The competitive landscape of the unsaturated polyester resin market is highly fragmented in nature, says Transparency Market Research (TMR). This is because of the presence of several key players in the market. The key players are focusing towards accusation and merger, product proliferation and business expansion in order to strengthen their market position. Some of the predominant players operating the Asia Pacific unsaturated polyester resin market are Singapore Highpolymer Chemical Products Pte Ltd., Tianhe Resin Co., Ltd., Changzhou New Solar Co., Ltd., and PT Justus Sakti Raya.
According to a newly launched report by TMR, the unsaturated polyester resin market is expected to attain a valuation of US$ 7.45 bn by 2023. The analysts noted the market at US$ 3.98 bn valuation in 2014. During the forecast the Asia Pacific unsaturated polyester resin market is likely to rise at a healthy CAGR of 7.2% during the forecast period.
High price of Unsaturated Polyester Resin Market to Hamper Market Growth
The constantly depleting resources of polyester resin in Asia Pacific is creating a threat for the key players operating in the region. Due to this, the price of unsaturated polyester resin are likely to increase in the region. The high cost of unsaturated polyester resin may force end user to look for a substitute. However the increasing technology lead innovation by the key players is anticipated to create lucrative opportunity in the unsaturated polyester resin market in the near future.