Unsaturated Polyester Resin Market for Tanks & Pipes, Marine, Transport Research Report By 2023

Unsaturated polyester resin is a chemical compound obtained by condensation of unsaturated acids, anhydrides, and polyols. Processing of these resins also involves the use of other raw materials such as initiators, stabilizers, surfactants, and fillers. Unsaturated polyester resins have good crosslinking properties and provide stability to the finished product. Furthermore, these resins have high tensile strength, good fatigue limits, and strong heat and chemical resistance. These resins are used in the manufacture of various end-user products and materials such as cement composites, artificial stone, marine components, automotive body parts, electrical wires, gel coats, and sheet molding materials.

Unsaturated polyester resins are primarily classified into reinforced and non-reinforced resins on the basis of physical and structural properties. Furthermore, these resins are categorized based on chemical composition into isophthalic, orthophthalic, dicyclopentadiene (DCPD), and vinyl esters. Isophthalic, orthophthalic, and dicyclopentadiene (DCPD) resins are few of the highly consumed unsaturated polyester resins that are available in Asia Pacific. Orthophthalic followed by isophthalic resins accounted for larger share of the global unsaturated polyester resin market in Asia Pacific in 2014.

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Orthophthalic resins are derived from orthophthalic anhydride and are available at lesser rates in comparison to other major product types. These resins are used in the manufacture of laminates required in marine and interior constructions as well as in electrical components. Isophthalic resins are manufactured by using isophthalic acid as one of the key raw materials. These resins provide high mechanical strength, corrosion resistance, and durability due to which they are preferably used in the manufacture of pipes, ducts, tanks, and sheet molding compounds.

The market for unsaturated polyester resin in Asia Pacific is significantly driven by building & construction, tanks & pipes, artificial stones, and electrical end-user industries. Furthermore, growth in marine and transport industries is expected to boost the unsaturated polyester resin market in Asia Pacific by the end of 2023. These resins are preferred due to their versatile properties over other equivalent metallic and non-metallic chemical compounds to be used in a wide array of industries. The building & construction industry was the largest end-user of the unsaturated polyester resin market in Asia Pacific in 2014. This end-user employs unsaturated polyester resins for processing of building materials such as concrete, roofing materials, artificial marbles, and putty.

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In terms of volume, the building & construction industry held the largest share of the unsaturated polyester resin market in Asia Pacific, expanding at a CAGR of over 6% between 2015 and 2023. Tanks & pipes was the second-largest end-user of unsaturated polyester resin in Asia Pacific in 2014. These resins are used to process fiber glass composites, which are required in the manufacture of pipes and chemical tanks due to their high resistance to heat and corrosion.

The marine industry is likely to provide lucrative opportunities to the unsaturated polyester resin market in Asia Pacific in the next couple of years. Unsaturated polyester resins are key ingredients used in the production of marine components and body parts. In terms of revenue, this end-user is projected to be one of the fastest-growing segments in Asia Pacific, expanding at significantly higher CAGR between 2015 and 2023.

In terms of regional demand, the unsaturated polyester resin market is estimated to witness significant growth in various countries in Asia Pacific such as China, Indonesia, India, Singapore, and Malaysia by the end of 2023. Rise in per capita income of consumers coupled with governmental support are chief socio-economic factors governing the market dynamics in Asia Pacific. Rapid industrialization of end-users such as building & construction and marine and transport are anticipated to significantly fuel the market growth in the region.

Key manufacturers of unsaturated polyester resins in Asia Pacific include PT Justus Sakti Raya, Changzhou New Solar Co., Ltd., Tianhe Resin Co., Ltd., and Singapore Highpolymer Chemical Products Pte Ltd.

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