The competitive landscape of the unsaturated polyester resin market is highly fragmented in nature, says Transparency Market Research (TMR). This is because of the presence of several key players in the market. The key players are focusing towards accusation and merger, product proliferation and business expansion in order to strengthen their market position. Some of the predominant players operating the Asia Pacific unsaturated polyester resin market are Singapore Highpolymer Chemical Products Pte Ltd., Tianhe Resin Co., Ltd., Changzhou New Solar Co., Ltd., and PT Justus Sakti Raya.
According to a newly launched report by TMR, the unsaturated polyester resin market is expected to attain a valuation of US$ 7.45 bn by 2023. The analysts noted the market at US$ 3.98 bn valuation in 2014. During the forecast the Asia Pacific unsaturated polyester resin market is likely to rise at a healthy CAGR of 7.2% during the forecast period.
On the basis of application, the building and construction segment held a major market share in 2014. This is because of the increasing demand of unsaturated polyester resin in of various building materials such as putty, artificial marbles, roofing materials, and concrete. Based on product type, the orthophthalic resin is expected to lead the unsaturated polyester resin market in the forecast period. It was noted to account for 35% share in the Asia Pacific Market in 2014.
Building and Construction Emerges Dominant Due to Increasing Applications of Resins
Unsaturated polyester resin is widely used as a body filler for roofs, interiors, bumpers, and vehicles to repair damaged parts. This is because of its high resistance property. Unsaturated polyester resin find application in several industries such as marine, oil & gas, transportation, construction, and manufacturing industries. The demand for unsaturated polyester resin is likely to increase in Asia Pacific in the forecast period. This is mainly due to the large scale construction activities coupled with heavy vehicle production in the region. The increasing demand in countries such as India, Thailand, China, and Indonesia is one strong factor likely to drive the global unsaturated polyester resin market in Asia Pacific.
In addition to this, expansion of the marine industry in the region is another factor predicted to contribute towards the regional growth. Along with this, rapid development is of urban settings is leading to a massive surge in demand for unsaturated polyester resin market. Moreover, the growing need to reduce emission in the automobile sector is increase the demand of unsaturated polyester resin in the region. The light weight property of unsaturated polyester resin is makes unsaturated polyester resin ideal for the vehicle engine.
High price of Unsaturated Polyester Resin Market to Hamper Market Growth
The constantly depleting resources of polyester resin in Asia Pacific is creating a threat for the key players operating in the region. Due to this, the price of unsaturated polyester resin are likely to increase in the region. The high cost of unsaturated polyester resin may force end user to look for a substitute. However the increasing technology lead innovation by the key players is anticipated to create lucrative opportunity in the unsaturated polyester resin market in the near future.