With the presence of a large pool of participants, the global saturated polyester resin market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Royal DSM N.V., Evonik Industries, Bayer Coatings, Arkema S.A., Covestro AG, and Nippon Gohsei, are some of the key vendors of saturated polyester resin across the world. These players across saturated polyester resin market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the market study.
For instance, Oxea, a global chemical firm, is aiming to expand its production capacity in Europe for neopentyl glycol (NPG), for meeting the growing product demand from consumers in Europe. It is likely that the firm is going to set up a debottlenecking venture for producing NPG at Oberhausen location in Germany. Reportedly, NPG finds application in polyester synthesis as well as in lubricants, plasticizers, and coatings. The organic chemical compound is also used in production of saturated polyester resins and powder coatings. Analysts predict that the move is anticipated to stimulate the expansion of saturated polyester resin market in Europe within the span of next few years.
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Growing Demand For Eco-Friendly Products To Boost Market Growth
“Rapid industrialization and modernization witnessed across developing nations and escalating need for manufacturing eco-friendly products will propel the saturated polyester resin market growth in the near future,” says the author of this study. Apart from this, growing preference for Bisphenol A free as well as epoxy free coatings coupled with escalating demand for saturated polyester resin from developing economies will lucratively leverage the saturated polyester resin market growth over the forthcoming years.
High manufacturing costs of the product as compared to other resin types, however, will impede the growth of the saturated polyester resin market in the near future. Nevertheless, strict government legislations on VOC emissions leading to large-scale acceptance of environment-friendly technologies substituting solvent-borne coatings will enhance the saturated polyester resin market demand, normalizing the impact of hindrances on the saturated polyester resin market expansion, reports the study.
Growing Product Demand In Various Industries To Fuel The Regional Dominance
Geographically, Asia Pacific has been leading the worldwide saturated polyester resin market and is anticipated to continue on the dominant position in the years to come, states the market study. The elevated product consumption in plethora of industrial applications is the main factor behind the dominance of the APAC saturated polyester resin market. Countries such as India, Japan, and China are likely to be key regional revenue pockets over the coming years, subject to exponential growth of power coatings sector in these regions.
The global saturated polyester resin market is segmented as follows:
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