by The unsaturated polyester resins market is estimated to be valued at US$ 14007.68 Mn in 2023 and is expected to exhibit a CAGR of 39 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Unsaturated polyester resins are thermosetting resins made by the reaction of dibasic acids and polyhydric alcohols. They are mainly used in manufacturing fiberglass reinforced plastics which finds applications in building & construction, transportation, marine and pipe & tank industries due to properties such as corrosion resistance, ease of fabrication and durability.
Market Dynamics:-
Rising demand from the building & construction industry is the key driver estimated to boost the unsaturated polyester resins market growth over the forecast period. Unsaturated polyester resins are used to manufacture fiberglass reinforced plastic sheets and boards which are used in roofing, cladding and glass wool insulation due to properties such as durability, weather resistance and lightweight. According to World Bank, the global construction industry accounted for US$ 11.6 trillion in 2019 and is projected to reach US$ 15.5 trillion by 2030 which is likely to increase the demand for UP resins.
Secondly, increasing use of FRP composites in transportation industry especially for manufacturing of motor vehicles, rail coaches, aircraft interiors etc. is also propelling the market growth. FRP composites provide properties such as resistance to corrosion, lightweight and strength which makes them suitable for transportation applications. This rising uptake of composites in transportation industry is expected to fuel the demand for UP resins over the forecast period.
SWOT Analysis:-
- Strength: Unsaturated polyester resins have high durability and chemical resistance which makes them suitable for various industrial applications. They can be molded into complex shapes easily and are cost effective resins. Their high tensile and compressive strength allows them to replace metals in many end use industries.
- Weakness: Unsaturated polyester resins emit volatile organic compounds during production and application. They also have lower impact strength compared to other plastics. Heat and moisture during production can cause gelation which reduces their mechanical strength.
- Opportunity: Growing construction and transportation industries will drive the demand for unsaturated polyester resins in manufacturing automotive parts, pipes, tanks, boat hulls etc. Increasing usage of fiber reinforced plastics owing to their high strength to weight ratio also provides opportunities for market growth.
- Threats: Availability of substitute resins like epoxy and phenolic resins can hamper the market growth. Stringent environmental regulations regarding VOCs emissions during production poses threats.
Key Takeaways:-
The Global Unsaturated Polyester Resins Market Demand is expected to witness high growth, exhibiting CAGR of 39 % over the forecast period, due to increasing demand from the construction industry. Unsaturated polyester resins find wide application in manufacturing fiber reinforced plastic products used in building roofing sheets, glass fiber reinforced pipes, chemical tanks etc.
Regional analysis: Asia Pacific dominates the global market and is expected to continue its dominance over the forecast period. Growth in the construction and transportation industries in China, India, Japan is driving the demand in the region. Availability of low cost labor and raw materials further boost the market in Asia Pacific. Europe and North America are other major consumers owing to presence of developed end use industries.
Key players operating in the unsaturated polyester resins market are AOC Resins, Ashland Inc., BASF SE, CCP Composites, Changzhou New Solar Co. Ltd., DSM, DuPont, Lanxess AG, Eternal Chemical Co. Ltd., Reichhold Inc., SABIC Innovative Plastics Holding BV, and Satyen Polymers Pvt. Ltd. Expansion of production facilities in developing countries by major players to cater growing demand is the key strategy adopted.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
