The global unsaturated polyester resin (UPR) market is set to gain momentum from the increasing demand from numerous end-use industries, such as marine, electrical & electronics, aerospace, and automotive. This information is given by Fortune Business Insights™ in a new report, titled, “Unsaturated Polyester Resin Market Size, Share & Industry Analysis, By Type (Orthophthalic, Isophthalic, and DCPD), By Application (Building & Construction, Marine, Pipes & Tanks, Electrical & Electronics, Land Transportation, Wind Energy, and Others), and Regional Forecast, 2020-2027.” The report further states that the unsaturated polyester resin market size was USD 11,579.6 million in 2019 and is projected to reach USD 16,965.7 million by 2027, exhibiting a CAGR of 5.9% during the forecast period.
COVID-19 Pandemic: Shortage of Raw Materials May Decline Demand
The COVID-19 pandemic has affected a wide range of industries worldwide, thereby halting trade and manufacturing activities. The lockdown has also caused a shortage of raw materials. Hence, the costs of finished products have surged rapidly. These factors are set to decline the demand for unsaturated polyester resins in the near future.
Drivers & Restraints-
Excellent Surface Finish and Water Repellency to Augment Growth
The building and construction industry is the major user of unsaturated polyester resins as the material is necessary for producing bathroom fixtures, floor tiles, roof tiles, and window panels. It also has certain beneficial properties, such as good electrical insulation, rigidity, resistance to wear, water repellency, and excellent surface finish. These factors are anticipated to propel the unsaturated polyester resin market growth in the upcoming years. However, the availability of numerous substitutes in the market would obstruct growth.