February 25, 2024
Unsaturated Polyester Resins Market

Unsaturated Polyester Resins Market Is Growing With Increasing Application In Fiber-Reinforced Plastics

Unsaturated polyester resins (UPR) are thermosetting resins formed from unsaturated polyester and cross-linking co-monomers such as styrene. They have wide applications in industries that require impact-resistant, corrosion-resistant, lightweight and rigid materials like construction, transportation, and sanitary ware sectors. UPR provide advantages like processability, thermal resistance, rigidity and durability as compared to other materials. Increased use of lightweight and durable materials in end-use industries presents a growing need for unsaturated polyester resins.

The Global Unsaturated Polyester Resins Market size is estimated to be valued at US$ 16136.85 Bn in 2024 and is expected to exhibit a CAGR of 21% over the forecast period from 2024 to 2030.

Key Takeaways

Key players operating in the Unsaturated Polyester Resins are BioGaia AB, Chr. Hansen, Groupe Danone S.A., Nestle S.A., PROBI AB, Lifeway Foods, Inc., Mother Dairy, General Mills, Inc., China-Biotics, Inc., Yakult Honsha Co., Ltd., and E. I. du Pont de Nemours and Company.

Increasing demand from industries such as marine, construction and transportation is fueling the growth of unsaturated polyester resins market globally. The lightweight and durable properties of UPR makes them suitable for applications where weight savings is crucial.

The growing construction activities in emerging economies of Asia Pacific and Latin America is expected to drive higher demand for UPR over the forecast period. Also, increasing global boat sales and preference for fiberglass composites will boost the consumption of UPR in marine applications.

Market key trends

The key trend gaining traction in the Global Unsaturated Polyester Resins Market Size is development of bio-based resins. Strict environmental regulations regarding emissions from petroleum-based products has increased R&D towards development of bio-based and recycled content resins. Leading players like DSM and Ashland have developed bio-based unsaturated polyester resins from renewable resources like vegetable oils and bio-glycols that offer similar performance as conventional resins with reduced carbon footprint. This shift towards sustainable resins will drive future growth opportunities in the market over the forecast period from 2024 to 2030.

Porter’s Analysis

Threat of new entrants: Low requirement of technical knowledge and capital investment allows new companies to enter this market easily. However, established players have strong brand reputation and economies of scale which creates barriers.

Bargaining power of buyers: Buyers have moderate to high bargaining power due to availability of substitutes. They can negotiate on price and demand value-added services.

Bargaining power of suppliers: Suppliers have low to moderate power due to availability of substitute raw materials. Established players can switch to alternate suppliers in case of non-compliance or price rise.

Threat of new substitutes: Substitutes like polyurethane resins and epoxy resins pose medium threat. Switching costs for buyers and requirements are different for substitutes.

Competitive rivalry: Intense competition exists among key players to gain market share and profitability. They differentiate based on pricing, quality, value-added services and technical expertise.

Geographical Regions

Asia Pacific region accounts for the largest share currently due to high production of fabrics, FRP products and other industrial applications. China is the largest producer and consumer globally.

Middle East and Africa region is expected to grow the fastest during the forecast period. This is attributed to ongoing industrialization activities especially in GCC countries and increasing construction projects in the region.

Geographical Regions

Asia Pacific region accounts for the largest share currently owing to high production of fabrics, FRP products and other industrial applications in countries like China, Japan and India.

The Middle East and Africa region is anticipated to experience the fastest growth during the forecast period. This growth can be attributed to ongoing industrialization activities especially in GCC countries and a rise in infrastructure and construction projects across the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it