Region: Global | Published Date: August, 2022 | Pages: 157
The global unsaturated polyester resins market was valued at USD 6.7 Billion in 2021, and it is expected to reach a value of USD 11.14 Billion by 2028, at a CAGR of 5% over the forecast period (2022 –2028).
Unsaturated polyester resins are primarily used in the manufacture of filled plastic products, such as gratings, tanks, pipes, sanitary ware, and high-performance parts for the marine and transportation industries, such as closure and body panels, fenders, boat hulls/decks, and other substantial glass fibre reinforced plastic articles. Coatings and adhesives both use unsaturated polyester resins. Unsaturated polyester resins are in increasing demand as infrastructure development picks up. The market for unsaturated polyester resins is also expected to grow quickly due to consumers' and enterprises' increased use of electric vehicles. Additionally, as the automobile industry has grown, there has been an increase in demand for unsaturated polyester resins because lighter vehicles are more fuel-efficient. With rising urbanization and population, there is a growing need for UPR products, which has led to a considerable expansion of the building and construction industry.
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The global unsaturated polyester resins market is segmented based on the type, end-user and region. Based on the type, the global unsaturated polyester resins market is segmented as Ortho phthalic, Isophthalic & DCPD. Based on the end-user, the global unsaturated polyester resins market is segmented as building & construction, marine, transportation, pipes & tanks, artificial stone, wind energy, electrical & electronics. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Type
Unsaturated polyester resins of all kinds are increasingly in demand worldwide in a variety of end-use sectors. Orthophthalic resins, isophthalic resins, and dicyclopentadiene (DCPD) resins are the three main product kinds of unsaturated polyester resins. The orthophthalic resins are among them and are likely to rule the market during the forecast period due to their expanding utilization in numerous end-use sectors. These resins are becoming more and more popular in composite or fibreglass due to their superior chemical resistance, flexibility, and high tensile strength. The marine industry makes use of orthophthalic resins. Global demand is anticipated to be driven by their additional applications, including adhesives, buttons, castings, composites, flooring materials, filler pastes, pigment pastes, polymer concrete, and tools.
Analysis by End User
During the projection period, the construction industry is dominating the global unsaturated polyester resins market. For the production of composite materials, notably casting resins (non-reinforced) and plastics with glass fibre reinforcement, unsaturated polyester resin is regarded as an important polymer. The construction, maritime, and transportation sectors use glass fiber-reinforced polymers. However, a variety of cultured marbles are made using non-reinforced cross-linked unsaturated polyester resin. Because of their flexibility, light weight, and great corrosion resistance, unsaturated polyester resins are in high demand as the construction industry develops and grows. On the global market for unsaturated polyester resins, dicyclopentadiene (DCPD) resins, orthophthalic resins, and isophthalic resins are the main product types. The fibreglass sector, which requires very flexible products with extremely high strength and chemical resistance, is using isophthalic resins more and more frequently.
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The global unsaturated polyester resins market is predicted to be dominated by the Asia Pacific region, offering market participants lucrative potential. Unsaturated polyester resins are increasingly being used in a variety of end-use industries, including the automotive, maritime, and construction and building sectors. China has increased its capacity for producing these polymers in order to increase revenue. One important element highlighting the regional market is the strengthening sales of composites made with unsaturated polyester resins in a number of end-use applications in the area. A number of businesses in important regions are engaging in mergers and acquisitions, which is likely to increase competition in the market. The market is currently undergoing advances toward consolidation.
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For the production of items like window panels, roof tiles, floor tiles, and bathroom fixtures, this product is mostly used in the building and construction sector. Excellent surface finish, water resistance, wear resistance, stiffness, and superior electrical insulation are all benefits of using this product. As a result, the building and construction sector's rising demand is a major driver of the UPR market. The increased consumption of this commodity is a result of expanding construction activities globally to satisfy the high demand from the expanding population. In addition, the growth of public infrastructure and housing projects in developing nations is boosting the building and construction sector, which is expected to significantly boost the UPR market. The demand for this product is also being fueled by the growing urban population and restoration projects fueled by increased consumer disposable incomes.
The demand for this product has significantly increased across a range of end-use industries. However, as a result, replacements have been created and put on the market. These alternatives, such nylon and epoxy resin, cause customers to switch to more readily available and less expensive resin raw materials, which slows the market's rate of expansion. Government rules regarding environmental protection and limiting the use of non-renewable resources as a conservation measure are also impeding the development of the market. In addition, the COVID-19 pandemic's temporary stoppage of industrial facilities is a constraining factor because it is causing a gap between supply and demand.
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The two main strategies companies use are joint ventures and capacity expansion. Reichold, Royal DSM, Deltech, Polynt, Dow, BASF SE, and INEOS are major players in the market. To obtain a competitive edge in the global market, businesses are using methods like distribution improvement, new product creation, acquisition, collaboration, and mergers. For instance, Reichold is one of the major suppliers of a wide variety of saturated and unsaturated polyester resins for use in a variety of applications. Deltech is another significant competitor with a wide selection of resins based mostly on unsaturated polyester and alkyd chemistry. The business can produce batches of resin weighing 20 tonnes.
Top Players in the Global Unsaturated Polyester Resins Market
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According to our global unsaturated polyester resins market analysis, the greatest sector for UPR in emerging nations is infrastructure development and long-term construction projects. Countries in the Middle East, China, India, and Brazil are anticipated to expand their infrastructure spending. APAC's expected overall infrastructure growth rate is 11.2%, with China, India, Japan, Australia, and South Korea accounting for 80% of that growth.
|Market size value in 2021||USD 6.7 Billion|
|Market size value in 2028||USD 11.14 Billion|
|Forecast period||2022 –2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Unsaturated Polyester Resins Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Unsaturated Polyester Resins Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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