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  • Published In : Jun 2024
  • Code : CMI351
  • Pages :140
  • Formats :
      Excel and PDF
  • Industry : Polymers and Resins

Market Size and Trends

Global unsaturated polyester resins market is estimated to be valued at USD 14.02 Bn in 2024 and is expected to reach USD 22.81 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.

Unsaturated Polyester Resins Market Key Factors

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Global unsaturated polyester resins market is expected to witness significant growth over the forecast period due to increasing demand for unsaturated polyester resins from industries such as construction, automotive and transportation. Within the construction industry, unsaturated polyester resins are widely used in applications such as fiber reinforced plastic products and high strength concrete structures. The growth of the construction industry, especially in emerging economies, boosts demand for unsaturated polyester resins. Moreover, increasing use of lightweight and durable fiber reinforced plastics in the automotive and transportation industries can drive the unsaturated polyester resins market growth in the near future.

Strong Demand from Boats and Ships Industry

The boats and ships industry is one of the major end-use industries for unsaturated polyester resins. Unsaturated polyester resins are used in the manufacturing of fiberglass boats and ships due to their good mechanical strength, durability, and resistance to corrosion from saltwater. Over the past few decades, recreational activities such as boating, yachting and sailing have gained significant popularity globally. This has boosted production of motorboats, sailboats, cruise ships and other watercrafts. Manufacturers are trying to cater to rising demand by increasing their boatbuilding capacities and facilities. This has led to higher consumption of fiberglass reinforced plastic (FRP) composites which utilize unsaturated polyester resins as the key matrix material.  Besides meeting the growing needs of recreational marine industry, unsaturated polyester resins are also widely used in the commercial ships and vessels segment. Cargo ships, tankers, passenger ferries and other merchant marine transport require extensive use of FRP composites in their hull construction for attributes like structural strength, durability and corrosion resistance. Shipbuilding activities have been increasing across major ports globally due to international trade growth and offshore energy sector expansion. Many countries are investing heavily in their domestic ship manufacturing capacity to boost local economic development. This increasingly active new shipbuilding scenario can boost demand for unsaturated polyester resin.

Market Concentration and Competitive Landscape

Unsaturated Polyester Resins Market Concentration By Players

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Rising Usage in Industrial Infrastructure Applications

FRP composites produced using unsaturated polyester resins are widely employed in construction applications such as for building rooftops, drainpipes, water tanks, bridge decking and highway sound barriers due to their durability versus weathering and corrosion. Their light weight and strength attributes also make them fit for manufacturing various processing and storage equipment utilized across industries like oil & gas, chemicals, food & beverages and mining. Rising infrastructure development initiatives especially across emerging economies in Asia Pacific, Latin America, Middle East and Africa can drive the market growth. Growing industrialization and rapid urbanization can boost demand for constructing modern factories, plants, warehouses and other commercial establishments.

Key Takeaways from Analyst:

Global unsaturated polyester resins market growth is driven by growing end-use industries such as building & construction and transportation. The building & construction industry, which accounts for over half of unsaturated polymer resin consumption, is benefiting from rapid urbanization and infrastructure development projects across emerging economies.

The favorable government policies and investment in public infrastructure can drive the growth of construction sector. Meanwhile, strong demand from the transportation industry, especially boats and shipbuilding, can drive the market growth.

Stringent environmental regulations can hamper the market growth as these resins contain styrene, a known hazardous air pollutant. Manufacturers may face compliance issues, leading to higher production costs. Substitutes such as epoxy and vinyl ester resins also hampers the market growth. Research into styrene replacement in polyester formulations could help address this restraint.

Market Challenges: Fluctuating raw material prices

Fluctuating prices of raw materials like unsaturated fatty acids, maleic anhydride, phthalic anhydride and styrene which are used to manufacture unsaturated polyester resins have negatively impacted the stable growth of the global market. These raw materials are crude oil derivatives and their prices depend on fluctuations in crude oil prices internationally. In recent years, due to uncertainties caused by the trade wars between major economies and the Covid-19 pandemic, crude oil prices have witnessed wide swings which directly affects the cost of producing polyester resins.

