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Asia Pacific Unsaturated Polyester Resin Market: Snapshot

These increasing application of resins in the manufacturing of products such as sheet molding materials, gel coats, electrical wires, automotive body parts, marine components, artificial stone, and cement composites is expected to propel the Asia Pacific market for unsaturated polyester resin. Unsaturated polyester resin is produced by condensation of various raw material such as unsaturated polyols, anhydrides, and acids. Processing of these resins also includes the usage of various other materials such as fillers, surfactants, stabilizers, and initiators. This chemical compounds provide improved stability to the finished product and have good crosslinking properties. Unsaturated polyester resins are finding their applications in various sectors owing to their strong chemical and heat resistance, good fatigue limits, and high tensile strength. 

It is estimated that the Asia Pacific unsaturated polyester resin market will reach US$ 7.45 Bn by the end of 2023, from its initial valuation of US$ 3.98 Bn in 2014. The market is projected to expand with a steady CAGR of 7.2% over the forecast period 2015-2023.

Building and Construction Emerges Dominant Due to Increasing Applications of Resins

On the basis of application, the unsaturated polyester resin market in Asia Pacific can be segmented into artificial stones, transport, marine, electrical, tanks and pipes, and building and construction. Among these, the building and construction segment held dominance in the overall market in 2014. This segment exhibits demand for unsaturated polyester resin for processing of various building materials such as putty, artificial marbles, roofing materials, and concrete. The building and construction end user segment is expected to expand with a steady CAGR of 6% over the period of 2015-2023.

Following the building and construction segment, tanks and pipes emerged as the second largest segment in 2014. The increasing processing of fiber glass composites has fuelled the demand for resins as well. These composites are used in the manufacturing of chemical tanks and pipes due to their high corrosion and heat resistance. On the basis of physical and structural properties, unsaturated polyester resins can be categorized into reinforced and non-reinforced resins. Furthermore, on the basis of chemical composition, these resins can be segregated into vinyl esters, dicyclopentadiene (DCPD), orthophthalic, and isophthalic. Based on product type, the orthophthalic resin emerged as the dominant segment, acconting for 35% share to the Asia Pacific Market in 2014.

Developing Building and Construction Industry to Boost Market in China

Geographically segmented into China, Thailand, Singapore, Malaysia, Indonesia, India, and Rest of Asia Pacific, the Asia Pacific unsaturated polyester resin market is led by China. In 2014, China accounted for over 55% share in the Asia Pacific unsaturated polyester resin market. The rising demand for composite materials and the growth of building and construction industry have enabled China to gain momentum in the Asia Pacific unsaturated polyester resin market.

Following China, India accounted for the second largest share in the market in the year 2014. Rise in marine and automotive activities and the growth in the chemical industry have helped India to gain a significant share in 2014. Other countries such as Thailand, Singapore, Malaysia, and Indonesia, are most likely to generated high revenue for these resins owing to developing transport and building and construction industries. Moreover, Southeast Asia is experiencing significant expansion of the marine industry, especially in pleasure yachts and boats, which is most likely to generate high demand for unsaturated polyester resin.

The prominent players in this market are constantly focusing on employing low cost methods for the productions of resins. Some of the key players operating in the unsaturated polyester resins market for Asia Pacific are Singapore Highpolymer Chemical Products Pte Ltd., Tianhe Resin Co., Ltd., Changzhou New Solar Co., Ltd., and PT Justus Sakti Raya.

 
Unsaturated polyester resins are synthesized by using raw materials such as glycols, phthalic anhydride, and dibasic organic acids. Unsaturated polyester resins are extensively employed in tanks & pipes, building & construction, electrical, marine, transport, artificial stones, and other industries. Building & construction was the largest end-user segment of the unsaturated polyester resin market in Asia Pacific in 2014. However, the marine segment is likely to be the fastest-growing end-user of the unsaturated polyester resin market in Asia Pacific from 2015 to 2023. Orthophthalic resins held majority share of the unsaturated polyester resin market in Asia Pacific in 2014 due to its high tensile strength. The unsaturated polyester resin market is highly fragmented in nature and is expected to face high degree of competition by 2023. There is significant threat of substitutes, such as epoxy resins and polyurethane, in the unsaturated polyester resin market in Asia Pacific.
 
