IMARC Group's report titled "Unsaturated Polyester Resins Market Report by Type (Orthophthalic Resin, Isophthalic Resin, Dicyclopentadiene (DCPD) Resin, and Others), End-Use (Building and Construction, Automotive, Marine, Pipes, Ducts and Tanks, Wind Energy, Electrical and Electronics, and Others), Form (Liquid Form, Powder Form), and Region 2024-2032". The global unsaturated polyester resins market size reached US$ 13.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 20.9 Billion by 2032, exhibiting a growth rate (CAGR) of 5.1% during 2024-2032.
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Factors Affecting the Growth of the Unsaturated Polyester Resins Industry:
- Thriving Construction Sector:
The rising utilization of unsaturated polyester resins (UPRs) due to the burgeoning construction sector is supporting the market growth. These resins find applications in composite materials used for building construction, including panels, pipes, and infrastructure components. Besides this, the increasing demand for durable and cost-effective materials for construction activities is bolstering the market growth. Their versatility, corrosion resistance, and ability to enhance structural integrity make them valuable in modern construction practices. Moreover, the rising focus on sustainable building practices is impelling the market growth.
- Rising Adoption of Vehicles:
The increasing demand for lightweight materials to improve fuel efficiency and performance is catalyzing the demand for UPRs in the automotive sector. These resins are utilized in various automotive applications, including body panels, interiors, and structural components. Apart from this, the rising adoption of UPRs to meet stringent emissions standards is contributing to the market growth. Furthermore, UPRs offer manufacturers greater design flexibility and the ability to create complex shapes and intricate parts, further enhancing their attractiveness in the automotive industry. Additionally, the increasing number of electric vehicles among individuals is bolstering the market growth.
- Wind Energy Development:
The rapid expansion of wind energy to align with renewable energy goals is strengthening the market growth. UPRs are essential in manufacturing wind turbine blades due to their lightweight, durable, and corrosion-resistant properties. In line with this, governing agencies of various countries are prioritizing clean energy initiatives by investing in wind power infrastructure, which is propelling the market growth. Additionally, technological advancements in blade design and manufacturing processes increase the demand for high-performance unsaturated polyester resins, as they enable larger and more efficient turbines to capture wind energy more effectively.
Leading Companies Operating in the Global Unsaturated Polyester Resins Industry:
- AOC LLC
- Ashland LLC
- BASF SE
- CCP Composites Ltd
- I. Du Pont
- Allnex Resins Australia Pty Ltd
- Polynt Composites USA Inc.
- Reichhold Inc.
- Koninklijke DSM N.V.
- Scott Bader Company Ltd.
- UPC Technology Corporation
Unsaturated Polyester Resins Market Report Segmentation:
By Type:
- Orthophthalic Resin
- Isophthalic Resin
- Dicyclopentadiene (DCPD) Resin
- Others
Orthophthalic resin represents the largest segment as it is known for its versatility and cost-effectiveness.
By End-Use:
- Building and Construction
- Automotive
- Marine
- Pipes, Ducts and Tanks
- Wind Energy
- Electrical and Electronics
- Others
Building and construction hold the biggest market share due to the compatibility of UPRs with reinforcement materials, such as fiberglass, that enhance their performance in construction applications.
By Form:
- Liquid Form
- Powder Form
Powder form accounts for the largest market share, driven by its ability for accurate dosing and reduced waste during processing.
Regional Insights:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific enjoys a leading position in the unsaturated polyester resins market, which can be attributed to the thriving automotive sector.
Global Unsaturated Polyester Resins Market Trends:
The growing demand for UPRs due to the increasing leisure boating activities among individuals around the world is positively influencing the market. These resins are widely used in boat construction due to their enhanced strength-to-weight ratio, corrosion resistance, and versatility. Moreover, manufacturers rely on UPRs to meet the demand for durable and low-maintenance watercraft. Besides this, innovations in marine composites and construction techniques, coupled with the trend toward lighter and more fuel-efficient vessels, are propelling the market growth.
Besides this, ongoing research and development (R&D) activities benefit in improving the performance, sustainability, and cost-effectiveness of UPRs. Innovations in resin formulations, curing processes, and recycling technologies enhance the attractiveness of these materials to various end-user industries.
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