Unsaturated Polyester Resin in the Global Automotive Composites Market Trends and Forecast
Lucintel finds that the future of the unsaturated polyester resin in the global automotive composites market looks promising with opportunities in various applications, including pickups, closure panels, body panels, fenders, GOR (grille opening reinforcement), heat shields, and headlamp reflectors. The UPR in the global automotive composites market is expected to reach an estimated $358.0 million by 2030 with a CAGR of 2% 2023 to 2030. The major driver for unsaturated polyester resin in the global automotive composites market growth are the increasing demand for lightweight materials, and performance benefits of reinforced composites over rival materials. UPR composites with properties such as easy to process, high tensile strength, lightweight, good corrosion resistance and surface tension are ideal for manufacturing lightweight and fuel-efficient vehicles.
Unsaturated polyester resin (UPR) in the global automotive composites market is primarily derived from raw materials such as styrene, maleic anhydride, and phthalic anhydride, along with various catalysts and additives. The price of UPR fluctuates based on factors like raw material costs, manufacturing efficiency, and market demand. Compared to other resin types used in automotive composites, UPR generally offers competitive pricing, balancing cost-effectiveness with desirable mechanical and processing properties for a wide range of applications in the automotive industry.
• Lucintel forecasts that others will remain the largest application over the forecast period due to increasing penetration of composites materials in automotive applications.
• SMC (sheet molding compound) material in the global automotive composites will remain the largest segment over the forecast period because of its greater flexural strength and tensile strength than BMC. SMC also has longer fiber length and higher fiber content components in body and closure panel applications.
• North America is expected to remain the largest region over the forecast period due to growth in end use industries.
Country wise Outlook for the Unsaturated Polyester Resin in the Global Automotive Composites Market
The unsaturated polyester resin in the global automotive composites market is witnessing substantial growth globally, driven by increased demand from various applications such as pickups, closure panels, body panels, and fenders etc. Major players in the market are expanding their operations and forming strategic partnerships to strengthen their positions. Below image highlights recent developments by major carbon fiber producers in key regions: the USA, Germany, China, India, and Brazil,
Emerging Trends in the Unsaturated Polyester Resin in the Global Automotive Composites Market
Emerging trends in the unsaturated polyester resin in the global automotive composites market shaping its future applications and market dynamics:
• Increasing Bio-based UPRs Formulations: Increasing focus on developing bio-based UPRs to meet sustainability goals and reduce environmental impact.
• Electric Vehicle (EV) Compatibility: UPR formulations for electric vehicles (EV) serve electrical insulation as well as thermal management.
• Adoption of Advanced Manufacturing Technologies: Integration of UPRs with advanced manufacturing processes like resin transfer molding (RTM) and compression molding for efficient production and complex part geometries.
• Enhanced Performance: Improvements in mechanical properties, durability, resistance to chemicals, and environment are needed on the new generation of UPRs.
• Smart Materials: Exploration of UPRs with smart functionalities such as self-healing capabilities or sensors embedded in composites for real-time monitoring.
These trends reflect a dynamic evolution in UPR technology towards addressing performance, environmental, and functional requirements in automotive composites.
A total of 95 figures / charts and 74 tables are provided in this 177-page report to help in your business decisions. A sample figure with insights is shown below.
Recent Developments by the Unsaturated Polyester Resin in the Global Automotive Composites Suppliers
Recent developments in unsaturated polyester resin in the global automotive composites by various companies highlight ongoing innovations and advancements across different sectors:
• Advanced Formulations: Companies are innovating with UPR formulations that offer improved mechanical properties, such as higher strength and impact resistance, to meet stringent automotive performance standards.
• Bio-based Resins: A preference is on-going to produce bio-based UPRs made from renewable sources with the aim of minimizing environmental damage and improving sustainability credentials in automotive applications.
• Low-VOC and Odorless Resins: Improved environmental regulations have led to low-Volatile Organic Compound (VOC) UPR formulations while dealing with complaints regarding poor air quality indoors.
