Unsaturated Polyester Resins Market Forecasts to 2028 – Global Analysis By Type (Dicyclopentadiene (DCPD), Isophthalic Resin, Orthophthalic Resin), Form (Liquid Form, Powder Form) and By Geography

Unsaturated Polyester Resins Market Forecasts to 2028 – Global Analysis By Type (Dicyclopentadiene (DCPD), Isophthalic Resin, Orthophthalic Resin), Form (Liquid Form, Powder Form) and By GeographyAccording to Stratistics MRC, the Global Unsaturated Polyester Resins Market is accounted for $11.06 billion in 2022 and is expected to reach $20.25 billion by 2028 growing at a CAGR of 10.6% during the forecast period. Unsaturated polyesters are condensation polymers formed by the reaction of polyols (also known as polyhydric alcohols), organic compounds with several alcohol or hydroxy functional groups, with unsaturated and in some cases saturated dibasic acids.

The Indian electronics industry is one of the fastest-growing industries globally. The domestic electronics manufacturing sector has been expanding at a steady rate, owing to favorable government policies, such as 100% foreign direct investment (FDI), no requirement of industrial licenses, and the technological transformation from manual to automatic production processes. The Japanese construction industry is expected to be blooming, owing to the events to be hosted in the country. Tokyo hosted the Olympics in 2021, and Osaka will host the World Expo in 2025. Construction in Japan is mainly driven by redevelopment and recovery from natural disasters.

Market Dynamics:

Driver:

Growing uses in several end-use industries

With its rising use in numerous applications across several industries, the market is expected to increase. It is appropriate for numerous industries owing to their high elasticity and low cost. Pipe relining, artificial stone and marble manufacturing, electrical appliances, pipe manufacturing, and resin manufacturing are just a few of these industries. Most workboats, yachts, and dinghies use this resin system owing to its high corrosion resistance and low cost. Moreover, it can cure a solid or liquid state when visible to the proper environmental conditions. The increased focus on waterways as a mode of transportation and a defensive front is enhancing the market growth.

Restraint:

Obtainability of other substitute materials

As unsaturated polyester resins, they have high strength, low shrinkage, and excellent adhesion. It is softer and less transparent than acrylic and have a yellowish hue. Furthermore, they are highly toxic and have a pervasive foul odor. The corrosion resistance, mechanical properties, and thermal properties of vinyl ester resins are knowingly superior to those of unsaturated polyester resins. As a result, the obtainability of alternative materials may hamper the market.

Opportunity:

Growing demand from the construction & building industry

A major factor driving the growth of the market is the rising demand for the product from the building and construction industry. They are used extensively in several applications demanding resistance and flexibility, comprising concrete, roofs, glass, and artificial marble. It also give buildings numerous other crucial characteristics, such as impact resistance, decreased weight, increased load-bearing capacity, improved sealing, better use of space, lower maintenance requirements, and increased longevity.

Threat:

Hindrances of styrene usage

One of the biggest threats faced by the market is the practice of styrene during its manufacturing process. As styrene is primarily used in the manufacture of UPRs, there is a growing demand for creating an alternative to styrene in the UPRs industry. This challenge can be overcome by developing a monomer free UPRs to reduce VOC emissions. Several companies are researching on this technology to decrease styrene content and hence lower the emissions.

Impact of Covid- 19

COVID-19 has made a significant economic impact on various financial as well as industrial sectors, such as travel and tourism, manufacturing, and aviation. The worst economic recession is expected during 2020-2021, according to World Bank and IMF. With the increasing number of countries imposing and extending lockdowns, economic activities are declining, impacting the global economy. In the recent past, the global economy became substantially more interconnected. The adverse consequences of various steps related to the containment of COVID-19 are evident from global supply chain disruptions, weaker demand for imported products and services, and an increase in the unemployment rate. Risk aversion has increased in the financial market, with all-time low interest rates and sharp declines in equity and commodity prices. Consumer and business confidence have also reduced significantly.

The Orthophthalic Resin segment is expected to be the largest during the forecast period

The Orthophthalic Resin segment is expected to be the largest during the forecast period. Orthophthalic resin is the most frequently used UPR resin since it is a basic resin that may be used for a range of purposes. The most common resins used in the marine industry are orthophthalic resins. Moreover, mechanical properties, low thermal stability, corrosion resistance, and low cost over other substitutes make it appropriate for numerous industries. Orthophthalic is easier to use and transport because of its lighter weight.

The building and construction segment is expected to have the highest CAGR during the forecast period

The building and construction segment is expected to have the highest CAGR during the forecast period. Unsaturated polyester resin is more and more used in strengthening, roofing, concrete, and composites of household structures, factories, buildings, and mass transit applications in the building and construction industry. The construction market has been motivated by infrastructure development in BRICS and Middle Eastern countries, which is predictable to boost demand for market over the forecast period.

Region with highest share:

North America is projected to hold the largest market share during the forecast period is primarily driven by the growth in construction, electronics, and manufacturing sectors. UPR and UPR-based composites are extensively used in the building and construction sector and in other applications such as tanks and pipes North America is set to exhibit a significant share stoked by the increasing disposable income and technological advancements in the province.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, the growth of major industries such as construction; electronics, transportation, and marine are driving the market in this province. The market is anticipated to grow owing to the automotive industry's solid manufacturing base in China, Japan, and India's increased passenger vehicle sales. The existence of major electrical and electronics manufacturing companies in this province, such as Toshiba Corporation, Pegatron Corporation, Samsung Electronics, LG Electronics, Fujitsu Ltd, and Sony Corporation, among others, is motivating demand for market.

Key players in the market

Some of the key players profiled in the Unsaturated Polyester Resins Market include AOC, LLC, INEOS, BASF SE, Polynt, LERG SA, Koninklijke DSM N.V., U-PICA Company. Ltd., Eternal Materials Co., Ltd., Satyen Polymers Pvt. Ltd., CIECH Group, Dow Inc., Von Roll, Scott Bader Company Ltd., Deltech Corporation, Tianhe Resin Co., Ltd., Qualipoly Chemical Corp., UPC Technology Corp., Nuplex Industries Ltd., Scott Bader Company Ltd.

Key Developments:

In December 2020: AOC acquired a Spolchemie plant for unsaturated polyester resins in the Czech Republic. It would aid the company to enhance its logistics and services.

In March 2022: Von Roll announced that it won the most considerable VPI tank fill for High Voltage Resins in the Americas. One of the world's giant VPI tanks, based in North America, has now been filled with the leading high voltage resin. The Von Roll product outperforms the competition in all technical requirements.

Types Covered:
• Dicyclopentadiene (DCPD)
• Isophthalic Resin
• Orthophthalic Resin
• Other Types

Forms Covered:
• Liquid Form
• Powder Form

Manufacturing Processes Covered:
• Spray-Up
• RTM/Injection Molding
• Pultrusion
• Hand Layup
• Filament Winding
• Compression Molding

Applications Covered:
• Plastics (Tanks, Pipes, and Others)
• Panels
• Fillers
• Composites
• Coatings, Adhesives
• Cement
• Artificial Stones

End Users Covered:
• Building & Construction
• Marine
• Transportation
• Pipes & Tanks
• Electrical & Electronics
• Wind Energy
• Artificial Stones
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances