Unsaturated Polyester Resin Market Trends and Forecasts
Lucintel finds that the future of the global unsaturated polyester resin material market looks promising with opportunities in construction, non-frp, pipe and tank, and gelcoat end use industries. The global unsaturated polyester resin is expected to reach an estimated $14 billion by 2031 with a CAGR of 4% from 2024 to 2031. The major drivers for this market are growing infrastructural investments and rehabilitation of old infrastructural projects and increasing need for lightweight products with ease of handling, transportation, and installation.
UPRs are manufactured primarily from glycols (such as propylene glycol), unsaturated acids or anhydrides (e.g. maleic anhydride) and saturated acids or anhydrides (e.g. phthalic anhydride). To adjust its viscosity and support cross-linking, styrene monomer is employed as a reactive diluent. The polymerization process is controlled by inhibitors such as hydroquinone whereas fillers and additives boost the properties of resins. UPRs are generally priced competitively with market rates across the globe. This is because of cheaper production and local raw material availability in India, which give Indian UPRs an edge over others in terms of cost. But still, there are different prices dictated by the kind of resin used, its grade and what it applies to. In addition, final price can be determined by market dynamics and international competition as well.
• Lucintel forecasts construction will remain the largest end use industry by value and volume due to increasing residential and commercial construction and growth in remolding activities. Aerospace is expected to witness highest growth over the forecast period.
• Hand layup is expected to remain the largest manufacturing process segment because it is the most basic and versatile process among all the fabricating processes. Other manufacturing processes is expected to witness highest growth over the forecast period.
• APAC will remain the largest region and it is also expected to witness highest growth over the forecast period due to rapid industrialization, increasing urbanization, and growing per capita income in the emerging countries is giving rise to residential and commercial construction and growing investment in water and wastewater infrastructure.
Country wise Outlook for the Unsaturated Polyester Resin Market
The unsaturated polyester resin market is witnessing substantial growth globally. Major players in the market are expanding their operations and forming strategic partnerships to strengthen their positions. Below image highlights recent developments by major Unsaturated Polyester Resin producers in key regions/countries: the USA, Germany, China, India, and Brazil.
Emerging Trends in the Unsaturated Polyester Resin Market
The unsaturated polyester resin (UPR) market is experiencing significant growth driven by increasing demand across various industries, including automotive, construction, and marine. As manufacturers seek more sustainable and efficient materials, several emerging trends are shaping the landscape of this market. These trends reflect advancements in technology, shifts in consumer preferences, and regulatory changes aimed at promoting environmentally friendly practices. Understanding these trends is crucial for stakeholders looking to navigate the evolving UPR market and capitalize on new opportunities for innovation and growth.
• Growing Demand for Bio-Based Resins: The shift towards sustainability has led to an increased interest in bio-based unsaturated polyester resins. These resins are derived from renewable resources, reducing reliance on fossil fuels and minimizing environmental impact. As consumers and industries prioritize eco-friendly products, manufacturers are investing in research and development to create bio-based alternatives that meet performance standards while appealing to environmentally conscious buyers.
• Advancements in Manufacturing Technology: Innovations in production processes, such as the use of nanotechnology and improved curing methods, are enhancing the performance and efficiency of unsaturated polyester resins. These advancements allow for the creation of resins with superior mechanical properties, faster curing times, and better resistance to environmental factors. As a result, manufacturers can produce higher-quality products that meet the demands of various applications, driving market growth.
• Increased Application in the Automotive Sector: The automotive industry is increasingly adopting unsaturated polyester resins for various components, including body panels and interior parts. The lightweight nature of UPRs contributes to fuel efficiency and overall vehicle performance. As automakers focus on reducing emissions and enhancing vehicle design, the demand for UPRs is expected to rise, creating new opportunities for manufacturers in this sector.
• Regulatory Pressures for Low-VOC Products: Stricter regulations regarding volatile organic compounds (VOCs) are pushing manufacturers to develop low-VOC unsaturated polyester resins. These regulations aim to improve air quality and reduce health risks associated with traditional resin products. As a result, companies are reformulating their products to comply with these standards, leading to the introduction of safer, more sustainable options in the market.
• Expansion in Emerging Markets: The unsaturated polyester resin market is witnessing growth in emerging economies, driven by rapid industrialization and urbanization. Countries in Asia-Pacific, Latin America, and Africa are investing in infrastructure and manufacturing, increasing the demand for UPRs in construction and automotive applications. This expansion presents significant opportunities for manufacturers to tap into new markets and diversify their product offerings, ultimately reshaping the competitive landscape of the industry.
The unsaturated polyester resin market is being reshaped by trends such as the demand for bio-based resins, advancements in manufacturing technology, increased automotive applications, regulatory pressures for low-VOC products, and expansion in emerging markets. These trends not only reflect changing consumer preferences and regulatory landscapes but also highlight the industry‘s commitment to sustainability and innovation. Stakeholders must adapt to these developments to remain competitive and capitalize on the growth opportunities within this dynamic market.
Recent Developments in the Unsaturated Polyester Resin Market
The unsaturated polyester resin (UPR) market has witnessed significant developments in recent years, driven by increasing demand across various industries such as automotive, construction, and marine. These resins are favored for their excellent mechanical properties, corrosion resistance, and versatility. As sustainability becomes a priority, innovations in UPR formulations and production processes are emerging. This overview highlights five key developments that are shaping the UPR market, reflecting trends in technology, environmental considerations, and market dynamics.
• Increased Adoption of Bio-based Resins: The shift towards sustainable materials has led to the development of bio-based unsaturated polyester resins, which reduce reliance on fossil fuels and lower carbon footprints. This trend is attracting environmentally conscious consumers and industries, enhancing market growth.
• Advancements in Production Techniques: Innovations in manufacturing processes, such as the use of advanced polymerization methods, have improved the efficiency and quality of UPRs. These advancements enable manufacturers to produce resins with enhanced properties, catering to specific industry needs and boosting competitiveness.
• Growth in Automotive Applications: The automotive sector‘s increasing use of UPRs for lightweight components is driving market expansion. UPRs offer excellent strength-to-weight ratios, contributing to fuel efficiency and performance, which aligns with the industry‘s focus on sustainability and innovation.
• Expansion in Emerging Markets: The rising industrialization in emerging economies is creating new opportunities for UPR manufacturers. As construction and automotive sectors grow in these regions, the demand for UPRs is expected to increase, leading to market diversification and expansion.
• Regulatory Support for Sustainable Practices: Governments worldwide are implementing regulations that promote the use of eco-friendly materials, including bio-based UPRs. This regulatory support is encouraging manufacturers to invest in sustainable practices, further driving innovation and market growth.
These developments are significantly impacting the unsaturated polyester resin market by fostering innovation, promoting sustainability, and expanding applications across various industries. The shift towards bio-based materials and advancements in production techniques are particularly noteworthy, as they align with global trends towards environmental responsibility and efficiency.
Strategic Growth Opportunities for the Unsaturated Polyester Resin Market
The unsaturated polyester resin (UPR) market is experiencing significant growth due to its versatile applications across various industries, including automotive, construction, and marine. As demand for lightweight, durable materials increases, UPRs are becoming essential in manufacturing processes. This growth is driven by technological advancements, sustainability initiatives, and the need for high-performance materials. Identifying strategic growth opportunities within key applications can help stakeholders capitalize on market trends and enhance their competitive edge. Here are five key growth opportunities in the unsaturated polyester resin market:
• Automotive: The automotive industry is increasingly adopting UPRs for lightweight components, enhancing fuel efficiency and performance. This shift towards lightweight materials is driven by stringent regulations on emissions and the need for improved vehicle performance.
• Construction: UPRs are gaining traction in the construction sector for applications such as roofing, flooring, and insulation. Their excellent mechanical properties and resistance to environmental factors make them ideal for durable construction materials, supporting the growth of sustainable building practices.
• Marine: The marine industry is leveraging UPRs for boat manufacturing and repair due to their corrosion resistance and lightweight characteristics. As recreational boating and commercial shipping activities expand, the demand for UPRs in this sector is expected to rise significantly.
