The growing urban population and rise in the composite industry are driving the demand for the polyester resins market.
Market Size – USD 9.82 Billion in 2019, Market Growth - CAGR of 5.7%, Market trends – Expansion of the construction industry.
The global Polyester Resins market is forecasted to be worth USD 15.33 Billion by 2027, according to a new report by Reports and Data. The market for the polyester resin is witnessing an increased demand owing to the high demand from industrial, construction, automotive, commercial, and marine industries. A surge in the rate of adoption of electric automotive by businesses and consumers is also encouraging the demand for polyester resins.
With the growth in demand for energy efficiency of automotive, manufacturers are using polyester resins based plastics. Reduction in the styrene content and low shrinkage make polyester resin an eco-friendly alternative. A rise in the health concern in industrial activities are also propelling the market demand. The low content of styrene in the polymer resins is reducing the harmful effect of the poisonous gas, thus limiting the carbon emissions and increasing the safety standards.
The COVID-19 has impacted the market demand significantly. The resins are also applicable in the marine industry. The majority of workboats, yachts, and dinghies are composed of polyester resins. The flexibility and strength of the resins are more resistant to tearing, and the fabrics are used to make carpeting, ropes, and other consumer products.
Key participants include Ashland Inc., Polynt, BASF SE, Reichhold Inc., Royal DSM, AOC LLC, Nuplex Industries Ltd., UPC Technology Corp., Scott Bader Company Ltd., and U-Pica Company Ltd., among others.
Get a sample of the report @ https://www.reportsanddata.com/sample-enquiry-form/3673
Key Highlights From The Report
- Orthophthalic resins are used mainly as fiberglass reinforcement plastics. They find extensive application from the construction sector, marine, energy, and automotive sectors. The resin comprises styrene, which reduces viscosity and enhances the handling of these resins.
- The wind energy segment is anticipated to grow with the highest CAGR of 6.4% during the forecast period. The growth in the consumption of power energy is depleting fossil fuel, and the volatility in price is propelling the demand for alternate wind energy.
- The Asia Pacific region is expected to grow with the highest growth rate. The high demand is primarily from Japan and China. The countries are investing heavily in the construction sector, and initiatives taken by the government to spur domestic sales and also encourage Foreign Direct Investment are impacting the market demand positively.
- The Saudi Arabian government, under the Vision 2030 economic-transformation plan, initiated several construction projects. The project covered several sectors such as water, power, seaport, hydrocarbons, road, construction, rail, and airport sectors.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/polyester-resins-market
For the purpose of this report, Reports and Data has segmented into global Polyester Resins Market on the basis of type, end-users, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Orthophthalic Resins
- Dicyclopentadiene (Dcpd) Resins
- Isophthalic Resins
- Terephthalic Resins
- Gelcoat Resins
- Chlorendic Resins
End Users Outlook (Revenue, USD Billion; 2017-2027)
- Building & Construction
- Pipes & Tanks
- Land Transportation
- Electrical & Electronics
- Artificial Stones
- Wind Energy
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
Request a customization of the report @ https://www.reportsanddata.com/request-customization-form/3673
Thank you for reading our report. For customization inquiry or further information, please connect with us and we will ensure you get the report that meets your requirements.
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.
Head of Business Development
Direct Line: +1-212-710-1370
Reports and Data | Web: www.reportsanddata.com