An unsaturated polyester resin is an essential polymer required for production of composite materials, including mainly glass fiber–reinforced plastics (FRP). FRP composites have a prominent application in various industries such as construction, land transport, and marine. Non-reinforced unsaturated polyester resins are used to manufacture solid-surfaced countertops, marbles, automotive repair putty and filler, gel coats, and few other items such as bowling balls and buttons.
The global unsaturated polyester resins market growth is primarily driven by factors such as increasing demand for composite demand owing to its light weight, superior durability, and low cost. Unsaturated polyester resins are extensively used in various industries to improve thermal, flexure composites mechanical, and morphological attributes. Unsaturated polyester resins are widely used in construction industry in water management systems such as tanks and pipes. Moreover, increasing flexibility and high corrosion resistance properties are expected to fuel growth of the global market during the forecast period (2016-2024). Unsaturated polyester resins also find application in building panels, concrete forming pans, concrete rebar, doors, shower stalls, electrical boxes, and floor grafting. Unsaturated polyester resins are also used in manufacturing recreational products such as sailboats, powerboats, personal watercraft, and kayaks. Increasing demand generated by the recreational industry in terms of enhancing consumer lifestyle is expected to elevate the demand for market over the forecast period. In addition, the unsaturated polyester resins are broadly used in automobile component manufacturing such as body panels due to its lightweight property. However, stringent regulations laid down by DOE, EPA, and ANSI pertaining to product storage and product exposure is expected to be a major restraint for growth of the global unsaturated polyester resins market.
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Global Unsaturated Polyester Resins: Market Taxonomy
By Product Type
On the basis of product type, the global market is classified into:Orthophthalic Polyesters,Isophthalic Polyesters,Dicyclopentadiene (DCPD),Others (Terephthalic Acid, Gelcoat Resins, etc.)
By End-User Industry
On the basis of end-user industry, the global market is segregated as:Marine,Building Construction,Transportation,Electrical & Electronics,Power Generation,Oil & Gas,Others (Chemicals, Consumer Goods, etc.)
Among all the end-user industries, building & construction was the leading segment, both in terms of value and volume, in 2015. The segment is also projected to showcase highest growth rate over the forecast period, owing to the rapid growth of the building & construction industries in emerging economies such as China, Brazil, India, UAE, and Brazil, wherein substantial investments are being made in the infrastructure sector.
Among product types, the orthophthalic segment accounted for the highest share of the global unsaturated polyester resins market in 2015, owing to its extensive use in fiber reinforced plastics (FRP), which are extensively used in the automotive, aerospace, marine, and construction industries. However, the DCPD product type is expected to be the fastest growing segment in the foreseeable future.
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Global Unsaturated Polyester Resins Market Outlook: Asia Pacific to be the growth engine for the market in the foreseeable future
Geographically, the global unsaturated polyester resins market is classified into North America, Europe, Asia Pacific and the rest of the World. In 2015, Asia Pacific was the largest consumer of unsaturated polyester resins industry, followed by North America and Europe. China was the largest consumer of market of unsaturated polyester resins, with more than 40% share of the total global consumption.
The key players identified in the global unsaturated polyester resins market are Ashland Inc., Tianhe, Changzhou New Solar Co. Ltd., AOC Resins LLC, BASF SE, The Dow Chemical Company, Royal DSM, CCP Composites, Reichhold Inc., and SABIC. Other major players existing in the global unsaturated polyester market space are Scott Bader, U-Pica Technology Group, Polynt Composites, Showa Denko, and Lanxess Aktiengesellschaft among others. These industry players are currently focused on expanding their global footprint by enhancing their production capacity by means of expansion, setting up a new manufacturing facility and strategic mergers & acquisitions.