• Electrical & Electronics: UPRs are increasingly used in electrical and electronic applications for insulation and encapsulation. Their excellent electrical properties and thermal stability make them suitable for high-performance electronic devices, driving growth in this segment as technology advances.
• Wind Energy: The wind energy sector is utilizing UPRs for manufacturing turbine blades and components. As the demand for renewable energy sources grows, UPRs are becoming crucial in producing lightweight and durable parts, supporting the expansion of the wind energy market.
The unsaturated polyester resin market is poised for substantial growth driven by these strategic opportunities across key applications. By focusing on automotive, construction, marine, electrical and electronics, and wind energy, stakeholders can effectively navigate market trends and enhance their market presence.
Unsaturated Polyester Resin Market Drivers and Challenges
The unsaturated polyester resin market is influenced by a variety of technological, economic, and regulatory factors that drive its growth and present challenges. As industries increasingly seek durable and versatile materials, the demand for unsaturated polyester resins continues to rise. However, the market also faces hurdles such as environmental regulations and competition from alternative materials. Understanding these drivers and challenges is crucial for stakeholders aiming to navigate the complexities of this evolving market landscape.
The key drivers for this market include:
• Growing Demand in Construction: The construction industry is a significant consumer of unsaturated polyester resins due to their excellent mechanical properties and resistance to corrosion, making them ideal for applications in building materials and infrastructure.
• Increasing Automotive Production: The automotive sector‘s shift towards lightweight materials to enhance fuel efficiency is driving the demand for unsaturated polyester resins, which are used in manufacturing composite parts.
• Advancements in Technology: Innovations in resin formulations and processing techniques are improving the performance and application range of unsaturated polyester resins, making them more appealing to manufacturers across various industries.
• Rising Demand for Renewable Materials: The trend towards sustainability is pushing manufacturers to develop bio-based unsaturated polyester resins, which can reduce reliance on fossil fuels and lower environmental impact.
• Expanding Applications in Marine and Aerospace: The versatility of unsaturated polyester resins is leading to their increased use in marine and aerospace applications, where lightweight and durable materials are essential for performance and safety.
The challenges facing this market include:
• Stringent Environmental Regulations: Increasingly strict regulations regarding volatile organic compounds (VOCs) and hazardous materials are challenging manufacturers to reformulate their products, which can lead to increased costs and complexity in production.
• Competition from Alternative Materials: The rise of alternative materials, such as epoxy resins and thermoplastics, poses a significant challenge to the unsaturated polyester resin market, as these materials often offer superior performance or lower costs.
• Price Volatility of Raw Materials: Fluctuations in the prices of key raw materials used in the production of unsaturated polyester resins can impact profit margins and pricing strategies, making it difficult for manufacturers to maintain competitiveness.
The unsaturated polyester resin market is shaped by a combination of strong drivers, such as growing demand in various industries and technological advancements, alongside significant challenges like regulatory pressures and competition from alternative materials. Stakeholders must adapt to these dynamics to capitalize on growth opportunities while mitigating risks associated with market fluctuations and environmental compliance.
List of Unsaturated Polyester Resin 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 unsaturated polyester resin 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 companies profiled in this report include.
• Polynt Group
• AOC (Nippon Paint Holdings Co., Ltd)
• INEOS Composites (KPS Capital)
• BASF
• Covestro
• Xinyang Technology Group
• Tianhe Resin Company Ltd.
These companies have established themselves as leaders in the global unsaturated polyester resin market, 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 market are evolving, with the entry of new players and the emergence of innovative unsaturated polyester resin market technologies. Additionally, collaborations between material suppliers, manufacturers, and end-users are fostering technological advancements and expanding market opportunities.
Unsaturated Polyester Resin Market by Segment
The major growing sections of the UPR market include construction which utilizes durable, cost-effective building materials; automotive that is used for lightweight and high-performance parts which aid in fuel efficiency; marine for corrosion-resistant components; electrical and electronics for robust insulation materials; and consumer goods where UPR’s versatility and customization potential are responsible for the production of various everyday products.
