Openup the new avanue for Unsaturated Polyester Resins Market

Market Overview:-

Unsaturated polyester resins (UPR) are thermosetting resins formed by the reaction of maleic anhydride and phthalic acid or their derivatives with glycols. They are widely used for manufacturing of fiberglass reinforced plastics (FRPs), which find applications in marine, automotive, construction, and pipe industries. UPRs offer advantages such as good mechanical properties, abrasion resistance, and electrical properties. They are available in both orthophthalic and isophthalic forms.

Market Dynamics:-

Growing demand for lightweight and corrosion-resistant materials from end-use industries is expected to drive the growth of unsaturated polyester resins market over the forecast period. UPRs are increasingly used in FRP products due to their lightweight properties, which is important for industries such as marine and automotive where weight reduction translates to better fuel efficiency. Additionally, bio-based unsaturated polyester resins derived from renewable resources such as vegetable oils are gaining popularity due to stringent regulations regarding use of petroleum-based compounds. This is expected to provide new opportunities for market players. Furthermore, rapid industrialization and infrastructural development activities worldwide are increasing the demand for UPR composites from construction industry for applications such as pipes, tanks, and panels.

Segment Analysis:-

The unsaturated polyester resins market can be segmented into orthophthalic resins and isophthalic resins. Orthophthalic resins dominate the market and account for over 70% share as they are cheaper compared to isophthalic resins and work well in general purpose applications. However, isophthalic resins market is growing at a higher pace due to their improved properties like higher strength, corrosion resistance and lower shrinkage.

PEST Analysis:-

  • Political: No significant political factors are affecting the unsaturated polyester resins market.
  • Economic: The global economic growth and construction activities especially in developing regions are driving demand for unsaturated polyester resins from industries like construction and transportation.
  • Social: Increasing disposable income and changing lifestyle leading to higher demand for fiber reinforced plastic products from end use industries.
  • Technological: Advancements in resin formulation and production technologies are helping improve the properties of resins like mechanical strength, corrosion and heat resistance. New hybrid resins are combining benefits of different resins.

Key Takeaways:-

The Global Unsaturated Polyester Resins Market Size is expected to reach US$ 28,006.12 Mn by 2030, expanding at a CAGR of 39% during the forecast period. Rapid urbanization and industrialization in Asia Pacific is driving the demand for unsaturated polyester resins from industries like construction, transportation and marine. The Asia Pacific region dominated the global market in 2023 with over 45% share and is expected to continue its dominance owing to presence of emerging economies like China and India with high growth potential.

Regional analysis indicates that Asia Pacific and Middle East & Africa are the fastest growing regions due to ongoing infrastructure development activities. The China unsaturated polyester resins market accounted for largest share in Asia Pacific in 2023 and is projected to grow at a CAGR of over 38% during 2023-2030 on back of increasing construction of commercial and residential buildings.

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. The market is consolidated in nature with top 5 players accounting for over 50% share. Innovation and expansion into developing markets are the key strategies adopted by major players.

 

Read More –

2 thoughts on “Openup the new avanue for Unsaturated Polyester Resins Market”

Leave a Comment