Polyester coatings, also known as oil-free alkyds coatings, are used as substitute for alkyd resins. Over the past years, the use of polyester coatings has considerably increased due to its low cost, versatility, and high acceptance. It is possible to tailor polyester coatings with additives to cater to any specific end-use application. As they offer high flexibility, chemical resistance, hardness, and high strength, polyester coatings have become a favorite of the building and construction industry. Besides this, polyester coatings also find use in automotive, OEM coatings, aviation, industrial coatings, aviation, and packaging sectors.
The report presents a holistic overview of the global polyester coatings market complete with study into the prevailing trends, key growth drivers, and major restraints. Based on in-depth research, the report provides market projections for the forecast period from 2016 to 2024. It compiles proven analyses and results obtained from the same to help readers gain a better perspective of the global polyester coatings market.
Global Polyester Coatings Market: Trends and Opportunities
The increasing demand for polyester coatings from the construction industry is the chief market driver. With the growing population worldwide, the demand from the building and construction industry is only expected to increase in the coming years. In addition, the rising affordability of middle-income population is expected to make them keener on investing in properties, further creating opportunities for the expansion of the construction market. This will inexorably gain traction for the global polyester coatings market. Besides this, the market is also expected to gain impetus from the increasing investment in the infrastructure development by emerging nations.
Despite overall positive opportunities, stringent environmental regulations and volatility in raw material prices hold possibility of hampering its trajectory. Polyester coatings are produced from ethylene, which on being a petroleum derivative is vulnerable to fluctuation in crude oil price. In addition, polyester solvents pose threat to human health and environmentally hazardous. Therefore, stringent environmental regulations implemented by governments is inevitable to have adverse impact on the overall polyester coatings market.
In order to tackle the situation, manufacturers are focusing on customized coatings and bio-based polyester coatings. Such novel practices are expected to boost the global polyester coatings market in the coming years.
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Global Polyester Coatings Market: Regional Outlook
Regionally, Asia Pacific emerged dominant in the global polyester coatings market due to the high consumption of polyester coatings in China. With an aim of capitalizing on prevailing opportunities, several players have begun operations in China subsequently giving thrust to the already established polyester coatings market. Much of growth witnessed in Asia Pacific is ascribable to the expansion of construction and hybrid coatings industry in the region. This regional market also faces a downside due to the declining prospects in one lucrative market of Japan. The high performance of alternatives and their competitive pricing pose considerable threat to the market.
Besides this, the sales of polyester coatings have also declined due to enacted legislations in some parts of Europe and North America. However, with players developing novel products to cohere with such regulations, in future the demand for polyester coatings is most likely to increase.
Global Polyester Coatings Market: Vendor Landscape
Despite the high fragmented vendor landscape of the global polyester coatings market, companies such as The Dow Chemical Company, Du Pont, Huntsman Corporation, AGC Chemicals, Momentive Chemicals, BASF SE, and 3M Company have sealed their position as key market players. Their policies and marketing strategies they administer hold immense significant due to the influence they exert on the overall market operations.