The global unsaturated polyester resin market will multiply 1.5X from 2020 to 2030. Growth of this market is accredited to superior quality of products, and components manufactured using different kinds of unsaturated polyester resins. The versatility of applications in high growth industries such as building & construction, marine, and automotive will continue to generate profits. However, as governments around the world cut off non-essential imports and exports to contain coronavirus, the market for unsaturated polyester resins will witness a marginal slump. Market players are facing challenges in production and distribution channels. China is the largest market for unsaturated polyester resins. The effect of COVID-19 on Chinese economy greatly affects the growth trajectory of this market.
Key Takeaways of Unsaturated Polyester Resin Market Study
- Dicyclopentadiene Unsaturated Polyester or DCPD – UPR is the most popular product type. The segment accounts for more than 35% share of the total market value on the back of increasing applications in large, glass-fibre reinforced plastic products.
- Higher flexibility and tensile strength make Isophthalic products the highest growing product type segment. Isophthalic products will grow at a flourishing 6.5% CAGR through 2029.
- Building & Construction end-use segment is the most remunerative avenue for unsaturated polyester resin manufacturers. The segment holds more than 26% share of total market revenues and will grow 1.4X between 2019 and 2029.
- Marine, transport, and artificial stones are financially rewarding end-use segments for market players. Among these, transport is the most rewarding with an impressive 7.2% CAGR during the forecast period.
- East Asia accounts for a majority share of more than 40% of the total market value. Multiplying infrastructure investment by countries such as China, and Japan will continue to strengthen growth in this region.
- South Asia & Oceania is the most lucrative region with 6.7% CAGR through 2029. Booming automotive industry, and the need for energy efficient infrastructure in Indonesia, Singapore, and Malaysia contribute to the growth potential of this region.
Building & Construction to Pave Way for COVID-19 Recovery
Current situations pose a tough challenge for market players. The loss of productive employee hours, and disruption of the supply chain are main concerns. However, recovery strategies must involve targeted building & construction projects post the pandemic. Increasing application of unsaturated polyester resin in roofing, reinforcing, and fitting components is a major growth driver for the market. This traction can be attributed to anti-corrosive and high-strength properties of composites made from unsaturated polyester resins. Favorable government initiatives such as LaGuardia & O’Hare airport construction in the US, Beijing airport construction in China, and Make in India program are favorable regional trends. Another driver of market growth is the urgent need to increase the fuel efficiency of the automotive industry. Unsaturated polyester resins are employed in producing light-weight, high-tensile strength components to reduce vehicle weight and increase fuel efficiency.
These insights are based on a report on Unsaturated Polyester Resin Market by Fact.MR.