Unsaturated Polyester Resins Market

Market Overview:

The global unsaturated polyester resins market size reached US$ 13.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 20.9 Billion by 2032, exhibiting a growth rate (CAGR) of 5.1% during 2024-2032. The growing demand for renewable energy sources, rising number of infrastructure and construction projects, and increasing adoption of lightweight and durable materials in the automotive industry are some of the major factors propelling the market.

Unsaturated polyester resins (UPRs) are thermosetting polymers that are composed of a combination of polyester monomers and reactive diluents. They offer enhanced versatility, durability, mechanical properties, and corrosion resistance. They undergo crosslinking reactions upon exposure to heat or catalysts, which transform them from a liquid state into a solid to provide dimensional stability and resistance to environmental factors. As they are commonly employed as matrix materials in composite applications, such as fiberglass-reinforced plastics (FRPs), the demand for UPRs is rising across the globe.

At present, the increasing demand for versatile, durable, and corrosion-resistant materials in various industries is impelling the growth of the market. Additionally, the rising adoption of electric vehicles (EVs) that aid in fuel efficiency and emission reduction is bolstering the growth of the market. Besides this, the growing demand for aesthetically pleasing and durable electronic devices among the masses around the world is offering a positive market outlook. In line with this, the increasing preference for sustainable and eco-friendly solutions that have a lower environmental impact as compared to traditional materials is offering lucrative growth opportunities to industry investors. Apart from this, the growing demand for UPRs in boat hulls, decks, and interior components in the marine industry is positively influencing the market. Furthermore, technological innovations in processing techniques, such as resin infusion, pultrusion, and compression molding, for more efficient production of UPR-based products are contributing to the growth of the market.

Unsaturated Polyester Resins Market Trends/Drivers:

Rising number of infrastructure and construction projects

The rising utilization of UPRs due to the increasing number of construction and infrastructure projects across the globe is propelling the growth of the market. They are increasingly used in construction activities for various applications, such as pipes, tanks, roofing, and concrete reinforcement, due to their enhanced corrosion resistance and structural integrity. The growing demand for durable and long-lasting materials is offering a positive market outlook. In line with this, they offer design flexibility, which allows for intricate shapes and sizes and is suitable for architectural and decorative elements. Apart from this, they can withstand environmental challenges and are a preferred choice among architects and builders.

Increasing adoption in the automotive industry

The increasing adoption of UPRs in the automotive sector due to the rising demand for vehicles among the masses worldwide is bolstering the growth of the market. In addition, there is a rise in the demand for lightweight and high-performance materials to enhance fuel efficiency and reduce emissions. In line with this, UPR-based composites contribute to weight reduction without compromising strength, which makes them a preferred choice for components like body panels, interior parts, and under-the-hood components in vehicles. They also offer improved acoustic and thermal insulation that enhances the overall driving experience. Besides this, the rising popularity of electric and hybrid vehicles among the masses around the world is contributing to the growth of the market.

Growing demand for renewable energy sources

The rising demand for UPRs due to the increasing popularity of renewable energy sources, particularly wind energy, is supporting the growth of the market. In line with this, UPRs are vital in the manufacturing of wind turbine blades due to their high strength-to-weight ratio and resistance to environmental factors. Apart from this, the rising installation of wind turbines to reduce carbon footprint and maintain sustainability across the globe is contributing to the growth of the market. Moreover, UPRs can withstand harsh conditions, such as exposure to saltwater and ultraviolet (UV) radiation, which further enhances their suitability for renewable energy applications. Furthermore, there is a rise in the focus on reducing the dependency on conventional fossil fuels around the world.

Unsaturated Polyester Resins Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global unsaturated polyester resins market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on type, end-use and form.

