Albany, NY -- (SBWIRE) -- 09/11/2018 -- Over the past few years, there is pervasive interest among several manufacturing industries in the application of unsaturated polyester resins owing to their low cost of production and versatile properties. Combined with this, the soaring popularity of polyester resins as a thermosetting system rises on a variety of applications in making composites in end-use industries. This is further accentuated by the use of fillers, reinforcements, and additives, which enhance their physical and chemical properties, opening up exciting applications. Driven by a variety of factors and fueled by the growth in end-use industries, the unsaturated polyester resins is anticipated to rise at a steady pace in the coming years. The global market is forecast to expand at a CAGR of 5.0% from 2017 to 2022.
The market stood at US$5,744.3 mn in 2017 and the opportunities in the market is projected to reach US$7,339.9 by the end of 2022.
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Superior Properties of Isophthalic Resins to Account for its Dominance
Major product types of unsaturated polyester resins are orthophthalic resins, isophthalic resins, and dicyclopentadiene (DCPD) resins. Of these, the isophthalic resins segment holds the major share in 2017 and is projected to witness leading growth during the forecast period, measured in absolute terms. Compared to other resins, these are increasingly being preferred in the composite or fiber glass industry on account of their markedly higher strength, amazing flexibility, and better chemical resistance.
The isophthalic resins segment holds a market share of 36.4% in 2017 amounting to US$ 2,091.9 Mn and is expected to rise to US$ 2,547.5 Mn by the end of 2022. The segment will account for a share of 34.7% by 2022 end. Expanding at a CAGR of 4%, the market for isophthalic resins is estimated to grow at US$ 91.1 Mn annually during the forecast period.
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APEJ to Account for Dominant Demand through Forecast Period
Regionally, North America unsaturated polyester resins market is projected to rise at a CAGR of 4.8% during 2017–2022. The market was valued at US$ 1,248.4 Mn in 2017 and is projected to be worth US$ 1,579.8 Mn by the end of the forecast period.
Europe is also a prominent market for unsaturated polyester resins. Rising at a CAGR of 4.9%, the regional market will reach a valuation of US$ 1,260.8 Mn by the end of 2022. Meanwhile, the Middle East and Africa (MEA) unsaturated polyester resins market is predicted to hold an impressive share of 4.7%, in terms of revenue, by the end 2017 end. However, the regional market will lose some share by14 basis point (BPS) over the forecast period.
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Competitive Analysis
Prominent players operating in the non-reinforced unsaturated polyester resins market include 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. The market is witnessing developments toward consolidation and several players in major regions are making mergers and acquisitions which is likely to intensify competition in the market. They are spending on research on developing better recycling methods and for improving processing technologies, in order to gain a competitive edge over others.
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