Market Overview:
Global Unsaturated Polyester Resins (UPR) Market Size Was Valued at USD 11.62 Billion In 2022 And Is Projected to Reach USD 16.78 Billion By 2030, Growing at A CAGR of 4.7% From 2023 To 2030.
A polyester resin is a polymer produced by a polycondensation reaction between particular polyalcohols and polyacids. Unsaturated Polyester Resins (UPR) are a type of polyester resin that, once restored, can take the shape of a mold. Unsaturated Polyester Resin has a better level of long-lasting and strength. Orthophthalic resin, dicyclopentadiene (DCPD) resin, and isophthalic resin are among the various forms of unsaturated polyester resins. Unsaturated Polyester Resins are applied in a variety of industries owing to their increased benefits and better features. Unsaturated polyester resin (UPR) is a kind of thermoset molding resin that's utilized to create glass fiber-reinforced plastics (FRP). It has a variety of physical qualities, as well as strong tensile, binding, and impact strength, as well as heat and corrosion resistance. Complex materials, wood paints, color pastes, coatings, laminated panels, and sanitaryware are all made with it.
Top Key Players in Unsaturated Polyester Resins (UPR) Market:
BASF SE (Germany), Scott Bader Company Ltd. (UK), Royal DSM NV (The Netherlands), Polynt-Reichhold Group (US), UPC Technology Corp. (Taiwan), INEOS Group (UK), Reichhold LLC (US), AOC LLC (US), Ashland Inc. (the US), Nuplex Industries Ltd. (Australia), U-PiCA Company Ltd (Japan), and Other Major Players.
Market Dynamics and Factors for Unsaturated Polyester Resins (UPR) Market:
Drivers:
Increasing demand for the product from the building and construction industry
Increasing demand for the product from the building and construction industry is a key factor triggering the market growth of unsaturated polyester resins. They are extensively utilized in applications where resistance and flexibility are required such as glass, concrete, roofs, and artificial marble. Furthermore, unsaturated polyester resins also provide other significant properties such as impact resistance, load-bearing, sealing, weight reduction, space-saving, low maintenance, and longevity to buildings. Rising demand for composite materials in various manufacturing industries is anticipated to hasten the market growth of unsaturated polyester resins. Composite materials are utilized in the marine industry for the production of yachts and ships. In addition, composites are also used across the aerospace and automotive industries.
Opportunities:
Strong Growth From Marine, Automotive, Consumer Goods, Aerospace, And Building &Construction Industry
Strong growth in the end-user industries such as marine, automotive, consumer goods, aerospace, and building &construction across emerging countries is estimated to bring the latest market opportunities. Moreover, developing countries are investing in infrastructural development and long-term construction projects which is the largest industry for unsaturated polyester resins. India, China, Brazil, and economies in the Middle Eastern region are probably to increase their expenses in the infrastructure segment.
Segmentation Analysis of the Unsaturated Polyester Resins (UPR) Market:
By Type, the ortho-phthalic resin segment is anticipated to record the highest unsaturated polyester resins market share during the forecast period. Orthophthalic resin is the most used unsaturated polyester resin owing to its known as basic resin and used as the general-purpose resin. Orthophthalic resins are the most popular resins in the marine industry.
By End User, the market is classified into Building and construction, Marine, Land Transportation, Pipes and tanks, Artificial Stone, Wind Energy, Electrical and electronics, and Other End-Uses. The inexpensive cost of unsaturated polyester resins compared to other epoxy and PVC materials has also helped the global Unsaturated Polyester Resins market's expansion.
Regional Analysis of the Unsaturated Polyester Resins (UPR) Market:
The Asia Pacific region is expected to dominate the unsaturated polyester resins market over the forecast period. The market is turned by the growth of the major end-use industries such as construction, transport, electronics, and marine. The strong production base of the automotive industry in China, Japan, and India coupled with increased sales of passenger vehicles is expected to increase the growth of the market for unsaturated polyester resins shortly. In India, cheaper-cost labor, government initiatives, such as Make in India, and the proposed scheme on entrepreneurship development may create lucrative opportunities in the industrial and infrastructure segments. In addition, China is a rapidly emerging nation with many developing applications. The country also provides inexpensive raw materials, low cost of production, and the ability to serve the local developing markets.
Key Industry Development:
In July 2021, a German Chemical Industries Association named Schill+Seilacher GmbH designed a bio-based substitute for petrochemical-based unsaturated polyester resins.
In August 2021, a European resins producer named Helios Resins obtained ISCC (International Sustainability and Carbon Certification) for producing a wide variety of unsaturated polyester resins.
