Unsaturated polyester resins are polymers that have excellent strength and fatigue properties. Unsaturated polyester resins are widely used in the building and construction industry due to their good strength. Tanks and pipes, aerospace, marine, wind energy, automotive and artificial stones are some of the other major application of unsaturated polyester resins.
The global unsaturated polyester resin market is expected to surpass US$ 20,109.8 Mn in terms of value by the end of 2028.
Robust growth in the automotive industry due to increasing demand for automobiles and technological advancement is propelling the market growth of the unsaturated polyester resins. Unsaturated polyester resins are widely used in the manufacturing of components such as roofs chassis, and other body parts of automobiles. Moreover, they are also used in place of metallic counterparts in order to develop lightweight automobiles. Thus growth in the automotive industry is projected to propel the market growth.
The growing use of fiber-reinforced plastic (FRP) in the transportation and marine industry is expected to provide lucrative growth opportunities. Moreover, rising demand for non-reinforced cross-linked UPR in the manufacturing of gel coats and bowling balls is again expected to propel the market growth of the unsaturated polyester resins. Furthermore, tanks and pipes application are emerging in the construction market as unsaturated polyester resins are majorly used in the production of tanks and pipes. All these factors are expected to propel the market growth.
Global Unsaturated Polyester Resin Market: Recent Developments
In October 2020, AOC gained acquisition over Spolchemie unsaturated polyester resins operations in Czech Republic.
On September 2020, BASF SE made an announcement to increase the pricing of Neopentylglycol, which is one of the major raw material used for production of unsaturated polyester resins across North America.
In January 2020, Showa Denko K.K. made an announcement to streamline the domestic production of unsaturated polyester resins.
Strict environmental rules and regulations regarding the use of raw materials in the manufacturing of unsaturated polyester resins as these have various health hazards. Unsaturated polyester resins have a carcinogenic and hazardous effect on the health of humans. Such health hazards associated with the raw materials are expected to hamper the market growth of unsaturated polyester resins.
Global Unsaturated Polyester Resin Market - Impact of Coronavirus (Covid-19) Pandemic
The Covid-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by government to curb the spread of the infection, companies are looking to function remotely. Moreover, various companies are looking to implement strict measures to operate at minimum risks. Additionally, various companies had shutdowns their manufacturing units which had an adverse impact on unsaturated polyester resin market.
Continuous product innovation by key manufacturers is one of the emerging trends in the market. This is attributed to the evolving need and demand of the consumers and manufacturers of end-user industries. The growing disposable income of the consumers is driving demand for lightweight automobiles which is again fueling the product demand for the automotive industry. Moreover, the product is also gaining huge demand from the electrical industry due to the increasing use of consumer appliances around the globe.
Growing strategic merger and acquisition among key manufacturers for business expansion on regional as well as the global level is one of the growing trends. For instance, in June 2017, Ashland Global Holdings Inc. has completed the acquisition of a composites resin manufacturing facility in Etain (France) and its associated business from Reichhold Holdings International BV. Reichhold Holdings International BV manufactures unsaturated polyester resins (UPR) used in a variety of end markets.
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