Global Unsaturated Polyester Resin Market Overview
The key driver impacting the unsaturated polyester resin market is its high growth in the construction and wind energy industries. For instance, The Oxford economics, Global Construction 2030 report estimations, shows that total estimated volume of construction output will enhance by 85% to $15.5 trillion globally by 2030. Residential housing accounts for 38% of the global construction volume. The growth is mainly driven by three countries: India, China, and the US, and India, and responsible for 57% of all global growth. Moreover, the ongoing research and developments in bio-based unsaturated polyester resin are estimated to be a significant factor contributing to market growth. Whereas with regards to volume,the market was calculated XX Kilo Tons in 2020 and foreseen to grow with a CAGR of XX% during 2021-2027.
According to Value Market Research, the global unsaturated polyester resin market size was valued at around USD 10,000 million in 2020 and is projected to grow at a CAGR of about 7% during the forecast period of 2021 to 2027.
The growing use of composite materials in various industries due to several advantages is estimated to augment unsaturated polyester resin demand in the forecast period. For instance, flexibility in component, low material cost, chemical and corrosion resistance, flexibility in component designing, and electrical insulation over the conventional materials such as metals and concrete components. However, the high availability of alternate polymer resin such as epoxy resin and nylon may hamper the unsaturated polyester resin market in the long run. Also, the disadvantages of styrene usage are negatively impacting the market growth in the forecast period. The current industry trends, such as innovation in applications and products, technological breakthroughs, innovations, and studies carried out for expanding the product's application scope, are expected to provide market players with new market opportunities.
The unsaturated polyester resin market is vast, with many local and global players. The key leaders follow different strategies to advance their market position, such as contracts, amalgamation, getting biologics license from regulatory authorities(FDA), extending product portfolio, acquisitions, and product upgrades to raise their market share across the globe. The major players in the report are BASF SE, INEOS, Polynt, Eternal Materials Co., Ltd., U-PICA Company. Ltd., Koninklijke DSM N.V, Dow, Satyen Polymers Pvt. Ltd., Scott Bader Company Ltd., UPC Group, LERG SA., and Tianhe Resin Co., Ltd.
In this research report, the unsaturated polyester resin market is segmented by product type, applications, and region.
Analysis by Product Type:
By product type, the report is categorized into DCPD, orthophthalic, isophthalic, and others. The orthophthalic segment dominates the product type segment with over 35% share in 2020. It is majorly adopted due to the various advantages associated with orthophthalic such as low cost, toughness, and high chemical resistance. Moreover, the rise in demand in hulls and decks of boats, land transport components, molding, wind blade manufacturing, etc., and its usage in various other applications such as buttons, adhesives, composites, castings, encapsulation is the driving demand for orthophthalic in the forecast period.
Analysis by End-Use:
By end-use, the report is categorized into building & construction, tanks & pipes, electrical, marine, transport, artificial stones, and others. The building & construction segment dominates the application segment with over 20% share in 2020. It is due to the high adoption of unsaturated polyester resin in reinforcement, roofing, concrete, and composites of household structures, factories, buildings, and mass transit applications. Moreover, the growing infrastructural development projects and huge expanding construction sector globally contributes to the high market demand from the building & construction industry in the forecast period.
Analysis by Region:
In the regional outlook of the global unsaturated polyester resin market, the Asia Pacific region dominates with a 57% market share during the forecast period. It is due to the increasing demand from rapidly expanding end-use industries such as construction, electronic, transport, and marine across Asia pacific nations. Also, favorable policies such as foreign direct investments (FDI) and Make in India executed by India and China's government are adding regional growth. Moreover, the strong manufacturing base of the automotive industry in China, Japan, and India, coupled with increased sales of passenger vehicles, contribute to the development of the unsaturated polyester resin market in the Asia Pacific.
Market Segmentation covered in the Report:
By Product
- DCPD
- Orthophthalic
- Isophthalic
- Others
By End-Use
- Building & Construction
- Tanks & Pipes
- Electrical
- Marine
- Transport
- Artificial Stones
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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