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 2022, rising from a
valuation of US$5,744.3 mn in 2017 to a revenue opportunity of US$7,339.9 mn by
2022.
Asia Pacific to Remain Most
Lucrative Regional Market
Of the
prominent products in the global unsaturated polyester resins market, the
segment of isophthalic resins accounted for the dominant share in the overall
market in 2017 and is expected to account for a significant share of the market
over the forecast period as well. The high preference to the product variety in
composites or fiber glass industries can be attributed to the excellent
flexibility, better chemical resistance, and high strength.
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Geographically,
the market in Asia Pacific excluding Japan accounts for the dominant share in
the overall market. The region is also expected to emerge as the regional
market with the most promising growth opportunities over the report’s forecast
period, exhibiting a 5.3% CAGR and rising to a valuation of US$ 3,085.8 mn by
2022. 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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