According to the new market research report Unsaturated Polyester Resins Market is expected to grow from USD 9.2 billion in 2016 to USD 12.2 billion by 2021, at a CAGR of 5.8%. The growth in this market is driven by the high growth in construction, wind energy, fiber-reinforced plastic (FRP), automotive, and composite manufacturing.
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The report covers the UPR market segmented on the basis of type, end-use industry, and region. The growing demand from end-use industries such as building & construction, marine, land transportation, wind energy, and others are driving the UPR market. Growth of the UPR market is also due to the increasing demand for pipe & tanks, electrical & electronics, and artificial stones. The growing demand from Asia-Pacific and MEA is driving the companies to invest in these regions to increase their market share and geographical presence.
Based on end-use industry, the building & construction segment is projected to lead the UPR market, while the wind energy segment is projected to grow at the fastest rate during the forecast period. The growth of marine and land transportation industries is also anticipated to propel the demand for composites, thereby driving the UPR market.
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The unsaturated polyester resins industry is a rapidly evolving market. Currently, the unsaturated polyester resin market is dominated by few key players, such as The Dow Chemical Company (U.S.), Ashland Inc. (U.S.), Royal DSM (Netherlands), and Swancor (Taiwan) among others. These companies are considered as leaders in the unsaturated polyester resin market.
Substantial investments are being made in the past few years by key companies, such as BASF SE (Germany), Polynt (Italy), The Dow Chemical Company (U.S.), and Reichhold Inc. (U.S.), among others, to address the future demands of unsaturated polyester resins arising from the growing automotive and construction industries.
The companies are majorly focused on research and development for new production techniques, capacity expansion of existing facilities, and installation of new facilities to achieve better performance qualities, economies of scale, product innovation, and simultaneously address the increasing demand of unsaturated polyester resins.
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Expansions & investments and new product launches are considered as key growth strategies adopted by key players in the recent past. For instance, BASF SE has decided to invest USD 101.37 million to set up a new production plant in the Shanghai Chemical Industry Park, China. This new plant will produce high performance resins that will eventually address the growing demands of high quality coatings for different end users. This will in turn help companies expand their geographic presence in the unsaturated polyester resin market.
Also, Royal DSM launched a new Beyone™ 170,177 and 185 resin series that are based on ortho, DCPD, and vinyl ester chemistry. These resins are widely used in different end-user applications, such as marine, building & construction, and industrial. This new product launch has assisted the company enhance its market presence in the in the composite industry.
Apart from expansions & investments, companies are also focused on new product launches, joint ventures, and partnerships & agreements. These strategies have accounted for a major share of 33.3%, 17.9%, and 15.3%, respectively, out of the total developments in the unsaturated polyester resin market between 2011 and 2015.
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