The global Unsaturated Polyester Resins (UPR) market is estimated to grow from USD 9.17 billion in 2016 to USD 12.15 billion by 2021, at a CAGR of 5.78% between 2016 and 2021. Cost advantage over epoxy resins has created a huge demand for UPR. UPR takes less time to cure during the resin hardening process as compared to epoxy resins, which indirectly helps in saving energy.
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The report covers the UPR market segmented on the basis of type, end-use industry, and region. The growing demand from end-use industries such as building & construction, marine, land transportation, wind energy, and others are driving the UPR market. Growth of the UPR market is also due to the increasing demand for pipe & tanks, electrical & electronics, and artificial stones. The growing demand from Asia-Pacific and MEA is driving the companies to invest in these regions to increase their market share and geographical presence.
Based on end-use industry, the building & construction segment is projected to lead the UPR market, while the wind energy segment is projected to grow at the fastest rate during the forecast period. The growth of marine and land transportation industries is also anticipated to propel the demand for composites, thereby driving the UPR market.
Based on type, the orthophthalic segment is expected to lead the UPR market during the forecast period. Orthophthalic resins are preferred over other types of resins by various end-use industries. These are advantageous in terms of cost, toughness, and chemical resistance as compared to other types of resins such as isophthalic, DCPD, and terephthalic resins. The growth of this type of resin can be attributed to the increase in demand for use in hulls and decks of boats, land transport components, molding, wind blade manufacturing, FRP structures, laminating resins, and various other applications such as adhesives, buttons, castings, composites, encapsulation, flooring materials, gelcoats, filler pastes, pigment pastes, polymer concrete, putties, tooling, and fire-retardant & anti-corrosion coating.
Asia-Pacific is the fastest-growing market for UPR, in terms of value and volume. China and India are the major countries for the production of composites. Thus, increasing applicability of UPR in the composite industry is anticipated to drive the growth of the UPR market in the Asia-Pacific region.
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The market players are expected to adopt growth strategies such as investments & expansions, new product developments, mergers & acquisitions, and partnerships, contracts & joint ventures to increase their overall business, globally. The rising demand for UPR is mainly from the building & construction, land transportation, marine, wind energy, and other end-use industries. Stiff competition in the UPR industry, product quality, and differentiation have encouraged companies to adopt such strategies. All the developments are expected to lead to sustainable growth of the UPR market in the next five years.
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