PUBLISHER: IMARC Services Private Limited | PRODUCT CODE: 1092182
PUBLISHER: IMARC Services Private Limited | PRODUCT CODE: 1092182
The global unsaturated polyester resins market reached a value of US$ 11.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 16.8 Billion by 2027, exhibiting a CAGR of 6.28% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
An unsaturated polyester resin (UPR) is a form of thermoset moulding resin that is used for the manufacturing of glass fiber reinforced plastics (FRP). It exhibits various physical properties, such as high tensile, binding and impact strength, along with resistance against heat and corrosion. It is also used for the production of composite materials, wood paints, laminated panels, coatings, colouring pastes and sanitaryware.
Significant growth in the construction industry, along with rapid urbanization across the globe, is one of the key factors driving the growth of the market. UPRs are widely utilized in the manufacturing of building panels, concrete rebars, forming pans, doors, electrical boxes and floor grafting. These resins find further application in the marine industry, which is also providing a boost to the market growth. UPRs are increasingly replacing various metals, such as aluminum and steel, in the production of hulls and decks of boats, land transport components and wind turbine blades. In comparison to their metallic counterparts, UPRs are highly customizable and offer ease of fabrication and design. Rising product utilization in the chemical industry for the manufacturing of adhesives, castings, composites, flooring materials, gel coats and pigment pastes is also creating a positive impact on the market growth. Other factors, including the growing demand for nonreinforced cross-linked UPRs for the manufacturing of automotive repair components, along with extensive research and development (R&D) activities to improve the physical properties of the resins, are projected to drive the market in the coming years.