Polyester resin is produced by the polycondensation reaction between polyalcohols and polyacids. Unsaturated polyester resins are mostly used in combination with reinforcing materials such as glass fiber. The unsaturated polyester resin is widely used across a wide range of industries such as Marine, construction, electrical, and transport.
The global unsaturated polyester resin market is estimated to be valued at US$ 11,275.6 million in 2021 and is expected to exhibit a CAGR of 7.5 % over the forecast period (2021-2028).
In August 2021, an European resins manufacturer named Helios Resins has received ISCC (International Sustainability and Carbon Certification) for manufacturing a wide variety of unsaturated polyester resins.
In December 2020, owing to extraordinary escalation of UPR raw material prices, Polynt Composites increased prices of unsaturated polyester resins to US$346.41/ton.
In July 2021, a German Chemical Industries Association named Schill+Seilacher GmbH developed an bio-based alternative to petrochemical based unsaturated polyester resins.
Asia Pacific held dominant position in the global unsaturated polyester resin market in 2020, accounting for 53.6% share in terms of volume, followed by North America and Europe, respectively.
Figure 1. Global Unsaturated Polyester Resin Market Volume (KT), by Region, 2020
Growing demand for the product from the building and construction industry is a prime factor fueling the market growth of the unsaturated polyester resins. They are widely used across applications where resistance and flexibility are required such as concrete, roofs, glass, and artificial marble. Moreover, unsaturated polyester resins also offer other significant properties such as impact resistance, weight reduction, load-bearing, sealing, space-saving, low maintenance, and longevity to buildings.
Growing demand for composite materials across various manufacturing industries is expected to foster the market growth of unsaturated polyester resins. Composite materials are used in the marine industry for the manufacturing of yachts and ships. Moreover, composites are also used across aerospace and automotive industries. Growing demand for composites due to their flexibility and lower cost has boosted their demand across aerospace, construction, marine, and automotive industries.
Robust growth in the end-user industries such as automotive, marine, aerospace, consumer goods, and building &construction across developing countries is projected to bring new market opportunities. Rapid industrialization and urbanization across developing regions are playing a significant role in the development of the overall market. Moreover, an increase in the population is again creating demand for products such as automobiles, consumer electronics, etc. which is further propelling the market growth.
The expansion of the electrical industry across the Asia Pacific region is expected to offer potential market opportunities in the near future. According to the India Brand Equity Foundation, Indian appliance, and consumer electronics (ACE) market reached US$ 10.93 billion in 2019. Appliances and consumer electronics industry is expected to double to reach US$ 21.18 billion by 2025. Thus, growth in the electrical industry is projected to augment the market growth of the unsaturated polyester resins.
|Base Year:||2020||Market Size in 2021:||US$ 12,121.3 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||7.5%||2028 Value Projection:||US$ 20,109.8 Mn|
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.
|Restraints & Challenges:||
Ongoing research and development programs in bio-based unsaturated polyester resin are projected to contribute to market growth. Manufacturers are focusing on enhancing the recyclability and strength of the product with improved corrosion and thermal resistance properties. Increasing technological breakthroughs and innovations by key vendors in the field of unsaturated polyester resin are again projected to foster the market growth over the forecast timeframe.
Orthophthalic product is gaining traction in the market. This product is widely used across various industries such as automotive, energy, electronics, marine, and building & construction. Orthophthalic has excellent chemical resistance properties and also offers toughness to the end-product which is expected to have a positive impact on the market of unsaturated polyester resin.
Figure 2. Global Unsaturated Polyester Resin Market Share, By Product Type, 2020
Key Takeaways of the Graph:
The fluctuating price of raw materials used in the production of unsaturated polyester resins is expected to restrict the market growth. Styrene, adipic acid, phthalic anhydride, ethylene glycol, and maleic anhydride are some of the raw materials used in the manufacturing of unsaturated polyester resins. Recently there was an upward trend in raw material prices.
Another factor like low recycling property of unsaturated polyester resins is projected to limit the use of these polymers. This is expected to hinder the market growth over the forecast period.
Unsaturated polyester resin means that the polymer compound has no one particular monomer. Unsaturated polyester resin is an extremely versatile material used for a wide variety of products in all industries across the world. One of the most popular uses for unsaturated polyester resin is in the foam and mattress pad market as it has the property to stand up to extreme temperatures (hot and cold) without being damaged.
Rapid growth in the building &construction industry is propelling growth of the unsaturated polyester resin market. According to the India Brand Equity Foundation, India is expected to become the third-largest construction market globally by 2022. India plans to spend US$ 1.4 trillion on infrastructure projects through the National Infrastructure Pipeline (NIP), from 2019 to 2023, to ensure sustainable development in the country.
On the other hand, fluctuating price raw material is expected to restrict growth of the market.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective.