Unsaturated Polyester Resin (UPR) Market Size is projected to reach USD 15.33 Billion by 2027, growing at a CAGR of 5.7%
According to a new report by Reports and Data, the global market for Unsaturated Polyester Resin (UPR) is projected to reach a value of USD 15.33 Billion by 2027. The increased demand for polyester resins is driven by various industries such as industrial, construction, automotive, commercial, and marine. The rising adoption of electric vehicles by businesses and consumers is also contributing to the demand for polyester resins.
Manufacturers are using polyester resins based plastics in the automotive industry to enhance energy efficiency. These resins have a low content of styrene and exhibit low shrinkage, making them environmentally friendly. Concerns about health and safety in industrial activities are further fueling the market demand. The reduced styrene content in polymer resins minimizes the harmful effects of toxic gas, resulting in lower carbon emissions and improved safety standards.
The COVID-19 pandemic has had a significant impact on market demand. Polyester resins are widely used in the marine industry for workboats, yachts, and dinghies. The flexibility and strength of these resins make them more resistant to tearing, and they are used in the production of carpeting, ropes, and other consumer products.
The outbreak of COVID-19 has caused disruptions in industrial activities worldwide, leading to a downturn in the polyester resins market. Lockdown measures implemented to control the virus have resulted in a collapse of the chemical sector in several regions. China, being a major producer and consumer of polyester resins, experienced production disruptions due to lockdown measures, which had a global impact on the industry.
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Key Highlights from the Report:
- Orthophthalic resins, containing styrene to reduce viscosity and improve handling, are predominantly used as fiberglass reinforcement plastics. They find applications in the construction, marine, energy, and automotive sectors.
- The wind energy segment is expected to grow at the highest compound annual growth rate (CAGR) of 6.4% during the forecast period. The depletion of fossil fuels and volatility in prices are driving the demand for alternative wind energy sources.
- The Asia Pacific region is projected to experience the highest growth rate, primarily driven by Japan and China. These countries are making significant investments in the construction sector, and government initiatives to boost domestic sales and attract foreign direct investment are positively influencing market demand.
- The Saudi Arabian government has initiated multiple construction projects as part of the Vision 2030 economic-transformation plan, covering sectors such as water, power, seaport, hydrocarbons, road, construction, rail, and airport.
Key participants in the market include Ashland Inc., Polynt, BASF SE, Reichhold Inc., Royal DSM, AOC LLC, Nuplex Industries Ltd., UPC Technology Corp., Scott Bader Company Ltd., and U-Pica Company Ltd., among others.
For the purpose of this report, Reports and Data has segmented the global Polyester Resins Market based on type, end-users, and region:
Polyester Resins Market: Drive factors
Factors Driving the Polyester Resins Market:
1. Growing Demand from Various Industries: The polyester resins market is witnessing increased demand from industries such as industrial, construction, automotive, commercial, and marine. These industries utilize polyester resins in various applications, including fiberglass reinforcement plastics, pipes, tanks, electrical components, and artificial stones.
2. Rise in Adoption of Electric Vehicles: The surge in the adoption of electric vehicles by businesses and consumers is driving the demand for polyester resins. Manufacturers are using polyester resins-based plastics to improve energy efficiency in automotive applications, as these resins offer low shrinkage and reduced styrene content, making them eco-friendly alternatives.
3. Environmental Considerations: Polyester resins are gaining popularity due to their eco-friendly properties. The low content of styrene in polymer resins reduces harmful emissions, contributing to lower carbon footprints. This factor has increased the demand for polyester resins as industries strive to meet sustainability goals and comply with stricter environmental regulations.
These driving factors are expected to propel the growth of the global polyester resins market in the forecast period.
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