Unsaturated Polyester Resins Market is anticipated to cross USD 20.1 billion by 2030, witnessing a CAGR of 6.3% from 2021 to 2030. The report provides an in-depth study of the market dynamics such as drivers, restraints, opportunities, and the current market scenario.
Unsaturated Polyester Resins Market is driven by rise in the building & construction sector and the advantages and features of UPR. On the other hand, presence of alternatives to UPR hinders the market. On the contrary, developing economies and their future growth will create several lucrative opportunities.
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The Asia-Pacific region accounted for the largest unsaturated polyester resins market share in 2020. Asia-Pacific has established itself as a major producer and user of unsaturated polyester resin. Low-cost labor, government efforts like Make in India, and the proposed scheme for entrepreneurship development in India may open up chances in the industrial and infrastructural sectors.
Based on region, Asia-Pacific, followed by North America, contributed to the highest share in 2020, holding half of the total share, and is expected to lead during the forecast period. The global unsaturated polyester resins market across the Asia-Pacific region is anticipated to exhibit the fastest CAGR of 6.7% during the forecast period.
Based on the end-use industry, the building and construction segment contributed to the highest market share in 2020, attributing to more than one-fourth of the total market share, and is anticipated to dominate the market during the forecast period. On the other hand, the tanks & pipe segment is expected to manifest the fastest CAGR of 7.0% from 2021 to 2030.
Based on type, the orthophthalic resin segment contributed to the highest market share in 2020, attributing to nearly two-fifths of the total market share, and is anticipated to lead during the forecast period. On the other hand, the isophthalic resin segment is expected to manifest the fastest CAGR of 6.7% from 2021 to 2030.
Based on the application, the global unsaturated polyester resins market is segmented into building & construction, tanks & pipes, electrical, marine, transport, artificial stones, and others. The building & construction segment accounted for the largest share in 2020 and tanks & pipes segment projected to witness growth at the highest CAGR of 7.0%.
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Key Players:
1. BASF
2. Dow
3. AOC
4. INEOS Group
5. Polynt-Reichhold Group
6. LERG SA
7. Royal DSM
8. Tianhe Resin Co., Ltd.
9. Scott Bader Company Ltd.
10. UPC Group
COVID-19 scenario:
1. During the pandemic, the construction work was temporarily halted to curb the spread of infection among workers in the construction industry.
2. Travel and transport restrictions were implemented which caused reduced industrial production and interrupted supply chains. This affected the global unsaturated polyester resins market.
3. The pandemic caused a limited supply of raw material to the business which affected the production of polyester resin. Lack of workforce also impacted the production process.
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