the demand for liquid saturated polyester resin, especially in Europe and North American regions.
Also, fluctuations in crude oil prices that directly impact the prices of raw materials required for the production of these resins restrict the growth of the market. Nevertheless, increasing numbers of infrastructure development projects worldwide would support market growth during the assessment period, creating enormous growth opportunities for market players. Also, increasing investment in the construction activities for universities, hospitals, stadiums, and residential buildings is estimated to increase market opportunities.
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Some of the prominent players operating in the global liquid saturated polyester resin market are Royal DSM N.V. (the Netherlands), Evonik Industries (Germany), The Nippon Synthetic Chemical Industry Co.,Ltd (Japan), Stepan Company (U.S.), Arkema S.A. (France), Allnex Group (Belgium), Hitachi Chemical Co., Ltd (Japan), Thai Urethane Plastic Co.,Ltd. (Thailand), NOVARESINE SRL (Italy), Karna Paints (India), Worlee-Chemie GmbH (Germany), and others
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Liquid Saturated Polyester Resin Market - Segments:
Liquid Saturated Polyester Resin Market - Segments
MRFR has segmented the market into two major dynamics;
By Application: Flexible & Rigid Packaging, Automotive Paints, Can & Coil Coating, Industrial Paints, and others.
By Regions: Americas, Europe, Asia Pacific, and the Rest-of-the-World.
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Global Liquid Saturated Polyester Resin Market - Regional Analysis
The Asia Pacific region leads the global liquid saturated polyester resin market. The largest market share is attributed to the increasing demand for these polyester resins in various applications, including construction, automotive, and general industry. Besides, factors such as raw material advantage, growing purchasing power, and favorable regulatory framework substantiate the regional market growth.
In India, China, Malaysia, Vietnam, and Japan, country-level markets witness a surging demand for liquid saturated polyester resin due to the growing consumer base and expansion of various end-use industries. The APAC Liquid Saturated Polyester Resin market is expected to grow at the highest CAGR during the forecast period.
North America stands second in the global liquid saturated polyester resin market. The market growth is dominantly driven by the large base for various industrial sectors and increasing investments to revitalize the general industry. Moreover, the spurting growth in the flexible & rigid packaging sector drives a huge share of the consumption of liquid saturated polyester resin in the region.
Canada and the US, among other North American countries, are the main growth contributors to the regional market growth. The North American liquid saturated polyester resin market is projected to create a substantial revenue pocket during 2017-2023.
Europe liquid saturated polyester resin market has been experiencing substantial growth. Factors such as the rising demand for the product in European countries such as Spain, Italy, Russia, Germany, France, and the UK due to increasing applications drive the regional market growth. Besides, increasing expenditure on research & development and innovation in the region propel the growth of the market.
Moreover, the rapid industrialization and burgeoning packaging industry in the region impact the market growth positively. Additionally, the increasing automotive production and rising demand for lightweight vehicles are aiding the growth of the regional market. The liquid saturated polyester resin market in the European region is anticipated to witness rapid growth during the assessment period.
Industry/Innovation/ Related News:
August 12, 2019 --- Indorama Ventures Public Company Limited (IVL), a leading chemicals & fiber producer in Thailand, announced the acquisition of Sinterama SpA (Italy), a polyester yarn maker. Indorama Ventures is one of the largest polyester producers. Sinterama manufactures liquid saturated polyester resin that is used in the apparel sector. The acquisition presages a major milestone in the strategic alliance for IVL, offering five production sites for liquid saturated polyester resin in four countries in Italy, Brazil, China, and Bulgaria.
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