• Recyclable Composites: Focus has also been on recyclable UPR-containing composites which will foster easier disposal at the end-of-life as well as support circular economy drives in the auto sector.
• Electric Vehicle (EV) Adaptability: The composition of UPRs can be formulated for electric vehicles meeting their specific requirements such as advanced electrical insulating properties and effective thermal management capabilities.
• Smart Composite Materials: Automotive applications would benefit from UPRs with smart features like self-assessing sensors or adaptable characteristics for better security and operational efficiency.
Strategic Growth Opportunities for UPR in the Global Automotive Market
Unsaturated polyester resin (UPR) is a versatile thermosetting resin used in various automotive applications due to its affordability, ease of processing, and desirable mechanical properties. As the automotive industry evolves, several strategic growth opportunities exist for UPR in the global automotive market. Here’s an overview of these opportunities:
1. Growing Interest in Light Weight Materials
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Opportunity: Increasing fuel efficiency and meeting stricter emission standards are the primary goals for automobile manufacturers. UPR is an inexpensive solution to lightweight part production such as body panels, bumpers, and interior parts.
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Impact: The use of light-weight materials in the automotive sector has resulted in increased demand for UPRs where traditional materials may be too heavy or costly.
2. Electrification and Hybridization Trends
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Opportunity: EVs (Electric Vehicles) and HEVs (Hybrid Electric Vehicles) require lighter raw materials to improve their battery performance and range functions. UPR can be used in several components like battery cases, structural members and internal car parts.
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Impact: More uptake of EVs and HEVs opens up opportunities for UPR adoption in vehicle sub-systems that contribute towards overall vehicle performance and efficiency.
3. Advancements in Manufacturing Technologies
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Opportunity: Resin Transfer Molding (RTM), vacuum-assisted resin transfer molding (VARTM), among other advancements in manufacturing processes increases efficiency while improving quality of components based on UPR.
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Impact: It supports improvements in scalable production techniques hence reduction of cost which makes it more attractive for commercial applications within the automotive industry.
4. Emphasis on Durability and Corrosion Resistance
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Opportunity: Excellent resistance to moisture or chemicals characterizes UPR, making it an ideal candidate for automotive applications subject to harsh conditions such as under-bonnet engine components or exterior panels.
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Impact: The need for durable corrosion resistant materials in automobiles results into the use of UPR especially those areas with extended lifespan requirements coupled with improved characteristics.
5. Customization & Design Flexibility
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Opportunity: For high customization levels and design flexibility; UP resins have complex geometry forming capabilities allowing specific solutions that meet unique automotive requirements.
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Impact: Customizable components encourage innovation in vehicle design and give the manufacturers an opportunity to develop products that are compliant with different marketing needs.
6. Sustainability & Environmental Considerations
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Opportunity: Achieving this will require UPR developing more eco-friendly formulations, as well as, recycling systems.
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Impact: Development of sustainable UPR solutions complies with regulatory requirements and consumer preference for green products, which will stimulate growth in the green automotive applications sector.
UPR in the Global Automotive Market Drivers and Challenges
The versatility, cost-effectiveness, and desirable mechanical properties of UPR make it popular in the automotive industry. There are several drivers and challenges for UPR in the global automotive market, affecting its growth and adoption. Here is an in-depth look at these factors.
The key drivers for the UPR in the global automotive market include:
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Lightweight Materials Demand: To increase fuel economy and reduce emissions, auto manufacturers are increasingly emphasizing vehicle weight reduction. UPRs have a great strength-to-weight ratio which makes them suitable for light-weight components.
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Growth of Electric and Hybrid Vehicles: Light materials improve battery efficiency and range for electric (EVs) and hybrid vehicles (HEVs). For instance, structural elements as well as battery housings can be made using UPRs.
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Cost-Effectiveness: In comparison with other advanced composites like CFRPs which are carbon fiber-reinforced polymers, UPRs come at a low price making it cost-effective material for many auto applications.
