Global Unsaturated Polyester Resin (UPR) Market Size, Share & Trends Analysis Report, Type, End-user Industry, By Region Forecasts, 2023 - 2030

Global Unsaturated Polyester Resin (UPR) Market Size, Share & Trends Analysis Report, Type, End-user Industry, By Region Forecasts, 2023 - 2030

Global Unsaturated Polyester Resin (UPR) Market was valued at US $ 12.6 Billion in 2022 and is expected to reach USD 22 Billion by 2030 growing at a CAGR of 7.2% during the forecast period 2023 – 2030.

Synthetic thermosetting resin that is widely used and versatile is called unsaturated polyester resin (UPR). UPR, which is made up of unsaturated organic acids and glycols, has a wide range of uses in the building, automotive, marine, aerospace, electrical and electronics, wind energy, and general composites sectors. When producing fibreglass reinforced polymers (FRP) for items like construction materials, automobile parts, marine vessels, aircraft parts, electrical insulators, and wind turbine blades, UPR is the material of choice because to its distinct chemical structure, reactivity, and durability. The UPR market includes a range of resin types; common versions include orthophthalic, isophthalic, and DCPD-based resins. The demand for eco-friendly and lightweight materials, industrialization, and economic expansion all has a significant impact on market trends. Global and local firms including Ashland Global Holdings, Inc., Reichhold LLC, AOC Aliancys, and DSM are important participants in the UPR market. Creating environmentally acceptable UPR formulations is becoming more and more important as rules and environmental concerns continue to influence the business. Overall, the chemical makeup, variety of applications, types, essential characteristics, market size, significant trends, major industry participants, and regulatory considerations define UPR's broad market definition.

The market for unsaturated polyester resin (UPR) is significantly influenced by the building and construction sector's encouraging growth trajectory. At the centre of this synergy are UPRs, which profit from the growing need for creative building solutions. UPRs are currently required for structural elements, cladding, and roofing due to their exceptional strength, longevity, and resistance to the elements. These materials save costs and have a smaller environmental effect while satisfying the sector's demand for sustainable, lightweight solutions. The UPR business is booming as long as infrastructural development and urbanisation continue. According to projections, the size of the world's construction industry is expected to more than double by 2030, rising from 6.4 trillion to 14.4 trillion dollars.

“Ortho-resins segment, by type, to be dominating market from 2023 to 2030.”

The orthophthalic resin category is expected to develop at the greatest compound annual growth rate (CAGR) of 6.9% in 2022, however the orthophthalic resin segment will still hold the majority of market share in 2022. Orthophthalic resin is a basic and adaptable UPR version that is frequently used in many different applications. Remarkably, orthophthalic resins continue to be the most widely used form of resin in the marine industry. Because of their exceptional adaptability, these resins may be used in a wide range of industries, including consumer products, construction, automotive, and marine. This makes them a top option for a variety of manufacturing requirements. When weighed against other UPR variations, ortho-resins' intrinsic cost-effectiveness makes them a desirable choice for producers looking to minimise manufacturing costs without sacrificing product quality.

“Building and Construction segment, by end user industry, to be dominating market from 2023 to 2030.”

Within the unsaturated polyester resins market, the building and construction category held the biggest market share in 2022. The tanks and pipes segment is anticipated to post the most substantial compound annual growth rate (CAGR) of 7.2%. The bio-polishing market sector is expected to hold its leading position in the worldwide unsaturated polyester resins market during the course of the forecast year. The increase in building and construction activity is the main driver of this trend, which in turn increases the demand for unsaturated polyester resins. Because of its many uses, including the production of roofing, cladding, and structural components as well as ornamental accents, UPRs are essential to this business. One of their distinguishing qualities is their adaptability to various building requirements.

“Asia Pacific to be largest and fastest growing region in Unsaturated Polyester Resin (UPR) market.”

The Asia-Pacific region, which includes China, India, and Japan, is home to important consumer and producer nations, is well-positioned to lead this industry. Given their widespread application in the automobile industry, unsaturated polyester resins are expected to see significant demand due to China's notable automotive sector boom. The International Organisation of Motor Vehicle Manufacturers (OICA) reports that, as of 2021, China is the world's greatest automobile manufacturer, having produced an astounding 2,60,82,220 vehicles. In addition, several nations in the area are rapidly developing their car industries and investing heavily in electric vehicles in order to meet their net-zero emissions targets. Japan serves as an example, since almost 8,600 of the 20,000 new electric cars (EVs) delivered in that country in 2021 were imported. Remarkably, compared to the previous year, the quantity of newly registered international EV imports almost tripled.

Unsaturated Polyester Resin (UPR) Competitive Landscape

The competitive landscape of the Unsaturated Polyester Resin (UPR) market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Unsaturated Polyester Resin (UPR) holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Unsaturated Polyester Resin (UPR) market is highly competitive, with numerous companies vying for market share. Prominent companies in the Unsaturated Polyester Resin (UPR) Market include:

Major Players:

AOC, LLC, Crystic Resins India Pvt. Ltd, INEOS, DIC Corporation, Interplastic Corporation, BASF SE, Reichhold LLC, Polynt, LERG SA, Qualipoly Chemical Corp., UPC Group, Tianhe Resin Co., Ltd., Koninklijke DSM N.V.l U-PICA Company. Ltd., Deltech Corporation, Scott Bader Company Ltd., Dow Inc., Eternal Materials Co., Ltd., CIECH Group, Satyen Polymers Pvt. Ltd.

Recent Developments:

In December 2020, AOC purchased the Spolchemie-owned unsaturated polyester resin (UPR) production plant in Stříbro, Czech Republic. Through this calculated acquisition, AOC has improved its logistics and customer support capabilities, which benefits customers in Germany and Central/Eastern Europe.

In December 2022, INEOS Enterprises successfully acquired ASHTA Chemicals Inc. from Bigshire Mexico S. de R.L. de C.V. This purchase includes a 65 kte Chlorine plant and a 100 ktpa Potassium Hydroxide (KOH) plant.

In July 2022, Scott Bader Pvt Ltd (India) expanded its line of business by purchasing Satyen Polymers Pvt Ltd's commercial division. All resin and gelcoat product marketing is included in this deal. This calculated move intends to increase product range and bring industry-leading adhesives and composites products to the Indian market by incorporating Scott Bader's cutting-edge technology.