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.
- Others (Including vinyl esters, terephthalic esters, etc.)
- Building & construction
- Tanks & pipes
- Artificial stones
- Others (Including aerospace, wind energy, etc.)
- Rest of Asia Pacific