Market Opportunities: Growth in end use industries

The global unsaturated polyester resins market is well positioned to benefit tremendously from the anticipated growth in key end-use industries in the coming years. Construction and infrastructure development activities are expected to significantly increase worldwide due to rapid urbanization and growing investments by governments to boost economic development. According to World Bank data, the global construction industry is projected to grow at an annual rate of 3.6% between 2019 and 2023. Majority of this growth will come from residential and commercial construction projects in developing nations to meet the housing needs of expanding populations. Unsaturated polyester resins find wide application in manufacturing fiber reinforced plastic products used in construction such as panels, pipes, ducts and roofing materials owing to their excellent mechanical and thermal properties. Thus, the projected strong growth in construction output globally present a big opportunity to drive the demand for unsaturated polyester resins. 

Unsaturated Polyester Resins Market By Product Type

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Insights, By Product Type : Growth in construction activities boosts demand for orthophthalic resin

In terms of product type, orthophthalic resin segment is estimated to contribute the 35.3% share of the unsaturated polyester resins market in 2024, owing to its widespread adoption in the construction industry. Orthophthalic resin possesses desirable properties such as high strength, durability and moisture resistance that makes it suitable for a variety of building applications. It is extensively used to manufacture fiberglass reinforced plastic (FRP) composite sheets and laminates used in roofing, wall paneling, doors, windows and other construction elements. The growth in the construction sector, particularly infrastructure development projects and new residential & commercial construction, has boosted demand for orthophthalic resin in recent years. Countries around the world are investing heavily in public infrastructure like roads, bridges, hospitals, schools and transportation systems to support economic growth. Meanwhile, rapid urbanization leads to rising needs for housing and commercial real estate development. Both trends have strengthened the offtake of orthophthalic resin from the construction materials industry. Increasing utilization of these resins in the manufacturing of prefabricated construction components can drive the segment growth.

Insights, By end-use industry: Building & Construction: The largest end-use industry segment

In terms of end-use industry, building & construction segment is estimated to hold the 32.3% share of the unsaturated polyester resins market in 2024. Unsaturated polyester resins are used in the construction of buildings, infrastructure projects and facility structures owing to their outstanding mechanical and physical properties. Unsaturated polyester resin composites have become one of the primary construction materials globally due to attributes like high strength-to-weight ratio, corrosion resistance, insulation and durability. These replace conventional building materials in a wide range of applications ranging from roofing, cladding, panels, bathtubs to sanitaryware, pipes and facades. Unsaturated polyester resins also enable green building techniques through their recyclability and renewability. The growth in the building & construction industry can boost demand for resins. Mega infrastructure projects, rising investments in commercial and industrial construction, and growth in residential real estate can boost demand. Developing economies in Asia and Middle East are displaying strong momentum in the construction sector, thus, fueling consumption of unsaturated polyester resins. Furthermore, continuous product innovation is expanding the application scope of unsaturated polyester resins in the construction domain.

Regional Insights

Unsaturated Polyester Resins Market Regional Insights

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North America has established itself as the dominant region in the global unsaturated polyester resins market with estimated market share of 35.4% in 2024. With a robust manufacturing industry across various end-use sectors such as construction, transportation, aerospace and defence, pipe and tank, marine and others, there has been huge demand for unsaturated polyester resins in the region. Most of the key manufacturers of the resins have their production facilities spread across the U.S. and Canada to cater to the strong domestic demand. Moreover, the region is an early adopter of advanced composite materials for both commercial and defence applications, and this boosts the use of unsaturated polyester resins.

Asia Pacific region is emerging as the fastest growing market for unsaturated polyester resins globally. With heavy investments towards infrastructural development, the construction industry especially in China and India has witnessed tremendous growth over the past decade. This has increased consumption of unsaturated polyester resins which are primarily used in manufacturing of bathware, roofing materials, pipes and various building components. The marine, transportation and wind energy industries in the Asia Pacific are increasingly relying on lightweight composite materials for improved performance and fuel efficiency. All these end-use sectors are boosting demand for unsaturated polyester resins in the region.

