The global unsaturated polyester resin market is presently worth US$ 13.1 billion and is anticipated to grow at a 5.5% CAGR from 2023 to 2033. Unsaturated polyester resin demand is therefore anticipated to generate US$ 22.5 billion in sales by the end of the projection period. The unsaturated polyester resin market is a rapidly growing industry that produces thermosetting plastics used in a wide range of applications such as construction, automotive, marine, electrical, and aerospace industries.
Unsaturated polyester resins are derived from the reaction of maleic anhydride, phthalic anhydride, or fumaric acid with diols such as ethylene glycol or propylene glycol. The resulting resin can be cross-linked using a catalyst and a reactive monomer such as styrene to form a rigid and durable material.
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Overall, the unsaturated polyester resin market is expected to continue its growth trajectory in the coming years due to the increasing demand from various end-use industries and the development of sustainable alternatives
Key Takeaways from Market Study
- Growing demand from end-use industries: The increasing demand for unsaturated polyester resins from various end-use industries such as construction, automotive, and aerospace is a key driver of market growth.
- Geographical trends: Asia Pacific is the largest market for unsaturated polyester resins due to the rapid industrialization and infrastructure development in countries like China, India, and Japan. Europe and North America also contribute significantly to the market.
- Lightweight materials: The trend of using lightweight materials for fuel efficiency in the transportation industry is driving the demand for unsaturated polyester resins.
- Challenges: The market faces challenges such as volatile raw material prices and environmental concerns. However, manufacturers are focusing on developing bio-based alternatives and implementing sustainable practices to mitigate these challenges.
- Growth prospects: The unsaturated polyester resin market is expected to continue its growth trajectory in the coming years due to increasing demand from end-use industries and the development of sustainable alternatives.
Competitive Landscape
Vendors of prime unsaturated polyester resin are concentrating on joint ventures, mergers, and acquisitions that would enable them to expand their business and increase their market share internationally.
- The sale of Ashland Global Holdings Inc.’s maleic anhydride business and a West Virginia manufacturing site to AOC Materials was finalised in October 2020, according to the well-known American chemicals manufacturer. Since maleic anhydride is a common raw ingredient for the production of unsaturated polyester resin, the deal, which was finalised at US$ 100 million, helped AOC enhance its unsaturated polyester resin business.
Key Companies Profiled
- Reichhold Inc.
- Koninklijke DSM N.V.
- Tianhe Resin Co. Ltd.
- BASF SE
- Polynt
- UPC Group
- Scott Bader Company Ltd.
- U-PICA Company Ltd.
- INEOS
- Satyen Polymers Pvt. Ltd.
- Eternal Materials Co. Ltd.
- LERG SA
- Dow Chemical
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Regional-wise Insights
- Asia Pacific: Asia Pacific is the largest market for unsaturated polyester resins due to the rapid industrialization and infrastructure development in countries like China, India, and Japan. The region has a large manufacturing base and is a major contributor to the global demand for unsaturated polyester resins. The increasing construction and automotive activities in the region are expected to further drive the demand for unsaturated polyester resins in the coming years.
- Europe: Europe is another significant market for unsaturated polyester resins due to the high demand from end-use industries such as construction, automotive, and electrical. The region has well-established infrastructure and stringent regulations for environmental protection, which has led to the development of sustainable alternatives to traditional unsaturated polyester resins. The trend of using lightweight materials for fuel efficiency in the transportation industry is also driving the demand for unsaturated polyester resins in Europe.
- North America: North America is a mature market for unsaturated polyester resins and has a well-established manufacturing base. The demand for unsaturated polyester resins in the region is driven by the construction, automotive, and marine industries. The trend of using lightweight materials in the transportation industry is also driving the demand for unsaturated polyester resins in North America.
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Key Questions Covered in the Unsaturated Polyester Resin Market
- What are the current market trends and drivers for unsaturated polyester resins?
- What are the major end-use industries for unsaturated polyester resins?
- What are the regional market trends and demand for unsaturated polyester resins?
- Who are the key players in the unsaturated polyester resin market and what are their market shares?
- What are the challenges faced by the unsaturated polyester resin market and how are manufacturers addressing them?
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