Unsaturated Polyester Resins are chemicals manufactured by condensation reaction between acids such as Phthalic Anhydride, Maleic Anhydride, Isophthalic Acid and glycols such as Mono-ethylene Glycol, Propylene Glycol, and Di-ethylene Glycol. This chemical is used in varied industries such as electrical, marine, transport, construction and many more. Lifestyle changes, increasing urbanization and growth in the construction industry are key factors driving this market. Rising demand for pipes and tanks to store chemicals is another crucial factor that is influencing the market. Raw material utilized in manufacturing of unsaturated polyester resin is growing in cost and this is hindering the manufacturing cost, thus limiting the growth of the market. Environmental regulations are other crucial factors restricting growth. Application of unsaturated polyester resin in fiberglass manufacturing is further creating opportunities for application of this chemical.
Unsaturated Polyester Resin Product Market Analysis
Based on products, global unsaturated polyester market is segmented into Orthopthalic, Isopthalic, DCPD, and Others. At present, Orthopthalic products are used in a large scale; therefore, it dominates the product market. It holds about one third of the product market share in the current market scenario. The demand for this product is expected to remain constant during the forecast period due to its versatility and favorable characteristics that makes it suitable for various applications. On the other hand, DCPD products will grow speedily during the forecast period due to increasing application of the same in varied industries.
Unsaturated Polyester Resin Application Market Analysis
The application market is segmented into building and construction electrical, tanks and pipes, transport, marine, artificial stones and others. In the current business scenario, building and construction has a hold on the largest fragment of the market and is the leading application segment. Extensive use of polyester resin in concrete, composites, roofing and reinforcements is the major driving force for the application of this chemical in construction industry. The demand for unsaturated polyester resin in the market is expected to increase during the forecast period, fueled by demand for this chemical in marine applications. Resistance and hydrolytic stability are two key factors that would lead to future growth.
Unsaturated Polyester Resin Geography Market Analysis
Geographically, this market is segmented into North America, Asia Pacific, Europe and LAMEA. Currently, North America holds the largest share in the global unsaturated polyester resin market. Asia Pacific holds the second position in the global market. However, APAC is expected to witness the fastest growth rate during the forecast period. Key reason for this growth would be the rising demand for unsaturated polyester resin in building and construction industry. Rising demand for tanks and pipes would also assist in its growth.
Unsaturated Polyester Resin Market Competitive Analysis
The report analyzes the strategies followed by key companies in the market to assist in competitor analysis to the stakeholders. AOC Resins, Ashland Inc., CCP Composites, BASF SE, Changzhou New Solar Co. Ltd., DuPont, DSM, Lanxess AG and Eternal Chemical Co. Ltd are the key companies in the market. Business expansion is the key strategy followed by major companies in the market. This strategy is followed to fulfill the growing demand in the market. The report provides detailed presentation of the key financials of the companies profiled along with SWOT analysis in detail.
High Level Analysis
Porter’s five-force analysis weighs the bargaining power of buyers and suppliers including the rivalry scenario in the market. The bargaining power of suppliers is high due to huge demand of the product in the market. Buyers are enjoying moderate bargaining power, as there is a slight imbalance in the demand and supply. The competition is moderate due to huge demand in the current scenario. Threat of substitutes is low due to efficiency of this chemical for its usage in various applications. Threat of new entrants is high as the market holds huge potential in future and any chemical company can easily enter the market.
The global unsaturated polyester market is segmented into products, application and geography.
MARKET BY PRODUCT TYPE
MARKET BY APPLICATION
MARKET BY GEOGRAPHY