IMARC Group, a leading market research company, has released a report titled “Unsaturated Polyester Resins Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. According to the report, The global unsaturated polyester resins market size reached US$ 12.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 17.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5.9% during 2023-2028.
Unsaturated polyester resins (UPR) are a form of thermoset molding resins employed to produce glass fiber-reinforced plastics (FRP). It is a condensation product of unsaturated acids or anhydrides and diols. It exhibits several characteristics, including high rigidity, improved electrical insulation, excellent surface finish, high tensile and impact strength, exceptional heat and corrosion resistance, and dimensional stability against temperature variations. It is also deployed to produce composite materials, laminated panels, wood paints, coatings, coloring pastes, corrugated materials, and sanitaryware. As a result, unsaturated polyester resins (UPR) are widely adopted in automotive, marine, wind energy, electrical and electronics, and building and construction activities across the globe.
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Unsaturated Polyester Resins Market Trends and Drivers:
The market is primarily driven by significant expansion in the building and construction industry. In addition, the increasing product use in the production of building panels, doors, electrical boxes, concrete rebars, forming pans, and floor grafting are contributing to the market growth. Additionally, rapid urbanization, infrastructure development, the proliferation of mega-projects, focus on smart cities, new import tariffs, changing trade agreements, and a rising number of households are contributing to the market growth. Moreover, the widespread adoption of unsaturated polyester resins (UPR) in the energy sector due to their environmental benefits, such as high efficiency, excellent reliability, and cost-effectiveness, represents another major growth-inducing factor. Besides this, the rising demand for unsaturated polyester resins in the marine industry to replace metals such as aluminum and steel in the production of land transport components, boat hulls, decks, and wind turbine blades is influencing the market growth. Along with this, the rising product demand in the oil and gas sector due to the increasing corrosion concerns regarding metallic pipes and tanks, and the incorporation of fiber-reinforced plastic (FRP) in the onshore and offshore oil and gas products, are accelerating the product adoption rate. UPRs offer advantages over metallic materials, such as greater customization options, ease of fabrication, and design flexibility. Apart from this, UPR market is growing at different rates in numerous regions, with Asia-Pacific being the largest market due to rapid urbanization, the availability of low-cost labor, various government initiatives, and extensive building and construction activities. Moreover, the industry is expected to face competition in the upcoming years as numerous key players are implementing competitive strategies to sustain their presence in the market. For instance, in December 2020, AOC, a leading producer of polyester and vinyl ester resins based in the United States, successfully finalized the acquisition of a Spolchemie plant dedicated to unsaturated polyester resins located in the Czech Republic, which enhances AOC’s ability to provide improved services and logistics to its customers in the central and Eastern European regions. Furthermore, the increasing demand for non-reinforced cross-linked UPRs in the production of automotive repair components and ongoing research and development (R&D) activities aimed at enhancing the physical properties of UPRs are creating a positive market outlook.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- AOC LLC
- Ashland LLC
- BASF SE
- CCP Composites Ltd
- E. I. Du Pont
- Allnex Resins Australia Pty Ltd
- Polynt Composites USA Inc.
- Reichhold Inc.
- Koninklijke DSM N.V.
- Scott Bader Company Ltd.
- Upc Technology Corporation
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The report has segmented the market on the basis of Product Type, End-User and Region.
Breakup by Type:
- Orthophthalic Resin
- Isophthalic Resin
- Dicyclopentadiene (DCPD) Resin
- Others
Breakup by End-Use:
- Building and Construction
- Automotive
- Marine
- Pipes, Ducts and Tanks
- Wind Energy
- Electrical and Electronics
- Others
Breakup by Form:
- Liquid Form
- Powder Form
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
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