Asia Pacific Unsaturated Polyester Resin Market is Likely to Reach US$ 7.45 Bn in 2023
Transparency Market Research has published a new report titled “Unsaturated Polyester Resin Market – Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023.” According to the report, the Asia Pacific unsaturated polyester resin market was valued at US$ 3.98 Bn in 2014 and is anticipated to reach US$ 7.45 Bn by 2023, expanding at a CAGR of 7.2% between 2015 and 2023.
Increasing demand for unsaturated polyester resin in the building & construction industry is one of the key factors driving the market growth in Asia Pacific. Growth in building & construction activities in Southeast Asia, China, and India is projected to chiefly boost industry growth. Furthermore, high demand for composite materials is likely to drive the market for unsaturated polyester resin in this region. Composite materials are primarily consumed in marine, transport, and pipes & tanks. Growth in chemical and maritime industries is likely to drive the unsaturated polyester resin market in Southeast Asia. However, stringent regulations related to styrene and volatile raw material prices are expected to hamper growth of the unsaturated polyester resin market in Asia Pacific. Increasing application scope of unsaturated polyester resin in wind energy and marine industries is likely to open new growth opportunities during the forecast period.
In terms of demand, orthophthalic resin was the most widely used product segment, accounting for over 35% share of the unsaturated polyester resin market in Asia Pacific in 2014. This resin is widely consumed in building & construction due to its high tensile strength and fatigue limits. Isophthalic resin held the second-largest share of the unsaturated polyester resin market in Asia Pacific in 2014. Isophthalic resins possess higher strength and resistance as compared to orthophthalic resins and are principally used in automotive and marine industries. However, DCPD resins are projected to be one of the fastest-growing product segments during the forecast period due to high demand from transport and marine industries.
Building & construction constituted the largest share of the unsaturated polyester resin market in 2014. Unsaturated polyester resin is chiefly employed in reinforcement, roofing, composites, and concrete. Tanks & pipes accounted for the second-largest share of the unsaturated polyester resin market in Asia Pacific with 20% share in 2014. Artificial stones held the third-largest share of the unsaturated polyester resin market in Asia Pacific in 2014. However, high demand for unsaturated polyester resin in wind energy and marine industries is projected to provide strong growth opportunities during the forecast period. This is due to resistance and hydrolytic stability properties offered by unsaturated polyester resin.
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China dominated demand for unsaturated polyester resin, accounting for over 55% share of the market in Asia Pacific in 2014. Growth in building & construction coupled with high demand for composite materials has been driving the unsaturated polyester resin market in this country. India held the second-largest share of the unsaturated polyester resin market in Asia Pacific in 2014. Growth in the chemical industry coupled with rise in automotive and marine activities have been primarily boosting growth of the market in India. Countries such as Indonesia, Malaysia, Singapore, and Thailand are likely to witness upsurge in demand for unsaturated polyester resin due to growth in building & construction and transport industries. Furthermore, significant development in the marine industry in Southeast Asia, especially in pleasure boats and yachts, is estimated to provide lucrative market opportunities in the near future.
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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