17 November 2013 20:55 [Source: ICIS news]
CARTAGENA, Colombia (ICIS)--Unsaturated polyester resin (UPR) demand in South America is surging, as the region expects economic growth next year, a regional market player said on Sunday.
Municipal, civic and infrastructure projects and growth are fueling a large uptick in demand, the source said on the sidelines of the Latin American Petrochemical Association (APLA) annual meeting.
"We are fully contracted for 2014 and demand is strong," the source said.
According to an executive for a large producer in the region, the UPR market is growing at around two times GDP levels in Latin America.
After a sharp recovery from the global economic crisis in 2010 when regional economic output expanded by 6%, growth in Latin America and the Caribbean decelerated markedly, to an estimated 3% by 2012, according to the International Monetary Fund (IMF).
Growth in the region is expected to accelerate modestly to 3.4% this year, and to about 3.9% over the medium term.
Civic construction includes residential buildings, which use UPR in tubs, pool, pipes and flooring, while municipal projects include water supply and sewage systems, which use large quantities of UPR for pipes.
The APLA conference ends on Tuesday.
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