Jersey City, New Jersey, Feb. 20, 2024 (GLOBE NEWSWIRE) -- The Global Unsaturated Polyester Resins Market is projected to grow at a CAGR of 6.20% from 2024 to 2031, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 13.33 Billion in 2024 and is expected to reach USD 19.23 Billion by the end of the forecast period.
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202 - Pages
126 – Tables
37 – Figures
Scope Of The Report
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Unsaturated Polyester Resins Market Overview:
Market Drivers
Growing Applications in Key Industries Drive Unsaturated Polyester Resins Market:
The Unsaturated Polyester Resins market is growing strongly because of increasing demand in key sectors like construction, automotive, and marine industries. The inherent characteristics of these resins, such as their lightweight nature, resistance to corrosion, and exceptional durability, make them a favored option. The global expansion of these industries leads to an increased demand for Unsaturated Polyester Resins, resulting in substantial market opportunities. The diverse uses of these resins in different industries help drive continuous market expansion.
Sustainability Trends Propel Unsaturated Polyester Resins Market:
There is a growing demand for Unsaturated Polyester Resins in the market due to the rising focus on sustainable and environmentally friendly products. Industries are actively searching for solutions that correspond with eco-conscious practices as environmental concerns escalate. Unsaturated Polyester Resins are considered a feasible choice due to their environmentally favorable properties. The increasing demand for sustainable materials is expanding the industry and establishing Unsaturated Polyester Resins as a significant participant in the worldwide trend towards more environmentally friendly manufacturing processes.
Technological Advancements and Infrastructure Development Fuel Unsaturated Polyester Resins Market:
Ongoing innovation and technical progress are crucial in driving the Unsaturated Polyester Resins Market forward. Research and development activities aimed at improving resin characteristics drive the market's advancement. Furthermore, the increase in worldwide infrastructure projects, especially in wind energy and building, further enhances the need for these resins. Unsaturated Polyester Resins are becoming increasingly important in creating strong and long-lasting materials for sustainable infrastructure worldwide.
Market Restraints
Raw Material Price Volatility Challenges Unsaturated Polyester Resins Market:
The Unsaturated Polyester Resins Market is significantly challenged by the volatile prices of raw materials. Fluctuations in input costs can cause disruptions in manufacturing processes and affect profit margins for firms. The market's unpredictability requires strategic supply chain management and cost-effective procurement strategies to minimize the negative impact of fluctuating raw material costs
Environmental Regulations Impede Unsaturated Polyester Resins Market Growth:
Strict environmental laws significantly limit the growth of the Unsaturated Polyester Resins Market. Adhering to environmental norms and laws complicates industrial operations, necessitating manufacturers to allocate resources toward sustainable methods. The heightened regulatory load can raise manufacturing costs and restrict market expansion, as companies need to understand and adjust to changing environmental regulations.
Market Opportunities
Expanding Horizons: Unsaturated Polyester Resins in Electric Vehicles Drive Market Growth:
The Unsaturated Polyester Resins Market is experiencing notable expansion due to the rising demand for composites in electric vehicles (EVs). Due to the automotive industry's transition to sustainable mobility, unsaturated polyester resins are favored for producing EV components because of their lightweight and durable characteristics. The market may greatly profit from the increase in electric car production, which will help promote environmental sustainability and the growth of the Unsaturated Polyester Resins Market.
Green Building Initiatives Fuel Demand for Unsaturated Polyester Resins in Construction:
Due to the growing emphasis on sustainable building projects, the construction industry presents a favorable market potential for Unsaturated Polyester Resins. Unsaturated polyester resins, known for being lightweight, corrosion-resistant, and durable, are in line with the current trend in construction towards sustainability and eco-friendly materials. This situation offers a chance for market growth as the construction sector adopts eco-friendly solutions, establishing a specialized market for unsaturated polyester resins in sustainable construction projects.
Geographically, North America is anticipated to be the largest/fastest growing market over the forecast period.
North America Unsaturated Polyster Resins market is expected to be driven by rising demand from autombile industry. With the growth of the electric vehicle (EV) market, manufacturers are exploring materials that offer a balance of strength, durability, and weight reduction. Unsaturated polyester resins find applications in EV components such as battery enclosures, interior panels, and other structural elements. This is expected to positively impact the market demand over the forecast period.
In North America, the U.S. is expected to emerge as the largest and fastest-growing market throughout the forecast period.
Unsaturated polyester resin (UPR) is commonly used in the marine industry for various applications due to its favorable properties, such as ease of handling, low cost, and good mechanical properties. The country is leader in marine technology and has developed marine sector. Rapidly flourishing marine industry in the U.S. is anticipated to drive the market demand over the forecast period.
Unsaturated Polyester Resins Market Key Players Shaping the Future
Major players, including INEOS, BASF SE, Polynt, Koninklijke DSM N.V., U-PICA Company. Ltd., Eternal Materials Co., Ltd., Satyen Polymers Pvt. Ltd., UPC Group, Scott Bader Company Ltd., Tianhe Resin Co. Ltd. and more, play a pivotal role in shaping the future of the market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry's key players.
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Based on the research, Verified Market Research® has segmented the Global Unsaturated Polyester Resins Market into Product Type, End Use and Geography.
Global Unsaturated Polyester Resins Market, By Product Type
- Orthophthalic Resin
- Isophthalic Resin
- Dicyclopentadiene (DCPD) Resin
- Others
Global Unsaturated Polyester Resins Market, By End Use
- Building & Construction
- Marine
- Pipes & Tanks
- Electrical & Electronics
- Others
Global Unsaturated Polyester Resins Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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