Orthophthalic resin is a type of unsaturated polyester resin manufactured by polyester and styrene in presence of various catalysts and additives. Styrene is primarily employed to reduce viscosity and improve handling of these resins. Orthophthalic resin is used in several application segments including molding material marine, building & construction, energy, automotives, electronics amongst several others. Molding material is the largest application segment for orthophthalic resin in terms of market share.
Orthophthalic resins are primarily employed as fiberglass reinforcement plastics. Hence, the demand for these resins is profoundly dependent on the growth of construction segment. Growing construction has been a major factor driving demand for orthophthalic resins. The health hazards associated with resins such as orthophthalic resins have been amongst the major factors restraining market growth. Increasing threat of substitution from isophthalic polyester resin is also expected to hamper market growth primarily in the marine application segment. Growing application of orthophthalic resin in radioactive waste treatment processes is expected to offer huge growth opportunity for the market.
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Asia Pacific dominates the global demand for orthophthalic resins in terms of consumption and the trend is expected to continue during the forecast period. Asia Pacific is also expected to be the fastest growing region for the next six years. Increasing demand from developing economies of India and China is expected to drive growth in the region. Although, North America is the second largest geographic segment in terms of consumption, the region is expected to grow at a sluggish rate during the forecast period primarily owing to market saturation in various end user segments. South America is expected to be the fastest growing region in the RoW segment.
Major players in the orthophthalic resin market Royal DSM, Ashland Inc., Reichhold Inc., Scott Bader, CCP Composites, The Dow Chemical Company and BASF SE. among others.
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