The global unsaturated polyester resin (UPR) market is set to gain momentum from the increasing demand from numerous end-use industries, such as marine, electrical & electronics, aerospace, and automotive. This information is given by Fortune Business Insights™ in a new report, titled, “Unsaturated Polyester Resin Market Size, Share & COVID-19 Impact Analysis, By Type (Orthophthalic, Isophthalic, and DCPD), By Application (Building & Construction, Marine, Pipes & Tanks, Electrical & Electronics, Land Transportation, Wind Energy, and Others), and Regional Forecast, 2020-2027” The report further states that the market size was USD 11,579.6 million in 2019 and is projected to reach USD 16,965.7 million by 2027, exhibiting a CAGR of 5.9% during the forecast period.
COVID-19 Pandemic: Shortage of Raw Materials May Decline Demand
The COVID-19 pandemic has affected a wide range of industries worldwide, thereby halting trade and manufacturing activities. The lockdown has also caused a shortage of raw materials. Hence, the costs of finished products have surged rapidly. These factors are set to decline the demand for unsaturated polyester resins inthe near future.
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How Did We Create This Report For You?
We follow an innovative research methodology that includesdata triangulation on the basis of bottom-up and top-down approaches. We conduct extensive primary research to validate the projected market numbers. The data used to estimate the forecast for various segments at the country, regional, and global levels is collected through interviews with various leading stakeholders. We also derive information from paid databases, industry journals, SEC filings, and other authentic resources. The report includes several details, such as drivers, opportunities, challenges, and dynamics of the market.
Drivers & Restraints-
Excellent Surface Finish and Water Repellency to Augment Growth
The building and construction industry is the major user of unsaturated polyester resins as the material is necessary for producing bathroom fixtures, floor tiles, roof tiles, and window panels. It also has certain beneficial properties, such as good electrical insulation, rigidity, resistance to wear, water repellency, andexcellent surface finish. These factors are anticipated to propel the unsaturated polyester resin market growth in the upcoming years. However, the availability of numerous substitutes in the market would obstruct growth.
Marine Segment to Grow Steadily Fueled by Usage in Surfer Boards & Boat Decks
Based on the application, the marine segment generated 8.84% in terms of the unsaturated polyester resin market share in 2019. It is set to show substantial growth backed by the increasing usage of UPRin surfer boards, fiberglass panels, interior & exterior parts, and boat decks.
Regional Insights-
Asia Pacific to Lead Fueled by Demand from Construction and Marine Industries
Geographically, Asia Pacific procured USD 6,606.2 million in 2019 in terms of revenue. It is likely to retain its dominant position throughout the forthcoming years because of the rising demand for unsaturated polyester resins in numerous industries, such as aerospace, marine, building &construction, and automotive. Emergingnations, namely, Japan, India, and China, are expected to contribute to this growth because of constant economic development.
On the other hand, North America is set to exhibit a significant sharestoked by the rising disposable income and technological advancements in the region. In Europe, Germany would showcase the highest growth on account of the sales and production of automobiles.
Competitive Landscape-
Key Players Focus on Various Organic & Inorganic Strategies to Compete in Market
The global market for unsaturated polyester resins houses several renowned manufacturers. Most of them are adopting the strategies of collaboration, acquisitions, new product launches, and expansion of distribution channels. Below is one of the latest industry developments:
• December 2020:AOC acquired a Spolchemie plant for unsaturated polyester resins in the Czech Republic. It would aid the company to enhance its logistics and services.
A list of all the prominent UPRmanufacturers operating in the global market:
• Reichold (U.S.)
• Royal DSM (Netherlands)
• Deltech (U.S.)
• Polynt (Italy)
• Dow (U.S.)
• BASF SE (Germany)
• INEOS (U.K.)
• U-PICA Company. Ltd. (Japan)
• UPC Technology Corporation (Taiwan)
• Scott Bader Company Ltd. (U.K.)
• Other Key Players