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Advancements in Manufacturing Technologies: Innovations in manufacturing techniques such as resin transfer molding (RTM) and vacuum-assisted resin transfer molding (VARTM) enhance the efficiency and quality of UPR production.
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Durability And Performance: Characteristics such as moisture resistance , chemical resistance , impact resistance makes unsaturated polymer resins an easy choice when it comes to vehicle parts that operate under harsh conditions like underbody components or exterior panels.
The key challenges for the UPR in the global automotive market include
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High Production Costs for Advanced Formulations: On an overall level, UPIs head-to-head comparisons with other cross-linked thermosets paints a picture of how much more expensive it is on average although most formulations used today fall under UP resins family .
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Complexity in production processes: UPRs manufacturing consist of complex stages such as moulding and curing that need specialization in terms of equipment as well as expertise.
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Competition in the market: The automotive market is highly competitive with numerous materials and technologies competing for adoption. Additionally, there are also alternative materials to UPRs and advanced composites to compete against it.
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Supply chain problems:One challenge that can affect availability or cost of UPRs is supply chain disruptions such as raw material shortages or price fluctuations.
The global advance composites market is filled with a lot of windows due to their need in different sectors for lesser weight and higher performance materials. Nonetheless, they should be constantly innovative and collaborate to overcome three main challenges: steep costs; recycling limitations; competitive pressures. These issues when solved will not only ensure growth in the industry but also create room for improved use of advanced composites while meeting technological and environmental requirements.
Unsaturated Polyester Resin in the Global Automotive Composites Suppliers and Their Market Shares
In this globally competitive market, several key players such as Polynt Group, Ashland (INEOS Enterprises), Covestro AG, and Tianhe Resin Co Ltd. dominate the market and contribute to industry’s growth and innovation. These players capture maximum market share. To know the current market share of each of major players Contact Us. If you wish to deep dive in competitive positioning of these players then you can look into our other syndicated market report on “Unsaturated Polyester Resin in The Global Automotive Composites Leadership Report". 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 unsaturated polyester resin in the global Automotive Composites companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the unsaturated polyester resin in the global automotive composites companies profiled in this report includes.
• Polynt group
• AOC
• INEOS Enterprises
• Covestro AG
• Tianhe Resin Co Ltd.
These companies have established themselves as leaders in the unsaturated polyester resin in the global automotive composites industry, with extensive product portfolios, global presence, and strong research and development capabilities. They continually strive to enhance their market positions through strategic partnerships, mergers and acquisitions, and product innovations.
The market share dynamics within the unsaturated polyester resin in the global automotive composites market are evolving, with the entry of new players and the emergence of innovative carbon fiber technologies. Additionally, collaborations between material suppliers, manufacturers, and end-users are fostering technological advancements and expanding market opportunities
Unsaturated Polyester Resin in the Global Automotive Composites Market by Segment
In the Global Automotive Composites Market, several major segments of Unsaturated Polyester Resin (UPR) are experiencing significant growth. One prominent segment is the development of bio-based UPR formulations, driven by increasing environmental regulations and consumer demand for sustainable materials. Another growing segment involves high-performance UPRs tailored for lightweight automotive components, aiming to enhance fuel efficiency and reduce vehicle weight. Additionally, there is a rising trend in the adoption of UPRs with improved mechanical properties and durability, meeting the rigorous performance requirements of modern automotive applications. These segments reflect a broader industry shift towards more sustainable, efficient, and technologically advanced UPR solutions in automotive composites.
