Polyester Resins Market to Expand at a CAGR of 5.7%by 2027
According to a new report by Reports and Data, the global market for Polyester Resins is projected to reach a value of USD 15.33 Billion by 2027. The increased demand for polyester resins is driven by various industries such as industrial, construction, automotive, commercial, and marine. The rising adoption of electric vehicles by businesses and consumers is also contributing to the demand for polyester resins.
Manufacturers are using polyester resins based plastics in
the automotive industry to enhance energy efficiency. These resins have a low
content of styrene and exhibit low shrinkage, making them environmentally
friendly. Concerns about health and safety in industrial activities are further
fueling the market demand. The reduced styrene content in polymer resins
minimizes the harmful effects of toxic gas, resulting in lower carbon emissions
and improved safety standards.
The COVID-19 pandemic has had a significant impact on market
demand. Polyester resins are widely used in the marine industry for workboats,
yachts, and dinghies. The flexibility and strength of these resins make them
more resistant to tearing, and they are used in the production of carpeting,
ropes, and other consumer products.
The outbreak of COVID-19 has caused disruptions in industrial
activities worldwide, leading to a downturn in the polyester resins market.
Lockdown measures implemented to control the virus have resulted in a collapse
of the chemical sector in several regions. China, being a major producer and
consumer of polyester resins, experienced production disruptions due to
lockdown measures, which had a global impact on the industry.
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Resins Market report: https://www.reportsanddata.com/download-free-sample/3673
Key Highlights from the
Report:
- Orthophthalic
resins, containing styrene to reduce viscosity and improve handling, are
predominantly used as fiberglass reinforcement plastics. They find
applications in the construction, marine, energy, and automotive sectors.
- The
wind energy segment is expected to grow at the highest compound annual
growth rate (CAGR) of 6.4% during the forecast period. The depletion of
fossil fuels and volatility in prices are driving the demand for
alternative wind energy sources.
- The
Asia Pacific region is projected to experience the highest growth rate,
primarily driven by Japan and China. These countries are making
significant investments in the construction sector, and government
initiatives to boost domestic sales and attract foreign direct investment
are positively influencing market demand.
- The
Saudi Arabian government has initiated multiple construction projects as
part of the Vision 2030 economic-transformation plan, covering sectors
such as water, power, seaport, hydrocarbons, road, construction, rail, and
airport.
Key participants in the market 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.
For the purpose of this report, Reports and Data has
segmented the global Polyester Resins Market based on 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
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