Unsaturated Polyester Resin Market over $12 billion by 2022
Published Date: January 12, 2017 Authors: Kunal Ahuja, Sonal Singh
According to a new research report by Global Market Insights, Inc., the Unsaturated Polyester Resin Market size is set to surpass USD 12 billion by 2022. Increasing automotive manufacturing accompanied with strict government measures to reduce vehicular emissions will boost the business growth significantly.
The overall UPR market share is majorly driven by escalating composite demand across various end-user industries including automotive and construction owing to its superior traits such as light weight, increased durability and low cost. It is preferred in the composite industry to upscale its flexural, mechanical, morphological and thermal characteristics. In 2014, the global composite business generated revenue more than USD 25 billion and is forecast to surpass USD 40 billion by 2022.
The global construction expenditure in 2014 was approximately USD 7,000 bn and is predicted to exceed USD 13,000 bn by 2022. It is generally used across construction applications for water management, pipes, tanks and other systems. In addition, increasing demand for highly flexible and corrosion resistance product will stimulate global unsaturated polyester resins market share over the projected timeframe. It finds usage in concrete rebar, building panels, concrete forming pans, electrical boxes, doors, hot tubs, floor grafting and shower stalls. Extensive product usage in the construction sector will thus drive business growth significantly by 2022.
These resins are widely preferred in manufacturing sailboats, canoes, kayaks, powerboats and personal watercrafts owing to their higher water-resistant properties. Booming recreational business, particularly due to improving lifestyle has substantially driven the marine industry for tourism and adventure. Drifting focus towards reducing the overall automobile weight in order to reduce the carbon emissions from vehicles along with increasing the engine efficiency, has propelled the product demand widely as a metal or alloy substitute owing to the ability to offer high strength with low weight.
Furthermore, the global automotive production, both commercial & personal vehicles, was approximately over 85 million units.
Styrene monomer is a vital feedstock used in the unsaturated polyester resin market share. However, it has allied health hazards in instance of direct skin & eye contact, ingestion and inhalation. Therefore, the industry is firmly regulated and directed by government legislations. This may hinder industry growth over the projected timeframe. Nevertheless, growing R&D expenditure towards manufacturing biobased UPR market shall open up new growth avenues by 2022.
Browse key industry insights spread across 108 pages with 68 market data tables & 15 figures & charts from the report, “Unsaturated Polyester Resin (UPR) Market Size By Product (Isopthalic, Orthopthalic, DCPD), By End-use (Building & Construction, Artificial Stones, Pipes & Tanks, Transport, Electrical, Marine), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2015 – 2022” in detail along with the table of contents:
Highlights from the report include:
- In 2014, orthopthalic unsaturated polyester resins market was the highest industry share contributor. Increasing product application in fiber reinforced plastics (FRP), mainly due to its substantial corrosion resistance accompanied with low cost will boost demand.
- In 2014, unsaturated polyester resins (UPR) market share for construction & building generated revenue more than USD 1.5 bn. Increasing production usage in construction business for reinforcement and roofing applications will boost business.
- UPR market share for marine is forecast to observe highest growth at over 8% through 2022. Rising marine trading accompanied with growing recreational consumer spending has significantly driven segment growth.
- In 2014, North America UPR market was valued close to USD 1.2 bn. Rapidly growing end-user including construction, automotive and electronics along with robust growth in the U.S. oil & gas sector is anticipated to be the prime growth factor.
- In 2014, unsaturated polyester resins market share was led by Asia Pacific. The regional growth is primarily elevated by substantial construction industry growth in India and China.
- In 2014, the UPR market was fragmented with key industry players holding close to 30% of the global share. Key companies include Ashland, CCP Composites, Changzhou New Solar, SABIC, Dow and BASF.