New York, Nov. 09, 2020 (GLOBE NEWSWIRE) -- 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 forecast to be worth USD 15.33 Billion by 2027, according to a new report by Reports and Data. The market for polyester resin is witnessing an increased demand owing to 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.
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The resins are also used 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.
The COVID-19 impact:
The insurgence of Covid-19 has influenced industrial activities worldwide. Over the months, the market has experienced a downturn that can continue in the coming year. The virus led to the implementation of lockdown, which disrupted the polyester resins industry as the chemical sector witnessed a collapse in several regions. China is the major manufacturer and largest consumer of the resins, and the imposition of lockdown in the country has affected the production globally. The high reliance on the industry of the Chinese producers have exposed more cracks in the polyester resins market.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/polyester-resins-market
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 its 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 which will in turn boost market expansion in MEA.
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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
- Others
- Terephthalic Resins
- Gelcoat Resins
- Chlorendic Resins
End Users Outlook (Revenue, USD Billion; 2017-2027)
- Building & Construction
- Marine
- Pipes & Tanks
- Land Transportation
- Electrical & Electronics
- Artificial Stones
- Wind Energy
- Others
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
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