Market Overview:
Polyester coatings are used in a
wide variety of applications such as warehouses, roofing, facades, flooring,
and others due to their capability of offering high performance, enhanced
efficiency, and reliable nature to the final product. Thus, they are used in
various applications such as automotive, construction, packaging, aviation,
paints & coatings, and others. The global polyester coatings market is
spanned across five regions of the world namely Asia Pacific, Europe, North
America, Latin America, and the Middle East & Africa. Among these, Asia
Pacific holds a major share of the global market and is projected to continue
leading, owing to the increasing consumption of polyester coatings in
automotive, construction, packaging, aviation, paints & coatings, and
others.
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It is estimated that the
construction segment is set to observe the highest CAGR in the market due to
growing infrastructure development in developing economies. Moreover,
increasing demand for polyester paint in automotive, packaging, aviation and
others is likely to witness a rapid growth during the forecast period. These
factors have led China, Japan, and India to be the major players in this
region.
Competitive Analysis
Some of the well-known players
operating in the global polyester coatings market are AGC Chemicals Americas
(U.S.), BASF SE (Germany), DuPont (U.S.), Momentive (U.S.), The Dow Chemical
Company (U.S.), Huntsman International LLC(U.S.), 3M (U.S.), PPG
Industries, Inc (U.S.), Axalta Coating Systems, LLC (U.S.) and Akzo Nobel N.V.
(the Netherlands) among others.
Segmentation
The global polyester
coatings market is classified by the application segment. On the basis
of the application, the market is bifurcated into automotive, construction,
packaging, aviation, paints & coatings, and others.
Regional Analysis:
The North America market is
expected to grow at a higher CAGR due to growing mergers and acquisitions among
the leading companies. The U.S., Canada, and Mexico have achieved a significant
place in the market due to the growing investments in end-use industries.
Therefore, the growing demand for superior performance coatings in end-use
industries is estimated to drive the market during the forecast period.
A significant development is
observed in Europe due to the adoption of stringent norms and policies set by
the regulatory bodies to adopt polyester coatings in end-use applications such
as flooring, roofing, facades, and others. The growing demand for oil-free
products has propelled the market to witness a better growth. Thus, countries
such as Germany, the U.K, and Italy are the major contributors to this market.
A notable growth is predicted in
the Latin American region such as in Brazil, Uruguay, and Argentina due to
increasing demand for the product in end-use applications. Moreover, a rapid
development is estimated in the Middle East & African region such as Qatar,
the U.A.E, and others due to increasing demand for polyester coatings in
end-use industries such as construction, paints & coatings, and others.
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