Luton, Bedfordshire, United Kingdom, Feb. 24, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Unsaturated Polyester Resins Market.
The global unsaturated polyester resins market is expected to grow at a 6.5% CAGR from 2023 to 2029. It is expected to reach above USD 15.89 billion by 2029 from USD 9.01 billion in 2022.
Unsaturated polyester resin (UPR) is a thermoset molding resin used to manufacture glass fiber-reinforced plastics (FRP). It has a wide range of physical characteristics, including strong tensile, twisting, impact, and heat and corrosion protection. It produces sanitaryware, layered panels, coatings, pigment pastes, and composite materials. Building panels, concrete reinforcement, plates, doors, utility boxes, and floor grafts are among the products made by UPRs. These polymers are also used in the maritime sector, which helps the market grow. In the building of watercraft hulls and decks, ground transportation components, and wind turbine blades, UPRs quickly substitute metals like aluminium and steel. UPRs offer straightforward production and design compared to their metallic peers and give a high degree of customization.
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Unsaturated Polyester Resin (UPR) Market Recent Developments
- December 2022: INEOS Enterprises completed the acquisition of ASHTA Chemicals Inc from Bigshire Mexico S. de R.L. de C.V. The acquisition includes a 100 ktpa Potassium Hydroxide (KOH)/65 kte Chlorine plant.
- July 2022: Scott Bader Pvt Ltd (India) acquired the commercial business of Satyen Polymers Pvt Ltd, which includes the marketing of all resin and gelcoat products. This strategic acquisition will expand the product range using Scott Bader technology to bring industry-leading adhesives and composites products to the Indian market.
The Asia Pacific region holds 50% share among others.
The region accumulated a revenue of USD 6,606.2 million in 2022. Increased application in different end-use sectors such as automotive, marine, and construction & building is driving the Asia Pacific unsaturated polyester resins market. China has increased its production capacity for these polymers to increase revenue. In addition, the country offers low-cost raw materials, low-cost production, and the capacity to serve local emerging markets. A key element boosting the regional market is the increasing sale of unsaturated polyester resin-based composites in numerous end-use areas. They are investing in research to improve recycling methods and processing technologies to acquire a competitive advantage over their competitors.
High growth in building & construction, and wind energy industries increases the market growth.
Construction materials in chemical plants must be able to survive extreme conditions such as exposure to water, acids, and solvents, oxidizing media, and temperature changes. Glass fiber-reinforced UP resins are unquestionably the best material for these applications. Bridge construction and concrete rehabilitation are two more potential applications for GRP. Unsaturated polyester resins are also utilized to make sanitary goods, as well as for general waterproofing (pond and water feature linings) and repairs. The building and construction industry is predicted to dominate due to increased construction activity.
Unsaturated Polyester Resins Market Report Scope
| Report Attribute | Details |
| Market size value in 2022 | USD 9.01 billion in 2022 |
| Revenue forecast in 2029 | USD 15.89 billion by 2029 |
| Growth rate | CAGR of 6.5% from 2023 to 2029 |
| Base year for estimation | 2022 |
| Historical data | 2018 - 2022 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, application, region |
| Regional scope | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
| Country scope | U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Poland; Spain; India; Japan; Thailand; Malaysia; Indonesia; Vietnam; Singapore; Philippines; Brazil; Argentina; Saudi Arabia; UAE; Oman |
| Key companies profiled | Polynt Composites USA Inc., Reichhold Inc., INEOS Group, Royal DSM, AOC, BASF SE, DOW Inc., LERG SA, Scott Bader Company Ltd., TIANHE RESIN CO., LTD., UPC GROUP, and Von Roll are the major market players. |
Unsaturated Polyester Resins Market Players
Polynt Composites USA Inc., Reichhold Inc., INEOS Group, Royal DSM, AOC, BASF SE, DOW Inc., LERG SA, Scott Bader Company Ltd., TIANHE RESIN CO., LTD., UPC GROUP, and Von Roll are the major market players.
These companies have adopted various organic as well as inorganic growth strategies to strengthen their position in the market. New product development, merger & acquisition, and expansion were among the key growth strategies adopted by these leading players to enhance their product offering and regional presence and meet the growing demand for unsaturated polyester resins in emerging economies.
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https://exactitudeconsultancy.com/reports/12147/unsaturated-polyester-resins-market/
Key Market Segments: Unsaturated polyester resins Market
Unsaturated Polyester Resins Market by Type, 2023-2029, (USD Million) (Kilotons)
- Ortho Phthalic
- Isophthalic
- DCPD
Unsaturated Polyester Resins Market by End-Use Industry, 2023-2029, (USD Million) (Kilotons)
- Building & Construction
- Marine
- Transportation
- Pipes & Tanks
- Artificial Stone
- Wind Energy
- Electrical & Electronics
Market Dynamics
Unsaturated Polyester Resin Market Drivers
Rising Applications in Numerous End-use Industries
The market for unsaturated polyester resins is anticipated to develop due to its expanding use in numerous applications across numerous sectors. Due to their great flexibility and cheap price, unsaturated polyester resins are appropriate for a variety of sectors. Just a few of these sectors include resin production, pipe making, electrical device production, fake stone and marble production, and pipe relining. Due to its great corrosion resilience and cheap cost, this resin system is typically used in workboats, sailboats, and dinghies. When subjected to the right environmental factors, the unsaturated polyester resin can cure in either a solid or liquid form. The market is expanding as a result of the increased attention being paid to waterways as a means of transit and a protective front.
Increasing Demand from the Construction and Building Industry
The increasing demand for the product from the building and construction sector is one of the main factors driving the growth of the market for unsaturated polyester resins. They are widely used in many different uses that call for strength and flexibility, such as concrete, roofs, glass, and synthetic stone. Unsaturated polyester resins also offer structures a number of other essential qualities, including impact resilience, reduced weight, improved load-bearing capacity, improved sealing, better space utilisation, reduced upkeep needs, and increased lifespan.
Unsaturated Polyester Resin Market Restraint
Availability of Other Substitute Materials
Epoxy resins are used in a variety of products, including composites, coatings, moulding materials, and glue. They have higher strength, less shrinking, and better bonding than unsaturated polyester resins. Unsaturated polyester polymers have a yellowish tint and are softer and less translucent than acrylic. They also have a strong noxious smell and are very poisonous. Vinyl ester resins outperform unsaturated polyester resins in terms of corrosion protection, tensile characteristics, and temperature characteristics. Because of this, the global market for unsaturated polyester resins over the projection period may be constrained by the supply of substitute materials.
Key Question Answered
- What are the growth opportunities related to the adoption of the unsaturated polyester resins market across major regions in the future?
- What are the new trends and advancements in the unsaturated polyester resins market?
- Which product categories are expected to have the highest growth rate in the unsaturated polyester resins market?
- Which are the key factors driving the unsaturated polyester resins market?
- What will the market growth rate, growth momentum, or acceleration the market carries during the forecast period be?
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