Global Unsaturated Polyester Resins Market is estimated to be valued at USD 14.02 Bn in 2024, exhibiting a CAGR of 7.2% over the forecast period 2024-2031. Unsaturated polyester resins are increasingly being used in the construction industry for applications such as decorative laminates. Their heat and chemical resistance make them ideal for use in pipes, tanks, ducts, roofing sheets, and other building components.
Increased application of fiber reinforced plastics and growth of construction industry are expected to boost demand for unsaturated polyester resins. Fiber reinforced plastics are used in products ranging from building materials to automotive parts, owing to benefits such as high strength-to-weight ratio, corrosion resistance and durability. Increasing construction of commercial buildings, residential housing, and infrastructure can drive the market growth. Factors such as rapid urbanization and rising disposable income in developing economies are boosting construction activity globally. This is expected to boost consumption of unsaturated polyester resins for various building and construction applications over the forecast period.
Increasing Demand from Construction Industry
The construction industry has been witnessing growth over the past few years globally. Unsaturated polyester resins find major applications in the construction of buildings, infrastructure development and other construction activities. These are used in making fiberglass for constructing roofs, walls, pipes, and others. Unsaturated polyester resins provide strength, durability and corrosion resistance to fiberglass, making it suitable for various construction applications. With increasing investments in construction of residential and commercial buildings as well as infrastructure development projects, there has been huge demand for unsaturated polyester resins from the construction industry.
Growing Demand from Transportation Industry
Unsaturated polyester resins are extensively used in the transportation industry for manufacturing different components of automobiles, railways, marine vessels and aircrafts. These are used to manufacture fiber reinforced plastic parts of vehicles due to their thermal and chemical resistance properties. With rising vehicle production across the world coupled with increasing applications of fiber reinforced plastics in automotive manufacturing, there has been huge demand for unsaturated polyester resins from the transportation industry. Growing investments in developing rail and marine transportation infrastructure can boost consumption of unsaturated polyester resins.
Declining Crude Oil Prices
Unsaturated polyester resins are crude oil-based products and crude oil is the major raw material needed for their production. Persistent decline in crude oil prices over the past few years has negatively impacted the profitability of unsaturated polyester resins producers. Lower crude oil prices reduce the revenues and margins of producers. This can hamper the unsaturated polyester resins market growth. Volatility in crude oil prices poses risks and challenges for the market growth. Stabilization in oil prices is necessary for the sustained growth of the unsaturated polyester resins industry.
Trade Wars and Duties on Imports
Ongoing trade wars and duties imposed on imports of resins and composites are adversely affecting the unsaturated polyester resins market. Imposition of anti-dumping duties on imports of unsaturated polyester resins from China by the U.S. creates challenges for resin developers as well as downstream composite producers who rely on global trade. Duties on exports by China also restrain the profitability and global competitiveness of Chinese resin producers. Various trade hurdles caused due to protectionist economic policies adopted by different countries create uncertainty and hamper the unsaturated polyester resins market growth.
Growing Demand for Low-Cost Alternatives
Rising demand for low-cost and eco-friendly resin alternatives from end-use industries can offer growth opportunities for unsaturated polyester resins producers. Development of bio-based unsaturated polyester resins using renewable feedstock such as plant oils is gaining popularity. Advantages of bio-based resins over conventional crude oil-based resins including sustainability, lower manufacturing cost and recyclability can provide opportunities for commercialization. Hybrid resins developed by blending unsaturated polyester resins with other low-cost polymers are witnessing increasing applications in composites production. Such product innovations are creating new avenues of growth for players operating in the unsaturated polyester resins market.
Increasing Demand for Lightweight and Durable Materials
Growing need of composite materials for applications requiring high strength, stiffness, durability, corrosion resistance and lightweight properties across diverse industries can offer new market opportunities. Research and development of fiber reinforced unsaturated polyester resins for use in developing mass transport vehicles, aircraft interiors, home appliances, and others. allows resin producers to penetrate new and niche application areas. Resin developers' focus on production of high-performance engineering grade resins suitable for manufacturing critical components in automobiles, aerospace and defense applications can drive the market growth in the near future.
Link - https://www.coherentmarketinsights.com/market-insight/unsaturated-polyester-resins-market-351
Key Developments
- In 2022, INEOS Enterprises completed the acquisition of ASHTA Chemicals Inc. from Bigshire Mexico.
- In 2022, Scott Bader enhanced its commitment to India and acquired Satyen Polymers.
- In 2022, AOC acquired UPR in Czech Republic.
- In 2020, INEOS Composites launched Aropol LP 67400 low profile resins that is designed to have low shrink and excellent cosmetics.
Key players
Orson Resins and Coatings Private Limited (ORCPL), Ruia Chemicals, 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., UPC Group, Scott Bader Company Ltd., Deltech Corporation, Tianhe Resin Co., Ltd., Qualipoly Chemical Corp.
