The Global Unsaturated Polyester Resin Market Projected to Grow at a CAGR of 6.2% and Generate a Revenue of $18,144.7 million by 2032

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 The global unsaturated polyester resin market size is predicted to be valued at $18,144.7 million by 2032, surging from $9,962.2 million in 2022, at a noteworthy CAGR of 6.2%.

Impact Analysis of COVID-19 on the Unsaturated Polyester Resin Market

The COVID-19 pandemic led to disruptions in global supply chains, affecting the production and distribution of various raw materials and products. Restrictions on the movement of goods and labor shortages impacted the production and distribution of Unsaturated Polyester Resin (UPR). The demand for UPR and related products experienced fluctuations due to decline in demand from end-use industries. For example, sectors like construction, automotive, and marine, which are major consumers of UPR, saw shifts in demand patterns. Economic uncertainties and changes in consumer behavior negatively influenced market dynamics. Fluctuations in raw material prices, currency exchange rates, and other economic factors also had an impact on the pricing of UPR. Economic uncertainties caused by the pandemic resulted in increased price volatility in the market.

Global Unsaturated Polyester Resin Market Analysis

Unsaturated polyester resin (UPR) find extensive use in the production of composite materials such as fiberglass reinforced plastics (FRP). These composites are used in various industries, including automotive, construction, marine, and aerospace, for manufacturing items like boat hulls, automotive parts, pipes, tanks, and others. Moreover, UPR is valued for its versatility, ease of processing, and ability to be molded into complex shapes. It provides a good balance of mechanical properties, chemical resistance, and cost-effectiveness. Furthermore, rising applications of unsaturated polyester resin in marine applications is anticipated to drive the market growth during the forecast period. Unsaturated polyester resin offers a favorable combination of lightweight and high-strength properties, making it an ideal choice for marine applications. The material helps in constructing durable and efficient watercraft components without compromising on structural integrity. In marine environments, exposure to water and salt can lead to corrosion of materials. UPR provides excellent corrosion resistance, making it a preferred choice for manufacturing boats, yachts, and other marine components. This characteristic ensures the longevity of structures in harsh maritime conditions. UPR can be easily molded into complex shapes, allowing manufacturers in the marine industry to create intricate and customized designs for boats and yacht components. This flexibility in molding contributes to the popularity of UPR in marine applications.

However, the environmental concerns and regulatory compliances associated with UPR are anticipated to restrain the market growth in the upcoming years. The increasing focus on sustainability and environmentally friendly alternatives in the resin industry poses a challenge for traditional unsaturated polyester resin producers. Consumers and businesses are seeking greener alternatives, which is expected to impact the market share of conventional resins. The environmental implications of disposing of unsaturated polyester resins, especially if not handled properly, can lead to negative perceptions. Regulations regarding emissions from manufacturing processes can impact unsaturated polyester resin producers.

Compliance may necessitate the adoption of cleaner technologies or the implementation of emission control measures. Proper disposal of waste generated during the production process is often regulated. Companies may need to invest in waste treatment technologies to meet these standards. Regulations related to workplace safety can require additional measures and investments in employee training and equipment to ensure a safe working environment. These are the major factors anticipated to hamper the market revenue growth during the forecast period.

Rising applications of unsaturated polyester resin in the renewable energy sector are anticipated to generate excellent opportunities in the unsaturated polyester resin industry during the forecast period. With growing awareness about sustainability, the renewable energy sector has seen exponential growth. Manufacturers of UPR can focus on strengthening their presence in the wind energy sector. This may involve establishing strategic partnerships with wind turbine manufacturers, optimizing formulations for turbine blade production, or expanding production capacity to meet the growing demand. Customizing unsaturated polyester resin products for specific applications and industries allows manufacturers to address unique requirements. This can include developing resins with enhanced properties such as higher durability, specific chemical resistances, or tailored curing times. Targeting niche markets, such as automotive parts, construction materials, or marine applications, enables manufacturers to create specialized solutions that can attract customers looking for precise and high-performance materials. Customization provides a competitive edge as companies can differentiate themselves from competitors by offering tailored solutions. This can lead to stronger customer loyalty and increased market share.

Global Unsaturated Polyester Resin Market, Segmentation

The unsaturated polyester resin market is segmented on the basis of type, end-use industry, and region.

Type:

The type segment is classified into orthophthalic resin, isophthalic resin, dicyclopentadiene, and others. Among these, the isophthalic resin sub-segment is anticipated to be the fastest growing during the forecast period. Isophthalic resin, a significant component in the unsaturated polyester resin market, is a versatile organic plastic essential for various applications. Also known as polyisocyanurate, this resin plays a crucial role in producing moldings and laminates, exhibiting excellent resistance to heat and chemicals.

Its diverse utility spans industries such as construction, exterior decoration, medical devices, oil & gas, textiles, and transportation. In the domain of moldings and laminates, isophthalic resin stands out for its unmatched physical strength, maintaining stability under pressure and showing resistance to flammability and water. Despite its superior performance, it comes with a higher cost and requires careful handling compared to alternative molding materials.

End-use Industry:

The end-use industry segment is classified into building & construction, electrical, transport, stones, and others. Among these, the building & construction sub-segment is anticipated to be the fastest growing during the forecast period. The inherent qualities of UPR make it an ideal selection for construction applications, particularly in chemical plants where materials need to endure harsh conditions such as exposure to water, acids, solvents, oxidizing media, and fluctuating temperature conditions. Glass fiber-reinforced UPR resins are preferred materials due to their resilience and adaptability to challenging environments.

Specifically, within the construction industry, UPR finds extensive use in producing frames for windows and doors, formworks, panoramic windows, pipes, and bulkheads. The robust nature of UPR makes it well-suited to meet the rigorous requirements of construction projects, providing durability, structural integrity, and design flexibility. Overall, the diverse applications of UPR in the construction industry highlights its significance as a foundational material in shaping the contemporary architectural landscape.

Region:

The unsaturated polyester resin market in Asia-Pacific is projected to show the fastest growth during the forecast period. The demand for unsaturated polyester resin in countries such as China, Japan, and India is growing rapidly owing to rising demand from automotive, construction, and electronics sectors. For instance, the unsaturated polyester resin market in China experienced rapid growth over the past decade, reflecting the country's dynamic economic expansion. As China continues its high-speed economic growth, driven by consistent increase in industrial output, import-export activities, consumer consumption, and capital investments, the demand for unsaturated polyester resins is poised for sustained expansion in the next decade.

The robust economic trends in China have created a favorable environment for the production and consumption of these resins, making them integral to various industries. Furthermore, the unsaturated polyester resin market in India is experiencing significant growth, driven by robust developments in the construction and automotive industries. The construction sector, driven by rapid urbanization and infrastructure projects, showcases a rising demand for unsaturated polyester resins used in applications like composite materials, laminates, and coatings. Simultaneously, the automotive industry is witnessing a surge in the use of these resins for manufacturing lightweight components, enhancing fuel efficiency and sustainability. The Indian government's initiatives to boost these industries, such as the ‘Make in India’ campaign and increased infrastructure investments, further boosts the demand for unsaturated polyester resins. These resins, known for their versatility, strength, and corrosion resistance, align seamlessly with the evolving needs of these key sectors.

Key Players in the Global Unsaturated Polyester Resin Market

Some of the leading unsaturated polyester resin market players are INEOS Group, BASF SE, AOC, LLC, LERG SA, Orson Resins And Coatings Private Limited, U-PICA Company.Ltd., Polynt S.p.A., Eternal Materials Co., Ltd., UPC Technology Corporation, and Qualipoly Chemical Corp.