This unsaturated polyester resin in the global automotive composites market report provides a comprehensive analysis of the market's current trends, growth drivers, challenges, and future prospects in all major segments like above. It covers various segments, including material type, and applications. The report offers insights into regional dynamics, highlighting the major markets for unsaturated polyester resin in the global automotive composites and their growth potentials. The study includes trends and forecast for the global unsaturated polyester resin in The Global Automotive Composites market by application, material type, and region as follows:
Unsaturated Polyester Resin in the Global Automotive Composites Market by Application [Value ($M) and Volume (M lbs) Analysis for 2018 – 2030]:
• Pick up
• Closure Panel
• Body Panels
• Fenders
• GOR
• Heat Shield
• Headlamp Reflector
• Others
Unsaturated Polyester Resin in the Global Automotive Composites Market by Material Type [Value ($M) and Volume (M lbs) Analysis for 2018 – 2030]:
• SMC
• BMC
Unsaturated Polyester Resin in the Global Automotive Composites Market by Region [Value ($M) and Volume (M lbs) Analysis for 2018 – 2030]:
• North America
• Europe
• Asia Pacific & Rest of the World
Features of Unsaturated Polyester Resin in The Global Automotive Composites Market
• Market Size Estimates: Unsaturated polyester resin in the global automotive composites market size estimation in terms of value ($M) and volume ( M lbs)
• Trend and Forecast Analysis: Market trends (2018-2023) and forecast (2024-2030) by various segments and regions.
• Segmentation Analysis: Market size by application, product type, and region
• Regional Analysis: Unsaturated polyester resin in the global automotive composites market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
• Growth Opportunities: Analysis of growth opportunities in different application, product type, and regions for the unsaturated polyester resin in the global automotive composites market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape for the unsaturated polyester resin in the global automotive composites market.
• Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
If you are looking to expand your business in unsaturated polyester resin in the global automotive composites 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 unsaturated polyester resin in the global automotive composites market size?
Answer: The unsaturated polyester resin in the global automotive composites market is expected to reach an estimated $600.6 million by 2028.
Q2. What is the growth forecast for unsaturated polyester resin in the global automotive composites market?
Answer: The unsaturated polyester resin in the global automotive composites market is expected to grow at a CAGR of 5.4% from 2022 to 2028.
Q3. What are the major drivers influencing the growth of the unsaturated polyester resin in the global automotive composites market?
Answer: The major driver for unsaturated polyester resin in the global automotive composites market growth are the increasing demand for lightweight materials, and performance benefits of reinforced composites over rival materials. UPR composites with properties such as easy to process, high tensile strength, lightweight, good corrosion resistance and surface tension are ideal for manufacturing lightweight and fuel-efficient vehicles.
Q4. What are the major applications or end use industries for unsaturated polyester resin in the global automotive composites?
Answer: Body Panels and headlamp reflectors and are the major applications for unsaturated polyester resin in the global automotive composites.
Q5. What are the emerging trends in unsaturated polyester resin in the global automotive composites market?
Answer: Emerging trends, which have a direct impact on the dynamics of the industry, includes increasing bio-based UPRs formulations, electric vehicle (EV) compatibility, adoption of advanced manufacturing technologies, enhanced performance, and smart materials.
Q6. Who are the key unsaturated polyester resin companies in the global automotive composites market?
Answer: Some of the key unsaturated polyester resin companies in the global automotive composites market are as follows:
• Polynt group
• AOC
• INEOS Enterprises
• Covestro AG
• Tianhe Resin Co Ltd.
Q7. Which unsaturated polyester resin in the global automotive composites product segment will be the largest in future?
Answer: Lucintel forecasts that SMC unsaturated polyester resin in the global automotive composites will remain the largest segment over the forecast period because of its greater flexural strength and tensile strength than BMC. SMC also has longer fiber length and higher fiber content components in body and closure panel applications.
Q8: In unsaturated polyester resin in the global automotive composites market, which region is expected to be the largest in next 5 years?
Answer: North America is expected to remain the largest region over next 5 years.
Q9. 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 unsaturated polyester resin in the global automotive composites market by application (pick up, closure panels, body panels, fender, GOR, heat shields, headlamp reflectors, and others), material (SMC and BMC), and region (North America, Europe, Asia Pacific and the Rest of the World)?
Q. 2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are the emerging trends in this market and the reasons behind them?
Q.7 What are the changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 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.11 What M & A activities have taken place in the last 5 years in this market?