Dublin, July 03, 2024 (GLOBE NEWSWIRE) -- The "Unsaturated Polyester Resin Market: Trends, Forecast and and Competitive Analysis [2024-2030]" report has been added to ResearchAndMarkets.com's offering.
Unsaturated Polyester Resin Market Trends and Forecast
The future of the global unsaturated polyester resin looks promising with opportunities in the unsaturated polyester resin market. The global unsaturated polyester resin is expected to reach an estimated $16 billion by 2030 with a CAGR of 4% from 2023 to 2030. The major drivers for this market are growing infrastructural investments and rehabilitation of old infrastructural projects and increasing need for lightweight products with ease of handling, transportation, and installation.
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies unsaturated polyester resin companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base.
Report Findings
- Construction will remain the largest end use by value and volume due to increasing residential and commercial construction and growth in remolding activities. Aerospace is expected to witness highest growth over the forecast period.
- Hand layup is expected to remain the largest manufacturing process segment because it is the most basic and versatile process among all the fabricating processes. Other manufacturing processes is expected to witness highest growth over the forecast period.
- APAC will remain the largest region and it is also expected to witness highest growth over the forecast period due to rapid industrialization, increasing urbanization, and growing per capita income in the emerging countries is giving rise to residential and commercial construction and growing investment in water and wastewater infrastructure.
Recent Developments in the Unsaturated Polyester Resin
- Growing Demand in Construction Industry: The UPR market continues to experience strong demand from the construction industry, particularly for applications such as composites, coatings, and adhesives. UPR is widely used in the construction of infrastructure, buildings, and composite materials due to its excellent strength, durability, and corrosion resistance properties.
- Expansion in Wind Energy Sector: With the global shift towards renewable energy sources, there's a growing demand for UPR in the wind energy sector for manufacturing wind turbine blades. UPR-based composites offer advantages such as lightweight, high strength, and resistance to environmental factors, making them ideal for use in wind turbine blade construction.
- Focus on Sustainable Solutions: Sustainability considerations are driving innovations in the UPR market, with manufacturers developing bio-based resins and incorporating recycled materials into their formulations. These sustainable solutions aim to reduce carbon footprint, minimize environmental impact, and meet regulatory requirements.
- Technological Advancements: Ongoing research and development efforts are leading to technological advancements in UPR formulations, resulting in materials with improved performance characteristics, such as higher mechanical strength, better weatherability, and enhanced curing properties. These advancements enable UPR to address evolving customer needs and industry standards.
- Market Consolidation and Mergers: The UPR market is witnessing consolidation through mergers, acquisitions, and strategic partnerships among key players in the industry. These consolidation activities aim to strengthen market position, expand product portfolios, and improve operational efficiency. Collaborations between resin producers, composite manufacturers, and end-users drive innovation and market growth.
- Adoption in Marine and Transportation Industries: UPR finds extensive use in marine and transportation applications due to its excellent corrosion resistance, lightweight properties, and ease of processing. UPR-based composites are used in boat hulls, automotive parts, railway components, and aerospace structures, driving demand for UPR in these sectors.
APAC will remain the largest region in the Unsaturated Polyester Resin Market
- United States: American companies like Ashland Inc. and AOC Resins are expanding their UPR production capacities to meet the demand from various industries including construction, automotive, and marine. Initiatives such as the Advanced Manufacturing Partnership drive innovation in composite materials like UPR. The U.S. Department of Energy invests in research and development for sustainable and lightweight materials including UPR for energy-efficient applications.
- China: Chinese manufacturers including Tianhe Resin and DSM Resins are increasing UPR production to support the country's infrastructure development and construction projects. Government initiatives like the Made in China 2025 plan promote the development of high-quality composite materials like UPR. The Chinese Ministry of Industry and Information Technology (MIIT) supports research and development in advanced materials.
- Germany: German firms like BASF SE and Reichhold GmbH are focusing on developing innovative UPR formulations for automotive lightweighting, wind energy, and construction applications. Government initiatives promoting sustainability and energy efficiency drive market expansion. The German Federal Ministry for Economic Affairs and Energy provides funding for research projects in advanced materials including UPR.
- India: Indian manufacturers such as Swancor Ind. Co., Ltd. and UPL Ltd. are entering the UPR market to cater to the demand from construction, marine, and transportation sectors. Government initiatives like the National Fibre Policy promote the growth of the composite materials industry. The Indian Ministry of Chemicals and Fertilizers oversees policies and regulations related to the chemical industry.
- Brazil: Brazilian companies like Olin Corporation and CCP Composites are expanding their UPR production capabilities to serve the automotive, construction, and marine industries. Government initiatives promoting industrial growth and innovation drive market expansion. The Brazilian Ministry of Economy oversees policies and regulations related to the manufacturing industry.
Features of Unsaturated Polyester Resin Market
- Market Size Estimates Global unsaturated polyester resin market size estimation in terms of value ($M) shipment and volume (M lbs).
- Trend and Forecast Analysis: Market trends (2017-2022) and forecast (2023-2028) by various segments and regions.
- Segmentation Analysis: Market size by end use, product type, manufacturing process, and region.
- Regional Analysis: Unsaturated polyester resin market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
- Growth Opportunities: Analysis on growth opportunities in different end use, product type, manufacturing process, and regions for the global unsaturated polyester resin market.
- Strategic Analysis: This includes M&A, new product development, and competitive landscape for the global unsaturated polyester resin market.
- Analysis of competitive intensity of the industry based on Porter's Five Forces model.
Company Profiles of Leading Players
- Polynt Group
- AOC
- INEOS Composites
- BASF
- Covestro AG
- Xinyang Technology Group
- Tianhe Resin Company Ltd
For more information about this report visit https://www.researchandmarkets.com/r/7z1uaz
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