Unsaturated Polyester Resin Market to Witness Enhanced Demand in Infrastructure Projects – Market Report by Hexa Research

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The “unsaturated polyester resin (UPR) market” is projected to expand significantly in the near future. Market penetration is attributed to rising use of fiberglass reinforced plastics (FRPs). FRP adoption in electrical, transport, wind energy, construction, and several other applications is likely to propel market growth.

The global unsaturated polyester resin market is expected to grow substantially owing its extensive use in FRP (fiberglass reinforced plastics). The FRPs are widely used in a number of applications across industries including construction, transport, marine, electrical, and wind energy. Growing level of development in the construction industry is the major driver growth for this market.

The emerging economies such as India, China, Brazil, and Argentina are expected to witness a substantial rise in the infrastructure development over the forecast period, which is expected to propel the growth of the concerned market. In addition, the evolution of chemical industry has resulted in the increased demand for pipes and tanks, especially for transportation and storage purposes. This increased demand is anticipated to augment the market growth during the next eight years.

The growing marine sector coupled with the growing FRP applications, worldwide, is likely to boost the market growth further. The major characteristics of unsaturated polyester resin, which drive the market growth, are cost-effectiveness, high-performance ability, and environmental friendliness. However, the price volatility of raw materials might be a challenge for a decent growth this market. Moreover, the low recyclability of these resins might hinder the growth of this market in the automotive segment. Other industries using the resins widely include electronics & electrical, mechanical, transportation, construction and marine. The growing levels of development in all these industries are likely to take the market to the newer heights.

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The building & construction, marine, and transport industry use the Orthopthalic type of unsaturated polyester resins. Owing to the wide use of Orthopthalic resin, it dominates the UPR market and is expected to grow further, in terms of consumption, over the forecast period. Furthermore, its broad usage in standard lamination systems in composite industries is likely to boost the growth, owing the low cost coupled with high performance. The resins are gaining importance in manufacturing artificial stones for decoration purposes. Moreover, the features like water resistivity, rust resistance, and superior strength are all expected to complement the progress during the next eight years. Other variants include Isophthalic resins that are chemicals and heat resistant used in FRP enabling them to work even at a temperature of 100 degree Celsius. While, DCPD resins are widely used in marine applications owing to the low shrinkage, resulting in a minimal visual print-through and a smooth surface. DCPD, for some industries, is considered as superior to ortho-phthalic resins owing to the lower VOC emissions and low styrene content. Other products include specialty resins and vinyl ester resins, both of which hold a considerable share of the overall UPR market.

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The UPR is mostly used in building & construction segment, and that accounts for the largest share of the UPR market. The light-weightiness and high sustainability of fiberglass reinforced plastics are the major drivers for the growth of UPR across industries. Rapid urbanization coupled with the growing construction work in the emerging economies such as India, Brazil, China, Indonesia, and Argentina is expected to propel the market growth over the forecast period. Moreover, the growing production of large pipes and tanks in the chemical factories is expected to augment the growth of this sector. Other end uses of UPR include aerospace equipment, wind energy systems, and automotive machines.

The Asia-Pacific is the largest consumer of the unsaturated polyester resins owing to the speedy construction work and growing chemical industry in the region, especially in China and India. The governments in the two countries have increased the spending on infrastructural activities, which is likely to impact the market on a positive note. In addition, the growing marine industry coupled with the increased focus on waterways transportation complements the market growth in Asia-Pacific. The North America holds a significant share of the global UPR market and is anticipated to grow substantially during the next eight years on account of development in marine and electrical industries. The demand for unsaturated polyester resins in Europe is expected to grow at a sluggish rate due to the stringent norms and regulations by the European governments regarding the limitation on the use of styrene monomer in resins.

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The key players in the global market include the multinational companies such as BASF, Dow, CCP Composites and Ashland, most of which are focusing on increasing their geographical reach by capturing the untapped markets in India and China. The other players in the market include DuPont, AOC Resins, Lanxess, DSM, Reichhold, Speedwell Exim Private Limited, Kivi Markings, Acuro Organics Limited, MarpolPvt Ltd and Marble Magik Corporation. The comparatively small players are keen on integrating with other firms to enter the global market for heavy returns and getting the competitive edge over their competitors.

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