Unsaturated Polyester Resin Market

Global Unsaturated Polyester Resin Market is valued at USD 14.27 Billion in 2022 and it is expected to reach USD 21.31 Billion by 2029 with a CAGR of 5.90% over the forecast period.

Scope of Global Unsaturated Polyester Resin Market Report-

Unsaturated Polyester Resin (UPR) is a thermosetting polymer made by combining unsaturated monomers with a polymeric resin. This results in a polymer that is highly durable, heat resistant and has excellent mechanical and chemical properties. UPR is commonly used in the manufacture of composites, such as fiberglass, and in construction materials, automotive parts, and marine applications.

The development of unsaturated polyester resins dates back to the 1930s. Initially, the resin was used as an adhesive, but its use expanded to composites in the 1950s. In the 1960s, UPR became a popular material for manufacturing boats and yachts. Today, UPR is widely used in a range of industries, from aerospace to construction.

Revenue Generation Model:

The revenue in the Unsaturated Polyester Resin (UPR) market is primarily generated through the sale of UPR products to end-use industries. The revenue is also generated through the sales of raw materials and chemicals required for the production of UPR products.

Supply Chain Model:

The supply chain in the UPR market typically involves several stages, including the procurement of raw materials and chemicals, manufacturing of UPR products, distribution to wholesalers or retailers, and then finally reaching the end-use industries. The key players in the supply chain include raw material suppliers, UPR manufacturers, distributors, and end-use industries.

Value Chain Model:

The value chain in the UPR market includes several stages, including research and development, raw material sourcing, manufacturing, distribution, and sales. The value chain is driven by the need to produce high-quality and cost-effective UPR products that meet the specific requirements of the end-use industries. The key players in the value chain include UPR manufacturers, raw material suppliers, distributors, and end-use industries. The value chain model enables companies to optimize their operations and maximize their profits by identifying opportunities for cost reduction, improving product quality, and increasing customer satisfaction.

COVID-19 Impact on the Unsaturated Polyester Resin market:

The COVID-19 pandemic has had both positive and negative impacts on the unsaturated polyester resin market. On the positive side, increased demand for personal protective equipment (PPE) such as face masks, shields, and protective gear, which are manufactured using unsaturated polyester resin. And also increased demand for composites in the healthcare industry for manufacturing medical equipment such as ventilator components, which use unsaturated polyester resin.

Additionally, some negative impacts, are disruptions in the supply chain due to factory shutdowns and transportation restrictions, and this decreased demand from end-use industries such as construction, automotive, and marine due to the economic slowdown caused by the pandemic.

Key Players of Global Unsaturated Polyester Resin Market Report-

Some major key players for the global Unsaturated Polyester Resin market report cover prominent players like

• Ashland Global
• BASF SE
• Changzhou New Solar Co. Ltd.
• China Jushi Co. Ltd.
• DSM
• Eastman Chemical Company
• Eternal Materials Co. Ltd.
• Huntsman Corporation
• Interplastic Corporation
• Kukdo Chemical Co. Ltd.
• Nuplex Industries Ltd.
• Reichhold LLC
• Royal DSM N.V.
• Scott Bader Company Ltd.
• Showa Denko K.K.
• Tianhe Resin Co. Ltd.
• U-Pica Company Ltd.
• UPC Technology Corporation
• The Dow Chemical Company
• Allnex Belgium SA/NV
• Aliancys AG
• AOC LLC
• Bufa Composite Systems GmbH & Co. KG
• Changzhou Heyar Chemical Co. Ltd.
• Hexion Inc.
• Jiangsu Fullmark Chemicals Co. Ltd.
• Neste Oyj
• Northstar Polymers LLC
• Olin Corporation
• Polynt SpA
• Reinforced Plastics Lab LLC
• SABIC
• Sino Polymer Co. Ltd.
• Sumitomo Bakelite Co. Ltd.
• Swancor Ind. Co. Ltd.
• Tianjin Yaohua P
• and others.

Global Unsaturated Polyester Resin Market Segmentation: -

By Product Type:

• Orthophthalic
• Isophthalic
• Dicyclopentadiene (DCPD)
• Others (Vinyl ester, Bio-based)

By Form:

• Liquid UPR
• Fiberglass Reinforced Plastic (FRP)
• Pultruded Profiles
• Pipes And Tanks.
• Solid UPR
• Putties
• Adhesives
• Sealants
• Powder UPR
• Castings
• Tooling
• Others (wax solutions and modified resins)

By Manufacturing Process:

• Hand Lay-up
• Spray-up
• Filament Winding
• Compression Molding
• Resin Transfer Molding (RTM)
• Others (Pultrusion, Infusion, etc.)

By Application:

• Composite Materials
• Gelcoats
• Adhesives & Sealants
• Putties & Fillers
• Others (Castings, Tooling, etc.)

 By End-User:

• Building & Construction
• Automotive & Transportation
• Pipes & Tanks
• Marine
• Electrical & Electronics
• Wind Energy
• Others (Aerospace, Sporting goods, etc.)

By Regional & Country Level:

• North America

  • U.S.
  • Canada

• Europe

  • U.K.
  • France
  • Germany
  • Italy

• Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia

• Latin America

  • Brazil
  • Mexico

• Middle East and Africa

  • GCC
  • Africa
  • Rest of Middle East and Africa

Market Drivers:

Rising demand for composites in the automotive and aerospace industries: The rising demand for composites in the automotive and aerospace industries has been a major driver for the growth of the unsaturated polyester resin (UPR) market. UPR products are widely used as matrix materials in composite manufacturing due to their high mechanical strength, good adhesion, and excellent molding properties.

