Global Unsaturated Polyester Resins Market Overview

Unsaturated Polyester Resins (UPR) Market Size Was Valued at USD 12.17 Billion In 2023 And Is Projected to Reach USD 18.4 Billion By 2032, Growing at A CAGR of 4.7% From 2024-2032.

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. Construction, industrial, automotive, marine, and commercial goods are utilizing unsaturated polyester resins.

The significant growth in the adoption of electric automotive by consumers and businesses alike helps the growth of the unsaturated polyester resin market. In addition, construction and building projects are also utilizing unsaturated polyester resin-based components. These are applied to manufacture bathroom fittings, fiberglass coatings, anti-corrosion tanks, and pipes. Furthermore, rising health concerns about industrial activities are stimulating the demand for unsaturated polyester resins. The low styrene content in these prepolymers decreases the harmful effects of poisonous gas exposure on workers, therefore, declining carbon emissions and rising the safety standards for many industries. Amidst the COVID-19 pandemic, the global market for Unsaturated Polyester Resins projected at US$10.6 Billion in the year 2020, is estimated to reach a revised size of US$14.5 Billion by 2027, during the forecast period.

COVID-19 Impact on the Unsaturated Polyester Resins (UPR) Market

The suspension of non-essential trade to curb the spread of COVID-19 restrain growth for market players. China, being at the center stage of the global pandemic, is under the microscope of every economy. It is also the biggest consumer of unsaturated polyester resin. Therefore, order achievement and future deals are put on hold for the time being. Producers also face production obstacles such as poor workforce, raw material, and logistics support. Major players are investing in employee expertise in conceiving recovery strategies. Focusing on less impacted or fast recovering areas is a popular strategy. Business strategies are closely tied with the new advancement about COVID-19 spread and its vaccine. The interruptions of normal trade put massive pressure on the cash flow of companies as the unsaturated polyester resin market is mainly based on production and transportation activities. The COVID-19 pandemic is a major threat for producers of unsaturated polyester resin. Composite application in producing medical equipment and personnel protective gear presents sustainable opportunities. As the world experienced contain coronavirus, healthcare institutions are overwhelmed and need equipment and protective gear. Emerging a customer base in the healthcare industry is a favorable strategy.

Market Dynamics And Factors For The Unsaturated Polyester Resins (UPR) Market

Drivers:

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 over 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 over 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 aerospace and automotive industries. Additionally, increasing demand for composites owing to their flexibility and cheaper cost has triggered their demand across marine, aerospace, construction, and automotive industries.

Restraints:

The acceptance of vinyl ester, epoxy, acrylic, and polyurethane resins is becoming a hindering for the growth of the unsaturated polyester resins market. Epoxy resins are utilized to manufacture adhesives, coatings, casting materials, and composites among others. They provide high strength, low shrinkage, and good adhesion similar to unsaturated polyester resins. Vinyl ester is another variety of resin whose corrosion resistance, mechanical, and thermal properties are much better than that of unsaturated polyester resins which affect the market growth over the forecast period.

Opportunities:

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. The estimated overall growth rate of APAC in the infrastructural segment is 11.2% of which 80% contribution will be from India, Australia, South Korea, Japan, and China.

Market Segmentation

Segmentation Analysis of Unsaturated Polyester Resins (UPR) Market:

Based on Type, the Orthophthalic 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 highly popular resins in the marine industry. They have different properties, such as high flexibility and good tensile strength. Orthophthalic resins are also utilized in different other applications such as adhesives, buttons, composites, pigment pastes, encapsulation, gel coats, filler pastes, polymer concrete, putties, castings, flooring materials, and tooling. The variety of applications is making it the preferred resin type.

Based on End User, the market is classified into Building & Construction, Marine, Land Transportation, Pipes & Tanks, Artificial Stone, Wind Energy, Electrical & Electronics, Other End-Uses. The inexpensive cost of unsaturated polyester resins compared to other epoxy and PVC materials have also helped the global Unsaturated Polyester Resins market's expansion. Due to its lightweight, FRP is increasingly being used in pipelines, tanks, pressure vessels, and cylinders. The widespread utilize of unsaturated polyester resins is improving the pipes and tanks industry growth.

Regional Analysis of 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. It is observing increased demand from the various growing end-use industry. Additionally, favorable policies such as foreign direct investments (FDI) and Make-in-India executed by the government of India are anticipated to produce flourishing growth opportunities for the automobile industry, which, in turn, is anticipated to increase the utilization of unsaturated polyester resin in automobile applications.

In North America, the market for the unsaturated polyester resin is primarily turned by the growth in construction, manufacturing sectors, and electronics. Unsaturated polyester resin and UPR-based composites are highly used in the building and construction sector and other applications such as tanks and pipes. Recovery of the construction industry in the region, due to rising demand for non-residential construction projects such as hospitals, schools, and colleges, is anticipated to positively impact the unsaturated polyester resin market in North America over the forecast period.

Players Covered in Unsaturated Polyester Resins market are :

•  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 others major key players.

Key Industry Developments In The Unsaturated Polyester Resins (UPR) Market

• 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 has obtained ISCC (International Sustainability and Carbon Certification) for producing a wide variety of unsaturated polyester resins.
• In February 2020, INEOS launched the latest low-profile resin for the recreational vehicle markets and marine in North America. Aropol LP 67400 is developed to provide high strength and vigorous processing capabilities that boat builders and RV manufacturers desire.