Unsaturated Polyester Resins Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2022 - 2027

Report Code: CMR 75366 Report Format: PDF + Excel

Unsaturated Polyester Resins Market Overview

Unsaturated Polyester Resins market size is forecast to reach US$17.2 billion by 2027, after growing at a CAGR of 6.1% during 2022-2027Unsaturated polyester resins are thermosetting resin produced by mixing low-molecular-weight unsaturated polyester in a vinyl monomer and then copolymerizing it. The increasing age of road and bridge fabrics, increased investment in upgrading existing commercial buildings, and the growing renovation activities are expected to create lucrative opportunities for the unsaturated polyester resins market. In addition, the rapid expansion of the automotive market is aided by a rise in the use of electric vehicles by consumers and businesses, which is further aiding the market growth. Furthermore, it is projected that the bolstering aerospace and marine industry will increase the demand for wood paints and boat hulls, which will also contribute towards the market growth during the forecast period.

COVID-19 Impact

Due to the global economic slowdown caused by the pandemic, the construction industry has seen a significant drop in growth. Due to lower raw material production, commodity sales disruptions, disrupted trade movements, lower construction demand, and lower demand for new projects, COVID-19 slowed and disrupted market growth in 2020. Due to a lack of funding, several projects were left unfinished during the pandemic. As a result of these factors, construction output was significantly reduced during the pandemic. The construction industry in the United Kingdom, for illustration, was 11.6 percent lower in July 2020 than it was in February 2020, according to the Office for National Statistics. The level of construction activity in the United Kingdom was 10.8% lower in August 2020 than it was in February 2020. Furthermore, as a result of the COVID-19 area's lockdown, manufacturers were stranded on raw material orders, which had a significant impact on the logistics industry. Because of the drop in construction activity, demand for cement, plastics, coatings, composites, and other materials fell, reducing demand for unsaturated polyester resins significantly. As a result, the market growth of unsaturated polyester resins was stifled.

Report Coverage

The report: “Unsaturated Polyester Resins Market Report – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Unsaturated Polyester Resins industry.

By Type: Orthopthalic, Isophthalic, Dicyclopentadiene, and Others

By Application: Plastics (Tanks, Pipes, and Others), Coatings, Adhesives, Composites, Panels, Fillers, Cement, Artificial Stones, and Others 

By End-Use Industry: Building and Construction [Residential (Private Dwellings, Apartments, Row Houses, and Others), Commercial (Airports, Hotels, Shopping Malls & Supermarkets, Healthcare Facilities, Education Institutes, and Others), Industrial, and infrastructural], Automotive (Passenger Vehicles (PV), Light Commercial Vehicles (LCV), and Heavy Commercial Vehicles (HCV)), Aerospace (Commercial, and Military), Marine (Passenger, Cargo, and Others), Locomotive, ELectrica l& Electronics, Chemical, and Others

By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East, and Africa)

Key Takeaways

  • Asia-Pacific dominates the unsaturated polyester resins market. Increasing building and construction activities in developing APAC countries is fueling the market growth in Asia-Pacific.
  • Rapid industrialization and urbanization in developing regions are having a significant impact on the market's growth.
  • The end-use industries such as automotive, marine, aerospace, consumer goods, and building and construction are expected to grow rapidly in developing countries, creating new market opportunities.
  • Furthermore, the growth of the automobile industry, which has reduced vehicle weight to improve fuel efficiency, has boosted demand for unsaturated polyester resins.
  • In the marine industry, composite materials are used in the construction of yachts and ships. Thus, dicyclopentadiene unsaturated polyester resins are expected to grow in popularity as the demand for composite materials grows across a variety of industries.

Figure: Asia-Pacific Unsaturated Polyester Resins Market Revenue, 2021-2027 (US$ Billion)

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Unsaturated Polyester Resins Market Segment Analysis – By Application

The plastics segment held the largest share in the unsaturated polyester resins market in 2021 and is forecasted to grow at a CAGR of 6.8% during 2022-2027. Unsaturated polyester resins are primarily used to make fiber reinforced plastics and filled plastic products, such as sanitary ware, tanks, pipes, gratings, and high-performance marine and transportation components like closure and body panels, fenders, boat hulls/decks, and other large glass fiber reinforced plastic articles. The low cost of unsaturated polyester resins compared to other epoxy and PVC materials have aided the growth of the global unsaturated polyester resins market in the plastics industry. This factor, in turn, is stimulating the growth of the market.

