The market for Unsaturated Polyester Resins (UPR) is anticipated to register a CAGR of over 5% globally during the forecast period. The major factors driving the market studied are increasing demand from the construction industry and growing usage in the transportation industry.
New York, March 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Unsaturated Polyester Resin (UPR) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06028511/?utm_source=GNW
On the flip side, readily available substitutes and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
- The building & construction industry is expected to dominate the global unsaturated polyester resin (UPR) market over the forecast period.
- Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.
Key Market Trends
Building and Construction Industry to Dominate the Market
- Due to the physical properties such as resistance to corrosion by water and other chemicals, resistance to weathering and aging, low cost and low shrinkage, exhibited by the unsaturated polyester resins, it is the desired product in building and construction industry.
- It is widely used in laminating resins, gel coats, pastes, putties, tooling resins, adhesives, and other formulations that are used in the construction industry.
- Due to its low cost and high malleability they are in huge demand in the construction industry (tanks, containers, and pipes, etc). UPR significantly results in an improved surface, volume resistivity, dielectric strength, dissipation factor, and dry arc resistivity.
- Thus, based on all such characteristics, the construction sector is anticipated to drive the unsaturated polyester resins (UPR) market.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is the largest market for unsaturated polyester resins, with market segments like building and construction to grow eminently in the coming years. It is also expected to be the fastest-growing market during the forecast period, with increasing demands in China, India, and Japan.
- China is the largest producer of paints and coatings in the Asia-Pacific region, with an estimated coating production of more than 20 million metric tons/year. the construction industry in the country has witnessed investment in the past few years.
- Similarly, India has a requirement of investment worth USD 777.73 billion in infrastructure by 2022 to have sustainable development in the country. India is also investing in numerous commercial and residential construction projects.
- The automotive industry is increasingly looking for weight reduction to increase fuel efficiency and improve the performance. UPR resins are the ideal raw material because of low weight final product and ease of which it can be designed and fabricated. Major application in Automotive industry includes closure panels, body panels, fenders and hear shields.
- Asian countries like India, China and Japan has a large number of automobile manufacturers and therefore it would be a prime region for the consumption of Unsaturated Polyester Resins.
- Such factors will significantly contribute to the growing construction market, thereby growing the market for Unsaturated Polyester Resins (UPR) market, through the forecast period.
The unsaturated polyester resins market is partially fragmented with several competitions in the market. The major companies in this market include Polynt, INEOS, SHOWA DENKO K.K, BASF SE, and DSM, among others.
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