BANGALORE, India, March 5, 2021 /PRNewswire/ -- Unsaturated Polyester Resins Market is Segmented by Type (Orthophthalic, Isophthalic, Dicyclopentadiene (DCPD)), by Application (Construction Industry, Automotive Industry, Shipbuilding Industry, Others): Global Opportunity Analysis and Industry Forecast, 2021-2026. This report is published on Valuates Reports in the Chemical Industry Category.
In 2019, the global Unsaturated Polyester Resins (UPR) market size was USD 9945.6 Million and it is expected to reach USD 17720 Million by the end of 2026, with a CAGR of 8.5% during 2021-2026.
Major factors driving the growth of unsaturated polyester resin market size are expansion of the construction industry, increasing urban population, recovery of the global economy, and growth in the composite industry.
UPR is widely used across a wide range of vertical industries due to its high-strength fiber properties, easy availability, and low price range. They are easy to manufacture, cost-effective, easy to process, and easy to modify for a specific use.
TRENDS INFLUENCING THE UNSATURATED POLYESTER RESIN MARKET SIZE
Unsaturated polyester resin is largely used in the manufacture of plastic composites. The use of composite materials is increasing in the transport, industrial, sports and recreation industries. Composite materials offer various advantages, such as low material costs, chemical and corrosion resistance, flexibility in component design, and electrical insulation over conventional materials such as metals and concrete components. These features are driving the demand for plastic composite, which in turn increases the growth of unsaturated polyester resin market size.
Technological breakthroughs, innovations, and studies carried out to expand the scope of application of the UPR are expected to fuel the growth of unsaturated polyester resin market size. For example, the continuous research and developments in bio-based unsaturated polyester resin are likely to boost the demand for unsaturated polyester resin as they offer recyclability, excellent strength, thermal and corrosion resistance with lower thickness.
Based on type, the orthophthalic resins segment is expected to offer lucrative growth opportunities in the unsaturated polyester resin market. Properties such as low thermal stability, corrosion resistance, and low cost over other alternatives make Orthophthalic resins ideal for different industries. The growth of Orthophthalic resins market size is mainly due to increased demand for hulls and decks of boats, land transport components, molding, wind blade manufacturing, FRP structures, laminating resins, and various other applications.
Based on application, the construction industry segment is expected to witness significant growth during the forecast period. Unsaturated polyester resin is increasingly used in the building and construction industry in the reinforcement, roofing, concrete, and composites of household structures, warehouses, and factories. The global construction market has been driven by infrastructural developments in the BRICS and Middle East countries, which in turn is expected to fuel demand for the unsaturated polyester resin over the forecast period.
Based on the region, the Asia-Pacific region is expected to hold the largest unsaturated polyester resin market share during the forecast period. The growth of major end-use industries, such as construction, electronics, transport, and marine industries, is driving the UPR market size in the Asia-Pacific. Furthermore, the robust manufacturing base of the automotive industry in China, Japan, and India, coupled with increased passenger vehicle sales, is expected to increase the growth of the UPR market size.
TOP COMPANIES IN THE UNSATURATED POLYESTER RESIN MARKET SIZE
Due to abundant raw material resources and mature technology, there are many suppliers all over the world.
The market is fragmented on a global level, with the top four companies accounting for less than 25% of the market in 2017. The top companies in the unsaturated polyester market include Ashland, DSM, Polynt-Reichhold, and Yabang. Amongst these, Polynt-Reichhold holds the largest market share.
Other major companies in the unsaturated polyester resin market are:
Luxchem Polymer Industries.
UNSATURATED POLYESTER RESIN MARKET SEGMENTS
Segment by Type, the Unsaturated Polyester Resins (UPR) market is segmented into
- Orthophthalic Resin Market is Segmented by Type Filled Resin, Unfilled Resin, by Application Automotive Industry, Construction Industry, Electrical and Electronic Industry, Others and by various regions.
- FRP Unsaturated Polyester Resin Market is Segmented by Type Orthophthalic, Isophthalic, Dicyclopentadiene (DCPD), Others, by Application Construction Industry, Automotive Industry, Shipbuilding Industry and by various regions.
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