Market Report Scope

Unsaturated Polyester Resins Market Report Coverage

Report Coverage Details
Base Year: 2023 Market Size in 2024: US$ 14.02 Bn
Historical Data for: 2019 to 2023 Forecast Period: 2024 To 2031
Forecast Period 2024 to 2031 CAGR: 7.2% 2031 Value Projection: US$ 22.81 Bn
Geographies covered:
  • North America: U.S., Canada
  • Latin America: Brazil, Argentina, Mexico, Rest of Latin America
  • Europe: Germany, U.K., France, Italy, Russia, Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific
  • Middle East & Africa: GCC Countries, South Africa, Rest of Middle East & Africa
Segments covered:
  • By Product Type: Orthophthalic resin, Isophthalic resin, Dicyclopentadiene (DCPD), Others (Gelcoat resin, Terephthalic resin, & Chlorendic resin)
  • By End-Use Industry: Building & Construction, Tanks & Pipes, Electrical, Marine, Transport, Artificial Stones, Others 
Companies covered:

Orson Resins and Coatings Private Limited (ORCPL), Ruia Chemicals, AOC, LLC, INEOS, BASF SE, Polynt, LERG SA, Koninklijke DSM N.V., U-PICA Company. Ltd., Eternal Materials Co., Ltd., Satyen Polymers Pvt. Ltd., CIECH Group, Dow Inc., UPC Group, Scott Bader Company Ltd., Deltech Corporation, Tianhe Resin Co., Ltd., Qualipoly Chemical Corp.

Growth Drivers:
  • Strong Demand from Boats and Ships Industry
  • Rising Usage in Industrial Infrastructure Applications 
Restraints & Challenges:
  • Fluctuating raw material prices
  • Competition from alternate materials

Key Developments

  • In 2022, INEOS Enterprises completes the acquisition of ASHTA Chemicals Inc. from Bigshire Mexico
  • In 2022, Scott Bader enhances its commitment to India and acquires Satyen Polymers
  • In 2022, AOC finalizes UPR acquisition in Czech Republic
  • In 2020, INEOS Composites introduces Aropol LP 67400 low profile resins designed to have low shrink and excellent cosmetics

*Definition: Unsaturated polyester resins market pertains to the manufacturing and sales of unsaturated polyester resins. Unsaturated polyester resins are thermosetting resins produced from the condensation of organic acids and polyhydric alcohols. These are used to manufacture fiberglass reinforced plastics and for gel coating applications in industries such as construction, transportation, marine, and pipe & tank.

Market Segmentation

  • Product Type Insights (Revenue, USD Bn, 2019 - 2031)
    • Orthophthalic resin
    • Isophthalic resin
    • Dicyclopentadiene (DCPD)
    • Others (Gelcoat resin, Terephthalic resin, & Chlorendic resin)
  •  End-use Industry Insights (Revenue, USD Bn, 2019 - 2031)
    • Building & Construction
    • Tanks & Pipes
    • Electrical
    • Marine
    • Transport
    • Artificial Stones
    • Others
  • Regional Insights (Revenue, USD Bn, 2019 - 2031)
    • North America
      • U.S.
      • Canada
    • Latin America
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
    • Europe
      • Germany
      • U.K.
      • Spain
      • France
      • Italy
      • Russia
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
    • Middle East & Africa
      • GCC Countries
      • Israel
      • Rest of Middle East & Africa
  • Key Players Insights
    • Orson Resins and Coatings Private Limited (ORCPL)
    • Ruia Chemicals
    • AOC, LLC
    • INEOS
    • BASF SE
    • Polynt
    • LERG SA
    • Koninklijke DSM N.V.
    • U-PICA Company. Ltd.
    • Eternal Materials Co., Ltd.
    • Satyen Polymers Pvt. Ltd.
    • CIECH Group
    • Dow Inc.
    • UPC Group
    • Scott Bader Company Ltd.
    • Deltech Corporation
    • Tianhe Resin Co., Ltd.
    • Qualipoly Chemical Corp.

Frequently Asked Questions

The CAGR of global unsaturated polyester resins market is projected to be 7.2% from 2024 to 2031.

Strong demand from boats and ships industry and rising usage in industrial infrastructure applications are the major factors driving the growth of global unsaturated polyester resins market.

Fluctuating raw material prices and competition from alternate materials are the major factors hampering the growth of global unsaturated polyester resins market.

In terms of product type, orthophthalic resin segment is estimated to dominate the market in 2024.

Orson Resins and Coatings Private Limited (ORCPL), Ruia Chemicals, AOC, LLC, INEOS, BASF SE, Polynt, LERG SA, Koninklijke DSM N.V., U-PICA Company. Ltd., Eternal Materials Co., Ltd., Satyen Polymers Pvt. Ltd., CIECH Group, Dow Inc., UPC Group, Scott Bader Company Ltd., Deltech Corporation, Tianhe Resin Co., Ltd., Qualipoly Chemical Corp. are the major players.

North America is expected to lead the global unsaturated polyester resins market.

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