The study includes a forecast for the global unsaturated polyester resin by end use industry , product type, manufacturing process, and region as follows:
By End Use Industry [Value ($M) and Volume (M lbs.) Analysis for 2019 – 2031]:
• Transportation
• Marine
• Wind Energy
• Aerospace
• Pipe and Tank
• Construction
• Electrical and Electronics
• Consumer Goods
• Non-FRP
• Gelcoat
• Other End Use Industries
By Product Type [Value ($M) and Volume (M lbs.) Analysis for 2019 – 2031]:
• Orthophthalic
• Isophthalic
• DCPD
• Other Product Types
By Manufacturing Process [Value ($M) and Volume (M lbs.) Analysis for 2019 – 2031]:
• Hand Layup
• Spray-Up
• Filament Winding
• Compression Molding
• RTM/Injection Molding
• Pultrusion
• Other Manufacturing Processes
By Region [Value ($M) and Volume (M lbs.) Analysis for 2019 – 2031]:
• North America
• US
• Canada
• Mexico
• Europe
• Germany
• The United Kingdom
• Italy
• France
• Spain
• Asia Pacific
• China
• Japan
• India
• The Rest of the World
• Brazil
Features of Unsaturated Polyester Resin Market
• Market Size Estimates: Global unsaturated polyester resin market size estimation in terms of value ($M) shipment and volume (M lbs.).
• Trend and Forecast Analysis: Market trends (2019-2024) and forecast (2025-2031) by various segments and regions.
• Segmentation Analysis: Market size by end use industry , product type, manufacturing process, and region.
• Regional Analysis: Unsaturated polyester resin market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
• Growth Opportunities: Analysis on growth opportunities in different end use industry , product type, manufacturing process, and regions for the global unsaturated polyester resin market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape for the global unsaturated polyester resin market.
• Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
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FAQ
Q1. What is the unsaturated polyester resin size?
Answer: The global unsaturated polyester resin is expected to reach an estimated $14 billion by 2031.
Q2. What is the growth forecast for unsaturated polyester resin?
Answer: The unsaturated polyester resin is expected to grow at a CAGR of 4% from 2024 to 2031.
Q3. What are the major drivers influencing the growth of the unsaturated polyester resin?
Answer: The major drivers for this market are growing demand in construction and infrastructure, advancements in automotive and transportation industries, and sustainability and environmental regulations.
Q4. What are the major end use industry for unsaturated polyester resin?
Answer: Construction and non-FRP use are the major end use industries for unsaturated polyester resin.
Q5. What are the emerging trends in unsaturated polyester resin?
Answer: Emerging trends, which have a direct impact on the dynamics of the industry, includes growing demand for bio-based resins, advancements in manufacturing technology, increased application in the automotive sector, and regulatory pressures for low-voc products.
Q6. Who are the key unsaturated polyester resin companies?
Answer: Some of the key unsaturated polyester resin companies are as follows:
• Polynt Group
• AOC (Nippon Paint Holdings Co., Ltd)
• INEOS Composites (KPS Capital)
• BASF
• Covestro AG
• Xinyang Technology Group
• Tianhe Resin Company Ltd
Q7. Which unsaturated polyester resin manufacturing process segment will be the largest in future?
Answer: Lucintel forecasts that hand layup is expected to remain the largest manufacturing process segment because it is the most basic and versatile process among all the fabricating processes.
Q8. In unsaturated polyester resin, which region is expected to be the largest in next 7 years?
Answer: Asia Pacific is expected to remain the largest region and witness the highest growth over next 7 years.
Q9. What is the Price of Unsaturated Polyester Resin?
Answer: Typically, average UPR prices ranges between $1 to $1.5 per pound depending on the availability of raw materials. The prices of raw materials used in UPR production, such as glycols, maleic anhydride, and styrene fluctuate based on supply and demand, impacting the final price of the resin.
Q10. 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 global unsaturated polyester resin market by end use industry (transportation, marine, wind energy, aerospace, pipe and tank, construction, electrical and electronics, consumer goods, non-FRP, gelcoat, and other end use industries), product type (orthophthalic, isophthalic, DCPD, and other product types), manufacturing process (hand layup, spray-up, filament winding, compression molding, RTM/injection Molding, pultrusion, and other manufacturing processes), and region (North America, Europe, Asia Pacific, and 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?