Pune, India, June 14, 2021 (GLOBE NEWSWIRE) — The global unsaturated polyester resin market size to reach USD 16,965.7 million by 2027, exhibiting a CAGR of 5.9% during the forecast period. The material strength provided by polyester resin is expected to boost its popularity and drive the market, states Fortune Business Insights™ in its report titled “Unsaturated Polyester Resin Market, 2020-2027.“
The demand for unsaturated polyester resins is increasing in the construction industry because of the strength and agility of the product when coated with fiberglass, paints, and other materials. The product is prepared by condensing the polymers of saturated and unsaturated dihydric acid. It is a liquefied polymer that provides exceptional strength to fiberglass. Owing to such advantages, the product is used as a wood paint solution, ribbed panel, fixers, and artificially produced paints.
In addition, the demand for the product is increasing from automotive, aerospace, marine, and electrical industries, because of its strengthening properties. It is also utilized for forming structures and boats in the marine and automotive sectors. This use is attributable to the product’s lightweight and highly cost-efficient properties. Further, it is used in electronics because of its anti-corrosive, insulating, and durable nature, thereby boosting market growth.
Impact of COVID-19:
Shortage of Raw Material to Negatively Affect the Market
This market is adversely affected by the COVID-19 pandemic because of the closure of activities. The rising government has imposed lockdown norms because of the rising cases of COVID-19 infection among the people. The lack of raw materials is a major shortcoming for the manufacturers. As a result, the demand for the product will likely shrink. However, the high prices of products and raw materials will surge and allow manufacturers to regain their market position.
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By type, the market is segregated into orthophthalic, isophthalic, and dicyclopentadiene (DCPD). As per application, it is divided into building & construction, marine, pipes & tanks, electrical and electronics, land transportation, wind energy, and others. Regionally, it is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Highlights of the Report:
The report analyzes the top segments and the latest trends. It comprehensively discusses the impact of COVID-19 on the market and the driving and restraining factors. Additionally, it examines the strategies devised by the market’s key players and the regional developments.
Drivers and Restraints:
Rising Adoption Polyester Resin Products in the Construction Industry to Foster Market
Unsaturated polyester resin is increasingly used for several applications in the construction industry. It is used to manufacture roof tiles, bathroom fixtures, and window panes. The product offers superior insulation, outstanding finish to surfaces, and water resistance. In addition, the increasing population leads to the product’s use in the construction of new buildings. Improving infrastructure and the spike in affordable housing have led to a spike in sales of the product in developing economies. Therefore, the high per-capita income of the people and the investment in construction activities is responsible for driving the unsaturated polyester resin market growth.
However, alternative products such as nylon and epoxy resins are likely to hamper the market growth.
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Heavy Demand from Aerospace and Automotive Industries to Spur Growth in Asia Pacific
Asia Pacific is projected to dominate the unsaturated polyester resins market share because of the rising demand for the product from the aerospace and automotive industry. The region accumulated a revenue of USD 6,606.2 million in 2019. The economic improvement in India, Japan, and China is likely to boost the demand for the product for use in housing applications.
In North America, the technological innovations and the rising disposable income of consumers are likely boost the market growth.
The soaring demand for unsaturated polyester resins from the automotive sectorwill boost market inEurope.
Launch of Novel Products by Companies to Offer Substantial Business Opportunities
Companies are providing multi-purpose products to attract consumer demand. For example, Reichold provides a broad range of unsaturated and saturated polyester resins for use in multiple applications. In addition, the companies of the market are launching a slew of products to enhance market position. For example, Deltech offers a wide range of products made from alcohol & acid and unsaturated polyester resin. The launch was made to improve the company’s market position.
December 2020: AOC acquired a spolchemie plant of unsaturated polyester resins in the Czech Republic to enhance the company’s products and services in eastern and central Europe.
List of Key Players Profiled in the Unsaturated Polyester Resin Market Report
- Royal DSM
- BASF SE
- U-PICA Company Ltd.
- UPC Technology Corporation
- Scott Bader Company Ltd.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on Global Unsaturated Polyester Resin Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Unsaturated Polyester Resin Market Analysis, Insights and Forecast, By Type, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Volume/Value)
- By Type (Volume/Value)
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