UNSATURATED POLYESTER RESINS MARKET ANALYSIS

Unsaturated Polyester Resins Market Size and Trends

Global unsaturated polyester resins market is estimated to be valued at USD 14.02 Bn in 2024 and is expected to reach USD 22.81 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.

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Global unsaturated polyester resins market is expected to witness significant growth over the forecast period due to increasing demand for unsaturated polyester resins from industries such as construction, automotive and transportation. Within the construction industry, unsaturated polyester resins are widely used in applications such as fiber reinforced plastic products and high strength concrete structures. The growth of the construction industry, especially in emerging economies, boosts demand for unsaturated polyester resins. Moreover, increasing use of lightweight and durable fiber reinforced plastics in the automotive and transportation industries can drive the unsaturated polyester resins market growth in the near future.

Strong Demand from Boats and Ships Industry

The boats and ships industry is one of the major end-use industries for unsaturated polyester resins. Unsaturated polyester resins are used in the manufacturing of fiberglass boats and ships due to their good mechanical strength, durability, and resistance to corrosion from saltwater. Over the past few decades, recreational activities such as boating, yachting and sailing have gained significant popularity globally. This has boosted production of motorboats, sailboats, cruise ships and other watercrafts. Manufacturers are trying to cater to rising demand by increasing their boatbuilding capacities and facilities. This has led to higher consumption of fiberglass reinforced plastic (FRP) composites which utilize unsaturated polyester resins as the key matrix material.  Besides meeting the growing needs of recreational marine industry, unsaturated polyester resins are also widely used in the commercial ships and vessels segment. Cargo ships, tankers, passenger ferries and other merchant marine transport require extensive use of FRP composites in their hull construction for attributes like structural strength, durability and corrosion resistance. Shipbuilding activities have been increasing across major ports globally due to international trade growth and offshore energy sector expansion. Many countries are investing heavily in their domestic ship manufacturing capacity to boost local economic development. This increasingly active new shipbuilding scenario can boost demand for unsaturated polyester resin.

Rising Usage in Industrial Infrastructure Applications

FRP composites produced using unsaturated polyester resins are widely employed in construction applications such as for building rooftops, drainpipes, water tanks, bridge decking and highway sound barriers due to their durability versus weathering and corrosion. Their light weight and strength attributes also make them fit for manufacturing various processing and storage equipment utilized across industries like oil & gas, chemicals, food & beverages and mining. Rising infrastructure development initiatives especially across emerging economies in Asia Pacific, Latin America, Middle East and Africa can drive the market growth. Growing industrialization and rapid urbanization can boost demand for constructing modern factories, plants, warehouses and other commercial establishments.