The Unsaturated Polyester Resins Market is estimated to be valued at US$ 14007.68 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The Unsaturated Polyester Resins Market supplies corrosion protection coatings and industrial maintenance coatings. Unsaturated polyester resins provide excellent durability, chemical resistance, and moisture resistance. They are used in manufacturing fiberglass reinforced plastics which find application in construction, transportation, industrial, and marine industries.
Unsaturated polyester resins are thermosetting resins produced by the reaction of maleic anhydride with glycols. They are blended with various fillers, reinforcements, and additives to produce a range of composites with high mechanical strength, impact resistance and excellent chemical resistance properties. Due to their versatility and cost effectiveness, unsaturated polyester resins find widespread use in manufacturing components for marine crafts, chemical tanks, pipe work, industrial flooring, baths and sinks.
Market key trends:-
One of the key trends spurring growth of the unsaturated polyester resins market is the increasing demand from the building and construction industry. Unsaturated polyester resins are used in the production of fiberglass reinforced plastics that are extensively utilized in manufacturing bathroom fixtures, water tanks, roofing sheets and panels for both residential and commercial construction. According to studies, the global construction industry is estimated to grow at approximately 5% annually till 2030. The growth of the construction sector will certainly drive the consumption of unsaturated polyester resins over the forecast period.
- Threat of new entrants: The threat of new entrants is low due to high capital requirement for establishing manufacturing facilities and high R&D investment
- Bargaining power of buyers: The bargaining power of buyers is moderate due to presence of substitutes. Buyers can switch to substitute products if price is not competitive.
- Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of raw material suppliers.
- Threat of new substitutes: There is threat from new substitutes like epoxy, polyurethane resins.
- Competitive rivalry: Intense due to presence of many regional and global players.
- Strength: Thermal and chemical resistance of unsaturated polyester resins make them suitable for applications requiring durability. Availability of resins at competitive prices due to strong production capacities of key players.
- Weakness: Volatile raw material prices increase production costs. Exposure to hazardous styrene emissions during production and application raises environmental concerns.
- Opportunity: Growing construction and infrastructure development activities in developing nations provide growth opportunities. Wide acceptability in marine, transportation and storage applications boost market revenues.
- Threats: Stringent environmental regulations regarding VOC emissions during production may negatively impact industry players. Substitutes like epoxy and polyurethane resins pose threat.
The Global Unsaturated Polyester Resins Market Growth is expected to witness high, exhibiting CAGR of 39% over the forecast period, due to increasing construction activities globally. The construction industry is the largest end-use industry for unsaturated polyester resins as they are used in building products like windows, doors, bathtubs, fiberglass boats, and concrete roofing tiles.
Regionally, Asia Pacific dominates the global market and is expected to continue its dominance over the forecast period. This is attributed to strong growth in the construction sector in emerging economies like China and India. Increasing investments in infrastructure development projects in the region drives the demand for unsaturated polyester resins.
Key players operating in the Unsaturated Polyester Resins market are AOC Resins, Ashland Inc., BASF SE, CCP Composites, Changzhou New Solar Co. Ltd., DSM, DuPont, Lanxess AG, Eternal Chemical Co. Ltd., Reichhold Inc., SABIC Innovative Plastics Holding BV, and Satyen Polymers Pvt. Ltd.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it