Unsaturated Polyester Resins Market to Undertake Strapping Growth During 2022
The worldwide unsaturated polyester resins market is progressing at a fast pace, driven primarily by their use in a number of end-use industries, such as building construction, military, marine, transportation, automotive, and electrical and electronics. The demand for unsaturated polymers is fueled by a variety of cost-effective applications in the area of sport and leisure, domestic and sanitary appliances, furniture and military applications. Their extensive use in producing high-performing composite materials, especially glass fiber–reinforced plastics (FRP), as well as a growing number of specialty applications are key trends boosting the market. The global unsaturated polyester resins market was valued at US$5,744.3 mn and is prognosticated to rise at a CAGR of 5.0% from 2017 to 2022. Expanding at this pace, the market is likely to reach a valuation of US$7,339.9 by the end of the forecast period.
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The rising demand for cost-effective matrix material for the production of composite materials to be used in a wide spectrum of end-use industries, primarily construction and automotive, is a key factor that has boosted the evolution of the unsaturated polyester resins market. World over, the growing use of thermosetting polymers in numerous general and specialty applications is a key factor driving the market. The substantial use of FRP composites in construction and marine industries is boosting the market. In addition, burgeoning automotive and wind energy sectors in various parts of the world is a key trend bolstering the demand for these unsaturated polyester resins.
The substantial application of non-reinforced unsaturated polyester resins in various end-use manufacturing industries is a key factor fortifying the demand for unsaturated polyester resins. Recent advances made in the processing technologies and modification methods have led to the production of polyester resins with enhanced properties, thereby expanding their applications.
The environmental concerns associated with the emission of styrene arising from the processing of unsaturated polyester resins is a key factor likely to hamper its demand to an extent. Furthermore, the increasing acceptance of saturated polymers may hinder the growth of the market to an extent. Nevertheless, the development of suitable additives has led to the production of low styrene emission polyester resin.
Asia Pacific excluding Japan (APEJ) accounts for the major share in 2017 and is predicted to lead the global market vis-à-vis revenue. The APEJ unsaturated polyester resins is projected to expand at a CAGR of 5.3% from 2017 to 2022. The region is an attractive market for unsaturated polyester resins, growing on the back of a large number of applications in several emerging economies. The regional market is projected to reach a valuation of US$3,085.8 mn by the end of 2022. The substantial advances being made in automotive manufacturing and construction building in various nations in the region is likely to stoke the demand for unsaturated polyester resins.
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Meanwhile, North America and Europe are prominent markets for unsaturated polyester resins. The advent of ecological unsaturated polyester resins bodes well for these regional markets, as they help end users to meet stringent regulatory norms in various developed nations of these regions.
The ongoing developments in the unsaturated polyester resins market are focused toward consolidation in major regions, evident in several mergers witnessed in recent years. Some of the prominent players operating in the non-reinforced unsaturated polyester resins market are Polynt-Reichhold Group, Ashland Inc., Royal DSM, AOC, BASF SE, U-Pica Company Ltd., UPC Technology Corp., Nuplex Industries Ltd., and Scott Bader Company Ltd.