Indian UPR Market Trends and Forecasts
Lucintel finds that the future of the Indian UPR material market looks promising with opportunities in transportation, wind energy, construction, marine, pipe and tank, aerospace and defense, electrical and electronics, and consumer goods end use industry industries. The Indian UPR market is expected to reach an estimated $916 million by 2031 with a CAGR of 4% 2024 to 2031. The major driver for market growth is the low price of unsaturated polyester resin as compared to other resins such as epoxy and vinyl ester.
Most of the Indian UPRs are made from raw materials like glycols (e.g., propylene glycol, diethylene glycol), unsaturated acids or anhydrides (e.g., maleic anhydride, fumaric acid), and saturated acids or anhydrides (e.g., phthalic anhydride, isophthalic acid). To reduce viscosity and enable crosslinking during the curing process, typically a reactive diluent such as styrene monomer is used. Additionally, there are inhibitors (such as hydroquinone) used to control the polymerization process and fillers or additives in order to improve particular properties of resins. Typically, Indian unsaturated polyester resin (UPR) is favorably priced compared to other markets. Its lower manufacturing costs and availability of raw materials locally sometimes give Indian UPR a cost advantage. It should be noted that prices can fluctuate among different grades of resins in the market depending on quality and specific applications when compared with international counterparts.
• Lucintel forecasts that construction will remain the largest segment and wind energy is expected to witness highest growth over the forecast period due to its various advantage like; corrosion resistance, high strength-to-weight ratio, low maintenance, and a longer lifecycle as compared to other traditional materials.
Country wise Outlook for the Indian UPR Market
The Indian UPR market is witnessing substantial growth. Major players in the market are expanding their operations and forming strategic partnerships to strengthen their positions. Below image highlights recent developments by major Indian UPR producers in key regions/contries:India.
Emerging Trends in the Indian UPR Market
The Indian UPR market is evolving rapidly due to industrial growth, sustainability focus, and innovation in resin formulations across various end-use sectors.
• Advanced Resin Formulations: Manufacturers are innovating UPR formulations for improved durability, chemical resistance, and thermal stability, catering to diverse industrial applications and enhancing product performance.
• Sustainable and Bio-Based Resins: There is increasing demand for eco-friendly, bio-based resins as industries adopt sustainable practices to reduce environmental impact and align with green manufacturing trends.
• Infrastructure and Automotive Growth: Rising infrastructure and automotive development is driving demand for UPR-based composites due to their lightweight, corrosion resistance, and structural strength advantages.
• Rising Demand for Specialty Resins: Industries prefer specialty UPRs with flame retardancy, UV resistance, and waterproof properties for high-performance applications across construction, marine, and electrical sectors.
• Local Production Expansion: Indian manufacturers are expanding production facilities and reducing import dependency to meet domestic demand and support the government’s "Make in India" initiative.
These trends are redefining the Indian UPR market, encouraging innovation, localization, and sustainability while boosting competitiveness in domestic and global markets.
Recent Developments by the Indian UPR Market
Recent developments in Indian UPR market by various companies highlight ongoing innovations and advancements across different sectors:
• Biodegradable Polymers: Production of biodegradable unsaturated polyester resins (UPRs) to address growing ecological concerns.
• Technological Innovations: Enhancements in UPR formulations to improve performance like better fire retardancy and mechanical properties.
• Expansion of Capacity: Leading companies raise output levels due to a growing domestic and export demand.
• Collaboration Strategies: Alliances or partnerships with global companies for obtaining cutting edge technologies and expanding market presence.
• Expansion into New Application Areas: Renewable energy, particularly wind turbine blades and solar panel components.
These developments are collectively transforming the Indian UPR market, fostering growth and innovation while also presenting challenges. Stakeholders must adapt to regulatory changes, embrace technological advancements, and explore new market opportunities to thrive in this evolving landscape.
Strategic Growth Opportunities for Global Indian UPR Market
The Indian UPR market is very dynamic due to its unique properties of being lightweight, strong and thermally stable. Some key strategic growth opportunities for this market include:
Sustainability and Green Solutions
• Bio-based UPRs: Investing in research and development of bio-based unsaturated polyester resins can respond to the need for environmentally friendly materials.
• Recycling Initiatives: Introduction of recycling schemes for UPR composites can help reduce environmental impact and save costs.
Automotive Industry Expansion
• Lightweight Components: Designing light weight components using UPR for automotive industry, so as to enhance fuel economy and reduce emissions.
• Electric Vehicles: Entering the electric vehicle market by supplying composites made from UPR for battery enclosures and lightweight structures.
Construction and Infrastructure Development
• Smart City Projects: Nurturing growth of smart cities in India by offering sustainable UPR based construction materials that are also durable and lightweight.