Unsaturated Polyester Resins Market Segment Analysis – By End-Use Industry

The building and construction segment held the largest share in the unsaturated polyester resins market in 2021 and is forecasted to grow at a CAGR of 8.2% during 2022-2027. Unsaturated polyester resins are widely used in the construction industry for roof tiles, building panels, concrete forming pans, reinforcement, household structures composites, bathroom accessories, and other applications. Glass fiber Glass Fibre-reinforced Plastic (GRP), which is used in the building and construction industry for flat and corrugated sheets, light domes and skylights, washbasins, dormer windows, rain gutters, complete covers for sewage water treatment plants, shower cabins, and door ornaments, is made primarily from unsaturated polyester resins. The advantages of GRP, such as the product's design freedom, high dimensional accuracy, and excellent compatibility with other construction materials, are also influencing the market's growth. As a result, the widespread use of unsaturated polyester resin in the building and construction industry is propelling its growth.

Unsaturated Polyester Resins Market Segment Analysis – By Geography

Asia-Pacific region held the largest share in the unsaturated polyester resins market in 2021 up to 42%, owing to spiraling demand for unsaturated polyester resins from the building and construction industry in the region. The building & construction sector is expanding in Asia-Pacific countries. For instance, in January 2022, Posco and Adani Group of South Korea have agreed to jointly construct a US$5 billion integrated manufacturing unit in Gujarat. In January 2022, Honda-Dongfeng announced to build an electric-vehicle production plant in Wuhan. In November 2021, Chinese electronics manufacturer Xiaomi announced its plan to build an automobile manufacturing plant in Beijing with an annual capacity of three lakh vehicles. By 2024, the facility will be operational and will produce electric vehicles. According to the Australian Bureau of Statistics, private sector houses rose 15.1 percent monthly and 57.5 percent annually in February 2021, in seasonally adjusted terms (ABS). According to the Vietnam Ministry of Construction, the average house floor area per person in Vietnam will be 27 square meters by 2025, with 28 square meters in urban areas and 26 square meters in rural areas. Thus, the increasing building & construction industry in APAC is the major factor boosting the market growth during the year 2021 and the forecast period.

Unsaturated Polyester Resins Market Drivers

Increasing Electric Vehicle Production

Unsaturated polyester resins are often widely used in the automotive industry because of their design flexibility, lightweight, low system costs, and mechanical strength. Electric vehicle production and adoption are expected to rise around the world. According to Invest India, the Indian EV market is expected to grow at a CAGR of 44 percent between 2020 and 2027, with annual sales reaching 6.34 million units by 2027. California has mandated that by 2035, all new passenger vehicles sold in the state by 100% electric. The recently unveiled American Jobs Plan proposes a total of US$174 billion in incentives, rebates, and investments to promote the production and adoption of electric vehicles. GM has also proposed that all diesel and gasoline-powered cars be phased out by 2035, with the entire fleet being converted to electric vehicles. As a result, it is expected that a gradual shift toward electric vehicles will boost demand for unsaturated polyester resins, propelling the market forward.

Increasing Demand for Aircrafts

Unsaturated polyester resin is one of the most popular thermoset polymers for use as a matrix in composites for aerospace applications because of its unique properties such as high strength and modulus, room temperature cure capability, high resistance to water, and transparency. Various regions are experiencing an increase in aircraft demand. For example, Boeing predicted in November 2020 that China's airlines would spend US$1.4 trillion on 8,600 new planes and US$1.7 trillion on commercial aviation services over the next 20 years. According to Boeing's current business forecast, the Middle East will require 2,520 planes by 2030. India is also expected to drive demand for 2,300 aircraft worth US$320 billion over the next 20 years, according to Boeing. According to Boeing, 8,995 aircraft fleets were delivered in North America in 2020, with 10,610 fleets expected by 2039. As the number of aircraft produced grows, so will demand unsaturated polyester resins, propelling the market forward during the forecast period.

Unsaturated Polyester Resins Market Challenges

Availability of Other Substitute Materials

The market for unsaturated polyester resins is being hampered by the acceptance of epoxy, vinyl ester, acrylic, polyethylene terephthalate, and polyurethane resins. Epoxy resins are used in a variety of applications, including adhesives, coatings, casting materials, and composites. They have similar properties to unsaturated polyester resins, such as high strength, low shrinkage, and good adhesion. Unsaturated polyester resins are less hard and clear than acrylic and have a yellowish tint to them. They're also extremely toxic and have a persistently foul odor. Vinyl ester resins have much better corrosion resistance, mechanical properties, and thermal properties than unsaturated polyester resins. As a result, the availability of other substitute materials could limit the overall growth of the global unsaturated polyester resins market over the forecast period.

