The unsaturated polyester resin (UPR) market is projected to expand significantly in the near future. Market penetration is attributed to rising use of fiberglass reinforced plastics (FRPs). FRP adoption in electrical, transport, wind energy, construction, and several other applications is likely to propel market growth.
Additionally, key characteristics of UPRs such as eco-friendliness, cost- effectiveness, and high-performance will spur market growth. The market is classified into products, end-users, and regions. Products include orthopthalic, DCPD (dicyclopentadiene), isopthalic, and others. Orthopthalic resins are generally cheaper and mainly used as standard laminating systems.
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Augmented usage of DCPD resins in marine applications owing to their low resin shrinkage is anticipated to propel this segment. ‘Others’ encompasses vinyl ester resins and specialty resins.
End-users in the unsaturated polyester resin (UPR) market are building & construction, pipes & tanks, wind energy, aerospace, marine, and artificial stones. Building & construction was the leading segment. Rising construction work along with industrialization across some developing economies can boost the demand for UPRs in the forecast period. Also, increasing production of tanks and large pipes in chemical factories would drive pipes & tanks.
Regions wise, the worldwide market is split into Asia Pacific, North America, and Europe. Asia Pacific’s expanding chemical industry coupled with rapid construction in India & China stimulates regional demand. Higher infrastructural spending should also positively impact this region.
North America is estimated to occupy significant shares and expand considerably over the next eight years. Regional expansion could be credited to upwards trends in electrical and marine industries. European demand may be slow due to strict norms pertaining to the adoption of styrene monomer in polyester resins.
The global unsaturated polyester resin market is moderately segmented, with many companies on a regional level. Multinational firms comprising ‘Ashland’ and ‘Dow’ concentrate on high expansion potential across untapped Chinese and Indian markets. Growing scope of FRP applications coupled with marine operations will offer numerous market prospects.
However, one of the factors that negatively affects the market is volatility in the costs of raw materials. This kind of volatility impacts the price of end products. Additionally, UPRs have less recyclability, limiting their scope in the automotives industry.