• High-Performance Resins: Creating high performance UP resins for use in infrastructure such as bridges, highways among others thus increasing lifespan and reducing maintenance costs.
Renewable Energy Sector
• Wind Energy: Supplying wind turbine blades made of UPR composites to support the rapid growth of renewable energy sector in India.
• Solar Panels: Developing solar panel housings using UPR based materials.
Technological Innovation and Product Diversification
• Advanced Formulations: Investment on advanced fire resistant, chemical resistant, mechanically stronger formulations; these properties make these resins more suitable than others in a number of applications
• Customization: Customizing made-to-order resin solutions for specific sectors viz. marine, aerospace among others.
Market Expansion and Export Opportunities
• Global Partnerships: Striking strategic partnership with international companies to expand market footprints on new technology frontiers.
• Emerging Markets: Exploring emerging markets in Asia , Africa ,and Latin America that will open up Indian products to exports thus increasing export opportunities of Indian UPR products.
Regulatory and Compliance Adherence
• Low-VOC Resins: Producing low volatile organic compounds (VOCs)upr conforming with stricter ecological rules .
• Safety Standards: Compliance of UPR products with international safety and performance standards to stay competitive.
The Indian UPR market is experiencing transformative growth driven by strategic opportunities across various applications. The construction, automotive, marine, electrical, and wind energy sectors are pivotal in shaping the market landscape. By capitalizing on these growth opportunities, stakeholders can enhance their competitive edge and contribute to the overall development of the UPR market in India.
List of Indian UPR Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies Indian UPR companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the Indian UPR companies profiled in this report includes.
• Polynt Group
• AOC (Nippon Paint Holdings Co., Ltd)
• INEOS Composites (KPS Capital)
• Reliance Industries Limited
• Scott Bader (Satyen Polymers)
• Natural Petrochemicals Pvt. Ltd.
Indian UPR Market by Segment
The construction and infrastructure sector is one of the major growth areas for the Indian UPR market, owing to increased urbanization as well as government projects. The automotive industry serves lightweight as well as fuel-efficient cars. While wind and solar power depends on durable and lightweight composites, the renewable energy sector demands them too. Also, corrosion-resistant properties are why marine and transportation sectors are increasingly adopting UPR materials.
The study includes a forecast for the Indian UPR market by end use industry as follows:
Features of Indian UPR Market
• Market Size Estimates: Indian UPR market size estimation in terms of value ($M) and volume (M lbs.).
• Trend and Forecast Analysis: Market trends (2019-2024) and forecast (2025-2031) by various segments.
• Segmentation Analysis: Market size by end use industry.
• Growth Opportunities: Analysis of growth opportunities in different end use industries for the Indian UPR market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape for the Indian UPR market.
• Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
If you are looking to expand your business in Indian UPR or adjacent markets, then contact us. We have done hundreds of strategic consulting projects in market entry, opportunity screening, due diligence, supply chain analysis, M & A, and more.
FAQ
Q1. What is the growth forecast for Indian UPR market?
Answer: The Indian UPR market is expected to grow at a CAGR of 4% from 2024 to 2031.
Q2. What are the major drivers influencing the growth of the Indian UPR market?
Answer: The major driver for market growth is the low price of unsaturated polyester resin as compared to other resins such as epoxy and vinyl ester.
Q3. What are the major applications or end use industries for Indian UPR?
Answer: Transportation and pipe and tank are the major end use industries for Indian UPR.
Q4. What are the emerging trends in Indian UPR market?
Answer: Emerging trends, which have a direct impact on the dynamics of the Indian UPR market, includes growth in automotive sector, infrastructure development, technological advances, and regulatory changes.
Q5. Who are the key Indian UPR companies?
Answer: Some of the key Indian UPR companies are as follows:
• Polynt Group
• AOC (Nippon Paint Holdings Co., Ltd)
• INEOS Composites (KPS Capital)
• Reliance Industries Limited
• Scott Bader (Satyen Polymers)
• Natural Petrochemicals Pvt. Ltd.
Q6. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.
This report answers following 11 key questions:
Q.1 What are some of the most promising potential, high growth opportunities for the Indian UPR market by end use industry (transportation, wind energy, construction, marine, pipe and tank, aerospace & defense, electrical and electronics, consumer goods, and others)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.4 What are the business risks and threats to the market?
Q.5 What are the emerging trends in this market and the reasons behind them?
Q.6 What are the changing demands of customers in the market?
Q.7 What are the new developments in the market? Which companies are leading these developments?
Q.8 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.9 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.10 What M & A activities have taken place in the last 5 years in this market?