Unsaturated Polyester Resins Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the market. Unsaturated Polyester Resins top 10 companies include:

  1. AOC Resins
  2. Ashland Inc.
  3. BASF SE
  4. Changzhou New Solar Co. Ltd.
  5. DSM
  6. DuPont
  7. Lanxess AG
  8. Eternal Chemical Co. Ltd.
  9. Reichhold Inc.
  10. SABIC Innovative Plastics Holding BV

Recent Developments

  • In February 2020, In North America, INEOS introduced a new low-profile resin for the recreational vehicle and marine markets. Aropol LP 67400 is designed to provide boat builders and RV manufacturers with high strength and robust processing capabilities.
  • In July 2020, AOC Materials and Ashland have reached an agreement to sell Ashland's maleic anhydride business. UPR is made from maleic anhydride, which is a common raw material. As a result of this agreement, they will be able to expand their product line in unsaturated polyester resins.
  • In December 2020, the manufacturing operations for unsaturated polyester resin (UPR) at the Spolchemie site in st nad Labem, Czech Republic, were acquired by AOC. AOC was able to provide better service and logistics to its customers in Central/Eastern Europe and Germany as a result of this footprint expansion.

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1. Unsaturated Polyester Resins Market- Market Overview
    1.1 Definitions and Scope
2. Unsaturated Polyester Resins Market- Executive Summary
    2.1 Key Trends by Type
    2.2 Key Trends by Application
    2.3 Key Trends by End-Use Industry
    2.4 Key Trends by Geography
3. Unsaturated Polyester Resins Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Unsaturated Polyester Resins Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Unsaturated Polyester Resins Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Unsaturated Polyester Resins Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Unsaturated Polyester Resins Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Unsaturated Polyester Resins Market - By Type (Market Size -US$ Million/Billion)
    8.1 Orthophthalic
    8.2 Isophthalic
    8.3 Dicyclopentadiene
    8.4 Others
9. Unsaturated Polyester Resins Market - By Application (Market Size -US$ Million/Billion)
    9.1 Plastics
        9.1.1 Tanks
        9.1.2 Pipes
        9.1.3 Others
    9.2 Coatings
    9.3 Adhesives
    9.4 Composites
    9.5 Panels
    9.6 Fillers
    9.7 Cement
    9.8 Artificial Stone
    9.9 Others
10. Unsaturated Polyester Resins Market - By End-Use Industry (Market Size -US$ Million/Billion)
    10.1 Building & Construction
        10.1.1 Residential
            10.1.1.1 Private Dwellings
            10.1.1.2 Apartments
            10.1.1.3 Row Houses
            10.1.1.4 Others
        10.1.2 Commercial
            10.1.2.1 Airports
            10.1.2.2 Hotels
            10.1.2.3 Shopping Malls & Supermarkets
            10.1.2.4 Healthcare Facilities
            10.1.2.5 Education Institutes
            10.1.2.6 Others
        10.1.3 Industrial
        10.1.4 Infrastructural
    10.2 Automotive
        10.2.1 Passenger Vehicles (PV)
        10.2.2 Light Commercial Vehicles (LCV)
        10.2.3 Heavy Commercial Vehicles (HCV)
    10.3 Aerospace
        10.3.1 Commercial
        10.3.2 Military
    10.4 Marine
        10.4.1 Passenger
        10.4.2 Cargo
        10.4.3 Others
    10.5 Locomotive
    10.6 Electrical & Electronics
    10.7 Chemical
    10.8 Others
11. Unsaturated Polyester Resins Market - By Geography (Market Size -US$ Million/Billion)
    11.1 North America
        11.1.1 USA
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Netherlands
        11.2.6 Spain
        11.2.7 Russia
        11.2.8 Belgium
        11.2.9 Rest of Europe
    11.3 Asia-Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zealand
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia
        11.3.9 Rest of APAC
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Colombia
        11.4.4 Chile
        11.4.5 Rest of South America
    11.5 Rest of the World
        11.5.1 Middle East
            11.5.1.1 Saudi Arabia
            11.5.1.2 UAE
            11.5.1.3 Israel
            11.5.1.4 Rest of the Middle East
        11.5.2 Africa
            11.5.2.1 South Africa
            11.5.2.2 Nigeria
            11.5.2.3 Rest of Africa
12. Unsaturated Polyester Resins Market – Entropy
    12.1 New Product Launches
    12.2 M&As, Collaborations, JVs and Partnerships
13. Unsaturated Polyester Resins Market – Industry/Segment Competition Landscape Premium
    13.1 Company Benchmarking Matrix – Major Companies
    13.2 Market Share at Global Level - Major companies
    13.3 Market Share by Key Region - Major companies
    13.4 Market Share by Key Country - Major companies
    13.5 Market Share by Key Application - Major companies
    13.6 Market Share by Key Product Type/Product category - Major companies
14. Unsaturated Polyester Resins Market – Key Company List by Country Premium Premium
15. Unsaturated Polyester Resins Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"

