Global Unsaturated Polyester Resin (UPR) Market is expected to reach USD 11.37 billion by 2020, according to a new study by Grand View Research, Inc. Growing construction industry as a result of industrialization in emerging countries including China, India and Brazil is expected to increase Fiberglass Reinforced Plastics (FRP) demand. UPR is extensively used in the manufacturing of FRP and is expected to witness growth on account of growing FRP use in construction. Increasing use of tanks & pipes in the chemical industry is expected to propel UPR demand over the forecast period.
Building & construction was the most dominant end-use of UPR with demand estimated at over 1,100.0 kilo tons in 2013 owing to increasing FRP usage. Increasing application scope in industries including marine, aerospace, automotive and chemical is expected to result in high demand for UPR over the next six years. UPR use in tanks and pipe is expected to be a key area of development for the market over the forecast period.
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Further key findings from the study suggest:
- Global UPR demand was estimated at 4,509.3 kilo tons in 2013 and is expected to exceed 6,800.0 kilo tons by 2020, growing at a CAGR of 6.3% from 2014 to 2020.
- Orthopthalic resins are widely used in transport, construction and marine industries owing to low cost as compared to DCPD resins. However, the latter are increasingly gaining acceptance due to low VOC emissions and are estimated to gain share over the next six years. DCPD resins are expected to witness fastest growth at an estimated CAGR of 6.7% from 2014 to 2020.
- Construction industry is expected to witness high UPR demand primarily due to lightweight and high sustainability of FRP. Increased infrastructure spending by emerging countries is expected to positively impact UPR demand.
- Asia Pacific accounted for more than 50% of market volume share in 2013 owing to high end-use industry growth. Emerging economies of India and China are experiencing rapid industrialization resulting in infrastructure improvement and increased marine, transport, aerospace and automobile industries which are key factors responsible for high market share.
- UPR market has numerous domestic participants catering to end-use industries in their respective region. The market is fragmented on a global level with the top four companies accounting for less than 25% of the market in 2013. Key global participants in the market include BASF, Dow Chemicals, Ashland and CCP Composites.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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