New York, Nov. 06, 2023 (GLOBE NEWSWIRE) -- The global unsaturated polyester resin market size is predicted to expand at 6.2% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 26.86 billion by the end of 2035, up from a revenue of USD 12.32 billion in the year 2022. The growing demand for bio-based polyester resin is one of the primary factors to boost the growth of the unsaturated polyester resin industry. The increased public interest in environmentally friendly and sustainable products to reduce pollution or waste disposal has increased the demand for sustainable materials, such as bio-based polyester resin.
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Global web searches for sustainable items have increased by 71% in the last five years. The bulk of bio-based rigid packaging materials are made of non-biodegradable bio-based PE and PET. In addition, PLA, PBS, and PHA polymers can provide biodegradability to stiff packaging applications. Moreover, considering a choice of nine businesses, one in four respondents indicated the chemical industry is not particularly worried about the environment. Owing to negative connotations for the chemical industry, the industry itself has been focusing on the production of sustainable materials.
Unsaturated Polyester Resin Market: Key Takeaways
- Market in Asia Pacific region to propel the highest growth
- The Tanks & Pipes segment to garner the highest growth
- Market in Europe region to grow at a highest rate
Growing Development of Infrastructure is to Boost the Growth of the Unsaturated Polyester Resin Market
Unsaturated polyester resins are one of the most widely used thermoset resins worldwide. Approximately 2 million tonnes of unsaturated polyester resins are utilized in the construction of flat roofs, pipes, storage tanks, and other waterproofing linings, as well as high-specification components. The rising construction of buildings is going to increase unsaturated polyester resin in various applications. It is anticipated that 1.6 billion new buildings will be constructed by 2050, for an overall number of 2.6 billion buildings worldwide. Because the number of buildings in the world fluctuates over time, there is no conclusive answer to this question.
Unsaturated Polyester Resin Industry: Regional Overview
The global unsaturated polyester resin market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Development of Wind Energy Infrastructures is to Boost the Market Growth in Asia Pacific Region
Asia region reached 357.574 GW of onshore wind energy installations in 2021. In Asia, new installations are expected to exceed 10 GW in 2026 and reach over 15 GW by 2030. Over the next decade, Asia Pacific will keep outperforming other regions as a market for renewable energy investment and development, with capacity predicted to expand by up to 2 terawatts by 2030 and the average price of energy for renewables dropping beneath that of fossil fuel. There are many new projects of wind power that are being commenced in Asia Pacific and it is expected to boost the demand for unsaturated polyester resin market. For instance, Pinnapuram Integrated Renewable Energy Projects has started which of total value of USD 2000 million and is likely to have a capacity of 5230 MW.
Rising Need to Renovate Old Infrastructures is to Elevate Market Growth in Europe
In Europe, the road is one of the most stressed infrastructures, and it demands redevelopment as the pressure of vehicles and population increases. Automobile burdens and traffic increased dramatically in the second part of the twentieth century, and this pattern is expected to continue until 2050. Every year, 34 million goods trucks and 240 million passenger cars (one for every two citizens) use the highways of Europe. Moreover, in Europe, available space is limited, and as industrialization proceeds, overloaded roads, and traffic are causing more people to rely on public transportation. In spite of all of those cars and trucks, Europe's 215,000-kilometer rail network is already at maximum. As a result, public transport will need to increase as well.
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Unsaturated Polyester Resin Segmentation by End User
- Building & Construction
- Tanks & Pipes
- Electrical
- Marine
- Transport
- Paints & Coatings
The tanks & pipes segment is going to collect the largest market revenue over the projected time frame. the growth is majorly expected on account of the rising practice of water & wastewater treatment. The combination of glass fiber and unsaturated polyester resin is used for the development of water tanks, tanks & pipes, septic tanks, and others. Therefore, the rising ejection of wastewater and treated water will increase the need for these tanks and pipes. Domestic and municipal wastewater produced globally is projected to be 360 km3 year-1, of which 41 km3 year-1 (11.4%) is chemically treated. Moreover, according to the study, global wastewater production is estimated to be 359.4 billion m3 yr-1, with 63% (225.6 billion m3 yr-1) collected and 52% (188.1 billion m3 yr-1) treated.
Unsaturated Polyester Resin Segmentation by Product
- Dicyclopentadiene (DCPD)
- Orthophthalic
- Isophthalic
On the basis of product, unsaturated polyester resin market the isophthalic segment is expected to gain the highest market revenue over the forecasted period. There are many buildings that deteriorate solely due to corrosion, for instance in Italy, 34% and 97% of the territory, respectively, are subject to corrosion risks that exceed the tolerable level for limestone and copper. The growing focus on protecting the building from corrosion is expected to boost the demand for isophthalic unsaturated polyester resin as it is most commonly used as an anti-corrosive substance. Moreover, it is also used in the manufacturing of laminated and moldings, to increase its retardance towards heat and chemicals.
A few of the well-known market leaders in the global unsaturated polyester resin market that are profiled by Research Nester are Kitamura Chemicals Co., Ltd., DIC Corporation, U-PICA Company Ltd., Japan Composite Co., Ltd., BASF SE, UPC Technology Corporation, Eternal Materials Co., Ltd., Scott Bader Company Ltd., Resonac Holdings Corporation, and Qualipoly Chemical Corporation (QPC).
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Recent Developments in the Unsaturated Polyester Resin Market
- Showa Denk K.K. a leading Japanese manufacturer of chemicals has announced its merger with Hitachi Chemical now known as Showa Denko Materials Co., Ltd. The combination of the two companies is now parent to different companies. The manufacturing unit is known as Resonac Corporation and the holding unit is Resonac Holding Corporation.
- DIC Corporation has announced to merge of its wholly-owned subsidiary Ideal Chemi Plast Private Limited. The construction of a production facility for the new coating resin has been started and followed by the construction of triple production capacity.
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