This report provides the estimate and forecast for the unsaturated polyester resin market on the regional and country level. The study provides forecast from 2015 to 2023 based on volume (Kilo Tons) and revenue (US$ Mn). 
 
The study provides a comprehensive view of the unsaturated polyester resin market by splitting it into product segments such as dicyclopentadiene (DCPD), orthophthalic, isophthalic, and others. The report also segments the unsaturated polyester resin market in Asia Pacific in terms of end-users such as tanks & pipes, building & construction, electrical, marine, transport, artificial stones, and others. End-user segments have been analyzed based on historic, present, and future trends, and the market has been estimated from 2015 to 2023 in terms of volume (Kilo Tons) and revenue (US$ Mn). Regional segmentation includes the current and forecast demand for unsaturated polyester resin in Asia Pacific. Additionally, country-level analysis with respect to volume and revenue for both product and application segments have been provided in the report. Key countries such as China, India, Indonesia, Malaysia, Singapore, Thailand, and Rest of Asia Pacific are included in the study. The market segmentation includes demand for individual products and end-users in all countries in Asia Pacific.
 
The report includes an exhaustive value chain analysis, which provides a comprehensive view of the market. Value chain analysis also provides detailed information about value addition at each stage of the value chain. The report comprises drivers and restraints of the unsaturated polyester resin market along with their impact on demand during the forecast period. Additionally, the report comprises the study of opportunities in the unsaturated polyester resin market on the regional level. 
 
The report includes Porter’s Five Forces Model to determine the degree of competition in the unsaturated polyester resin market in Asia Pacific. The report constitutes a qualitative write-up on market attractiveness analysis, wherein application has been analyzed based on attractiveness. Growth rate, market size, raw material availability, profit margin, impact strength, technology, competition, and other factors (such as environmental and legal) have been evaluated in order to derive general attractiveness of the market. The report includes price trend analysis of raw materials (styrene, maleic anhydride, and ethylene glycol) and unsaturated polyester resin from 2014 to 2023.
 
Secondary research sources that were typically referred to include, but were not limited to company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings. Other sources such as internal and external proprietary databases, statistical databases and market reports, news articles, national government documents, and webcasts specific to companies operating in the market have also been referred for the report.
 
In-depth interviews and discussions with a wide range of key opinion leaders and industry participants were conducted to compile this research report. Primary research represents bulk of the research efforts, supplemented by extensive secondary research. Key players’ product literature, annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. This helped in validating and strengthening secondary research findings. Primary research further developed the analysis team’s expertise and market understanding.
 
The report covers a detailed competitive outlook that includes market share and profiles of key participants operating in Asia Pacific. Key players profiled in the report include Changzhou New Solar Co., Ltd., Tianhe Resin Co., Ltd., PT Justus Sakti Raya, PT Platinum Resins Indonesia, Showa Denko Singapore Pte Ltd., Singapore Highpolymer Chemical Products Pte Ltd., Thai Polyset Co., Ltd., Luxchem Corporation Berhad, PT. Arindo Pacific Chemicals, Pt. Pardik Jaya Chemicals, and Kemrock Industries and Exports Limited. Company profiles include attributes such as company overview, number of employees, brand overview, key competitors, business overview, business strategies, recent/key developments and acquisitions, and financial overview.
 
This report segments the unsaturated polyester resin market in Asia Pacific as follows:
 
Unsaturated Polyester Resin Market - Asia Pacific Product Segment Analysis
  • Orthophthalic
  • Isophthalic
  • DCPD
  • Others (Including vinyl esters, terephthalic esters, etc.)
Unsaturated Polyester Resin Market – Asia Pacific Application Analysis
  • Building & construction
  • Tanks & pipes 
  • Electrical
  • Marine
  • Transport
  • Artificial stones
  • Others (Including aerospace, wind energy, etc.)
Unsaturated Polyester Resin Market – Asia Pacific Country Analysis
  • China
  • India
  • Indonesia
  • Malaysia
  • Singapore
  • Thailand
  • Rest of Asia Pacific