Breakup by Type:

• Orthophthalic Resin
• Isophthalic Resin
• Dicyclopentadiene (DCPD) Resin
• Others
   

Orthophthalic resin represents the largest market segment

The report has provided a detailed breakup and analysis of the market based on the type. This includes orthophthalic resin, isophthalic resin, dicycopentadiene (DCPD) resin, and others. According to the report, orthophthalic resin represented the largest segment. Orthophthalic resin is a widely utilized class of UPR that is known for its versatility and cost-effectiveness. It exhibits enhanced mechanical properties, which makes them suitable for diverse applications. In addition, their inherent characteristics include ease of handling, low shrinkage during curing, and improved adhesion to various substrates. It is commonly employed in general-purpose applications, such as automotive parts, marine components, and construction materials, where a balance between performance and affordability is essential. It is resistant to water and chemicals, that add to its utility in corrosion-prone environments.

Breakup by End-Use:

• Building and Construction
• Automotive
• Marine
• Pipes, Ducts and Tanks
• Wind Energy
• Electrical and Electronics
• Others
   

Building and construction accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the end-use. This includes building and construction, automotive, marine, pipes, ducts and tanks, wind energy, electrical and electronics, and others. According to the report, building and construction represented the largest segment. UPRs play a vital role in the building and construction industry due to their improved durability and versatility. In addition, they are widely employed for various applications, such as roofing, cladding, pipes, tanks, and structural components. They can be molded into intricate shapes, combined with their mechanical strength, which makes them suitable for architectural and decorative elements. Furthermore, they have compatibility with reinforcement materials, such as fiberglass, that enhance their performance in construction applications.

Breakup by Form:

• Liquid Form
• Powder Form
   

Powder form holds the biggest market share

The report has provided a detailed breakup and analysis of the market based on the form. This includes liquid form and powder form. According to the report, powder form represented the largest segment. UPRs in powder form offer a convenient and versatile option for various applications. They are typically pre-catalyzed and easy to handle, which allows for accurate dosing and reduced waste during processing. They offer advanced storage stability and eliminate concerns about shelf-life limitations as compared to liquid forms. This form of UPR is particularly favored in applications that require precise mixing ratios and controlled curing times, such as composite manufacturing and adhesive formulations. Powder UPRs are employed in the automotive, aerospace, and construction sector, due to their ability to provide consistent mechanical properties and reduced emissions during processing.

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
   

Asia Pacific exhibits a clear dominance, accounting for the largest unsaturated polyester resins market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific accounted for the largest market share.

Asia Pacific held the biggest market share due to the increasing infrastructure development activities. In line with this, the rising demand for cost-effective and durable materials in the automotive sector is impelling the growth of the market in the region. Apart from this, the increasing demand for renewable energy is contributing to the growth of the market. In addition, the rising adoption of electronic products among individuals is bolstering the growth of the market in the Asia Pacific region.

Competitive Landscape:

Many manufacturers are focusing on creating innovative formulations with enhanced properties, such as improved mechanical strength, fire resistance, and sustainability. These innovations cater to specific industry requirements and drive market differentiation. In addition, they are engaging in partnerships and collaborations with raw material suppliers, end-users, and research institutions to leverage synergies, share knowledge, and expand their product portfolios. Apart from this, companies are developing eco-friendly UPR formulations by incorporating bio-based materials, recycled content, and reducing volatile organic compound (VOC) emissions during manufacturing. These efforts align with global sustainability trends and regulatory requirements in the market.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market 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

Recent Developments:

• In July 2022, Scott Bader Pvt Ltd (India) acquired the commercial business of Satyen Polymers Pvt Ltd. This acquisition assists in direct sales and marketing for all resin and gelcoat products.
• In 2020, AOC announced the acquisition of the Unsaturated Polyester Resin (UPR) manufacturing operations in Ústí nad Labem (Czech Republic). This footprint extension will allow AOC to further improve service and logistics to its customers in Central/ Eastern Europe and in Germany.
• In 2021, Allnex Composites launched POLYPLEX SURFBOARD LAMINATING RESIN, a medium reactivity, orthophthalic-based unsaturated polyester resin, designed for use in FRP Surfboard constructions.

Unsaturated Polyester Resins Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the unsaturated polyester resins market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global unsaturated polyester resins market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the unsaturated polyester resins industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.