The automotive and aerospace industries have been increasingly adopting composite materials due to their high strength-to-weight ratio, which can lead to significant weight reduction and fuel efficiency improvements. For example, the use of composites in automotive applications can result in a weight reduction of up to 50%, leading to a fuel consumption reduction of up to 35%.

Increasing demand for renewable energy sources: The increasing demand for renewable energy sources, such as wind energy, has been a major driver for the growth of the unsaturated polyester resin (UPR) market. UPR products are widely used in the manufacture of wind turbine blades due to their high strength, low weight, and excellent corrosion resistance properties. UPR is the most commonly used matrix material in wind turbine blade manufacturing, accounting for about 80% of all blade materials. In 2019, the global wind energy capacity reached 651 GW, and this is projected to reach over 1,200 GW by 2030.

Market Restraints:

Volatility in raw material prices: Raw materials such as styrene, maleic anhydride, and phthalic anhydride, which are used in the production of UPR products, are subject to price fluctuations due to factors such as supply-demand imbalances, geopolitical tensions, and currency fluctuations. These price fluctuations impact the production cost of UPR products and ultimately affect the profitability of UPR manufacturers. For example, Phthalic anhydride is another important raw material used in UPR production, accounting for approximately 20-25% of the overall raw material cost.

Environmental concerns related to the disposal of UPR products: UPR products contain hazardous chemicals that can pollute the environment if not disposed of properly. These chemicals can leach into the soil and groundwater, causing harm to plants, animals, and humans. Additionally, the disposal of UPR products through incineration can release toxic gases into the air, contributing to air pollution. The increasing focus on environmental sustainability has led to regulations and restrictions on the disposal of UPR products, making it a significant restraint for the UPR market. According to the U.S. Environmental Protection Agency, the incineration of hazardous waste releases approximately 1.6 million metric tons of carbon dioxide equivalent per year.

Opportunity Factors for the Unsaturated Polyester Resin Market:

Development of bio-based UPR products, increasing demand from emerging economies, growing used of UPR products in 3D printing and rapid prototyping applications, increasing focus on recycling and sustainability, and the expansion of application areas for UPR products, such as in the healthcare industry for orthopedic applications and in the sports industry for manufacturing sports equipment

Market Trend:

Product and Technology Development:

Development of bio-based UPR products using renewable feedstocks, increasing use of nanomaterials and additives to enhance the properties of UPR products, and the growing use of 3D printing and rapid prototyping techniques for the manufacture of UPR products.

Customer Trends:

Increasing demand for lightweight and sustainable materials in various end-use industries, growing demand for composites in the automotive and aerospace industries, and increasing demand for UPR products in the wind energy sector.

Market Competition Nature:

Key market players in the UPR market are focusing on various strategies to maintain their market position and gain a competitive edge. Some of the strategies adopted by these players include:

• New product development and expansion of product portfolios
• Partnerships and collaborations with other players in the market
• Expansion of production facilities and distribution networks
• Focus on sustainability and environmentally friendly products
• Strategic acquisitions and mergers to strengthen their market position and expand their geographical reach.

Geography Analysis:

North America:

The North America region is a significant market for unsaturated polyester resin due to the growing demand from end-use industries such as construction, automotive, and marine. The construction industry is expected to be the largest end-use industry for unsaturated polyester resin in North America, with a market size of USD 1.27 billion in 2020.

The region has strict regulations related to the use and disposal of UPR products, which are driving the adoption of sustainable and environmentally friendly products. The United States is the largest market for UPR products in North America, followed by Canada and Mexico.

In 2020, the United States Environmental Protection Agency (EPA) announced a grant of $5.5 million to the University of Illinois to develop sustainable unsaturated polyester resins made from biomass-derived compounds.

Europe:

Europe is another significant market for unsaturated polyester resin due to the growing demand from the construction and transportation industries. The region has strict regulations related to the use and disposal of UPR products, which are driving the adoption of sustainable and environmentally friendly products.

In Europe, approximately 350,000 tons of unsaturated polyester resin waste are generated annually. And the European Union has set targets to increase the recycling rate of plastic waste, including composites containing unsaturated polyester resin, to 50% by 2025 and 55% by 2030. Germany was the largest market for unsaturated polyester resin in Europe, with a market size of USD 822.5 million in 2020.

Fastest Growing Region:

Asia Pacific is the fastest-growing region in the unsaturated polyester resin market due to the increasing demand from end-use industries such as construction, automotive, and marine. The region has a large consumer base, a growing population, and increasing urbanization, which are driving the demand for UPR products. The population of the Asia Pacific region is estimated to be around 4.5 billion people as of 2021, which accounts for approximately 60% of the world's population.

China is the largest market for UPR products in the Asia Pacific region, followed by India, Japan, and South Korea. The region is also seeing a significant increase in the use of renewable energy sources, such as wind energy, which is driving the demand for UPR products in the manufacture of wind turbine blades.

Key Benefits of Global Unsaturated Polyester Resin Market Report–

• Global Unsaturated Polyester Resin Market report covers in-depth historical and forecast analysis.
• Global Unsaturated Polyester Resin Market research report provides detailed information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, and Regional and Country Level.
• Global Unsaturated Polyester Resin Market report helps to identify opportunities in the marketplace.
• Global Unsaturated Polyester Resin Market report covers an extensive analysis of emerging trends and the competitive landscape.