Industry Insights
Unsaturated polyester resin (UPR) market has been witnessing strong growth over the last few years on account of growing construction sector, and the trend is anticipated to continue over the forecast period. Increasing construction projects on account of infrastructure development in emerging countries of Asia Pacific and Latin America is anticipated to boost UPR demand over the next five years. UPR have superior mechanical properties including high heat resistance and high hydrolytic stability. Owing to these properties, UPR has found major application in chemical industry for manufacturing pipes and tanks, which in turn likely to augment the market growth over the foreseeable period. Increasing application scope of UPR in major end use industries including automobile, marine activities, transportation, wind energy and electronics are anticipated to surge the market growth over the forecast period. Rapid industrialization in Asia pacific and Latin America has led to surge in demand for electricity. Rising UPR application scope in wind turbines coupled with increasing demand for wind energy in power generation sector is anticipated to boost UPR demand over the foreseeable period. Rapid growth in electronic industries over the last few years is likely to impact UPR market positively in near future. However, volatile raw material prices coupled with low recyclability of UPR material is expected to hamper the market growth over the forecast period.
Product Insights
Orthopthalic resins have been dominating the UPR market product segment on account of its widespread application base in industries including construction, marine, transportation and artificial stones. Increasing demand for these end-use industries is anticipated to have positive impact on UPR market growth over the next five years. Orthopthalic resins are used as standard laminating systems in the composite materials industry owing to their low cost. Increasing demand for composite materials from automotive and aerospace industries is anticipated to augment the market growth over the forecast period. Isopthalic resin was the second major product segment for UPR market followed by DCPD. Isopthalic resins contain superior chemical and heat resistance properties. Materials with these properties have favorable applications in manufacturing fiber reinforced plastics (FRPs). Increasing usage of isopthalic resins in marine industry owing to its waterproof property is one of the key factors expected to drive the market over the foreseeable period.
Application Insights
Building and construction sector was the largest application segment for UPR market over the last few years. This trend is expected to continue over the forecast period on account of increasing construction projects in emerging countries such as India, China and Brazil. Chemical industry is the second major market for UPR on account of increasing usage in pipes and tanks manufacturing which are used for storage and transportation of chemicals. Growth in other end-use industries including transport, marine, electrical, aerospace and wind energy is anticipated to boost UPR demand over the next five years.
Regional Insights
Asia pacific was the largest regional market for UPR over the last few years on account of increasing construction projects in emerging countries such as India and China. Increasing government spending on infrastructure development including roads, flyovers, metro rails and commercial complexes is the key factor, which is anticipated to complement the market growth over the next five years. North America is anticipated to witness strong growth over the forecast period owing to growing major end-use industries including marine and electronics in the region. Europe has been witnessing sluggish growth over the last few years on account of stringent regulation from EU commission to reduce the application of styrene monomer in polyester resin.
Competitive Insights
Key players in UPR market include The Dow Chemical Company, BASF SE, Ashland Inc., Royal DSM, CCP composites LLC, Eternal Chemical Co. Ltd. and Scott Bader Company Ltd.