LIST OF TABLES

1.Global Unsaturated Polyester Resins Market Analysis and Forecast By Product Type Market 2019-2024 ($M)
2.Global Unsaturated Polyester Resins Market Analysis and Forecast By End Users Market 2019-2024 ($M)
3.Global Unsaturated Polyester Resins Market Analysis and Forecast By Product Type Market 2019-2024 (Volume/Units)
4.Global Unsaturated Polyester Resins Market Analysis and Forecast By End Users Market 2019-2024 (Volume/Units)
5.North America Unsaturated Polyester Resins Market Analysis and Forecast By Product Type Market 2019-2024 ($M)
6.North America Unsaturated Polyester Resins Market Analysis and Forecast By End Users Market 2019-2024 ($M)
7.South America Unsaturated Polyester Resins Market Analysis and Forecast By Product Type Market 2019-2024 ($M)
8.South America Unsaturated Polyester Resins Market Analysis and Forecast By End Users Market 2019-2024 ($M)
9.Europe Unsaturated Polyester Resins Market Analysis and Forecast By Product Type Market 2019-2024 ($M)
10.Europe Unsaturated Polyester Resins Market Analysis and Forecast By End Users Market 2019-2024 ($M)
11.APAC Unsaturated Polyester Resins Market Analysis and Forecast By Product Type Market 2019-2024 ($M)
12.APAC Unsaturated Polyester Resins Market Analysis and Forecast By End Users Market 2019-2024 ($M)
13.MENA Unsaturated Polyester Resins Market Analysis and Forecast By Product Type Market 2019-2024 ($M)
14.MENA Unsaturated Polyester Resins Market Analysis and Forecast By End Users Market 2019-2024 ($M)

LIST OF FIGURES

1.US Unsaturated Polyester Resins Market Revenue, 2019-2024 ($M)
2.Canada Unsaturated Polyester Resins Market Revenue, 2019-2024 ($M)
3.Mexico Unsaturated Polyester Resins Market Revenue, 2019-2024 ($M)
4.Brazil Unsaturated Polyester Resins Market Revenue, 2019-2024 ($M)
5.Argentina Unsaturated Polyester Resins Market Revenue, 2019-2024 ($M)
6.Peru Unsaturated Polyester Resins Market Revenue, 2019-2024 ($M)
7.Colombia Unsaturated Polyester Resins Market Revenue, 2019-2024 ($M)
8.Chile Unsaturated Polyester Resins Market Revenue, 2019-2024 ($M)
9.Rest of South America Unsaturated Polyester Resins Market Revenue, 2019-2024 ($M)
10.UK Unsaturated Polyester Resins Market Revenue, 2019-2024 ($M)
11.Germany Unsaturated Polyester Resins Market Revenue, 2019-2024 ($M)
12.France Unsaturated Polyester Resins Market Revenue, 2019-2024 ($M)
13.Italy Unsaturated Polyester Resins Market Revenue, 2019-2024 ($M)
14.Spain Unsaturated Polyester Resins Market Revenue, 2019-2024 ($M)
15.Rest of Europe Unsaturated Polyester Resins Market Revenue, 2019-2024 ($M)
16.China Unsaturated Polyester Resins Market Revenue, 2019-2024 ($M)
17.India Unsaturated Polyester Resins Market Revenue, 2019-2024 ($M)
18.Japan Unsaturated Polyester Resins Market Revenue, 2019-2024 ($M)
19.South Korea Unsaturated Polyester Resins Market Revenue, 2019-2024 ($M)
20.South Africa Unsaturated Polyester Resins Market Revenue, 2019-2024 ($M)
21.North America Unsaturated Polyester Resins By Application
22.South America Unsaturated Polyester Resins By Application
23.Europe Unsaturated Polyester Resins By Application
24.APAC Unsaturated Polyester Resins By Application
25.MENA Unsaturated Polyester Resins By Application
26.Competition Landscape, Sales /Revenue, 2015-2018 ($Mn/$Bn)