The steady rise in growth opportunities in the field of unsaturated polyester resins has led to the influx of several new players in the market in the past few years, leading to a significant rise in the intensity of competition in the market, observes Transparency Market Research in a recent report. Rising demand from a number of new applications and industries across emerging economies has compelled companies to focus on strategic collaborations with prominent companies operating in regional pockets. Companies are also focusing on R&D activities aimed at the development of products capable of superior recycling and processing capabilities.
Some of the leading companies in the market are U-Pica Company Ltd., Nuplex Industries Ltd., BASF SE, Royal DSM, and Polynt-Reichhold Group.
According to the report, the global unsaturated polyester resin market is expected to exhibit a 5% CAGR over the period between 2017 and 2024, rising from a valuation of US$5,744.3 mn in 2017 to a revenue opportunity of US$7,339.9 mn by 2024.
Asia Pacific to Remain Most Lucrative Regional Market
Of the prominent products in the global unsaturated polyester resins market, the segment of isophthalic resins accounted for the dominant share in the overall market in 2017 and is expected to account for a significant share of the market over the forecast period as well. The high preference to the product variety in composites or fiber glass industries can be attributed to the excellent flexibility, better chemical resistance, and high strength.
Geographically, the market in Asia Pacific excluding Japan accounts for the dominant share in the overall market. The region is also expected to emerge as the regional market with the most promising growth opportunities over the report’s forecast period, exhibiting a 5.3% CAGR and rising to a valuation of US$ 3,085.8 mn by 2024. The steady growth prospects of a number of prominent end-use industries of unsaturated polyester resins such as automotive, construction, and marine in the region will push the demand for unsaturated polyester resins further.
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Construction Sector to Provide Promising Growth Opportunities
A number of factors are working in favor of the global unsaturated polyester resin market. Of these, the increased demand for the compound for a number of applications in the thriving global construction industry is likely to present the most promising set of growth opportunities. The high demand for products that showcase excellent resistance against erosion, are adaptable, and lightweight is the key to the high demand for unsaturated polyester resins in the construction sector. Unsaturated polyester resins are extensively used in the construction and infrastructure development sectors for the formulation of simulated stones, fiber-strengthened plastic (FRP), rocks, marbles, and putties.
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The vast rise in infrastructure development activities in emerging economies in the face of rising population and rapid development of urban settings are leading to a massive surge in demand for elemental construction materials. This factor will continue to remain a key driver for the market over the forecast period.
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