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The global unsaturated polyester resin (UPR) market size was USD 11,579.6 million in 2019 and is projected to reach USD 16,965.7 million by 2027, exhibiting a CAGR of 5.9% during the forecast period.
Unsaturated polyester resin is a linear polymer compound with an unsaturated double bond and ester bond. It is formed by the condensation polymerization of saturated dihydric acid dihydric alcohol or unsaturated dihydric acid dihydric alcohol. This material is a printable liquid polymer that keeps the solid shape from the mold when cured with styrene. When combined with fiberglass, it can showcase properties such as strength and durability. It also has applications for opaque paneling, aircraft ductwork, and providing an aesthetic appeal.
The rising demand for this product can be associated with the growth in the construction industry, where it is used for wood paints, flat laminated panels, ribbed panels, artificial cement, and bathroom fixers. Moreover, this product also finds applications in frames, ducts and pipes, panels, interior and exterior components of vehicles, boats, and airplanes. Hence, the expansion of the automotive, marine, and aircraft industries will propel the unsaturated polyester resin market.
Temporary Halt in Manufacturing Activities amid the COVID-19 Outbreak to Affect Growth
The coronavirus pandemic has significantly affected several industries all over the globe resulting in the temporary halt of manufacturing and trade activities. These industries include automotive, and building & construction. The lockdown has led to a shortage of raw material, which, in turn, has caused a halt in manufacturing activities in these industries. It is further leading to a decline in the product demand. This has surged the pricing of raw materials and finished products as a mode to generate enough revenue for manufacturers. Moreover, the normalization after the COVID-19 period is expected to benefit manufacturing industries such as automotive, marine, and aerospace to help in the revenue generation, which, in turn, would support the UPR market growth.
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High Demand for UPR from Several End-use Industries to Provide Growth Opportunities
The growing demand for UPR from several end-use industries such as automotive, aerospace, electrical & electronics, and marine is positively affecting the key market growth. This product is used for printed wiring boards, pipes and ducts, and panels. This product is also used as a composite material for making vehicle structures and boats in the automotive and marine industries. As composite materials made from this material are low-cost and lightweight, this acts as an ideal product to be used in these industries, thus resulting in the high demand for unsaturated polyester resin.
Moreover, this material is used in electronics & electrical applications due to its beneficial properties such as corrosion resistance, insulation, flexibility, strength, and durability. These properties make this product a high demanding material for the manufacturing of microwave antennas, wiring boards, and electrical insulation devices. At the same time, the increasing demand for applications in end-use industries such as wind, aerospace, and pipes & tanks is further set to support the product consumption.
Increasing Demand for Unsaturated Polyester Resin from Building & Construction Industry to Aid Growth
This product is majorly utilized in the building & construction industry for the manufacturing of products such as window panels, roof tiles, floor tiles, and bathroom fixtures. The use of this product offers excellent surface finish, water repellency, resistance to wear, rigidity, and good electrical insulation. Hence, the increasing demand from the building & construction industry acts as a key driving factor for the UPR market. Growing construction activities around the globe to meet the high demand from the rising population is leading to the high consumption of this product. Besides, the expansion of government infrastructures and housing projects in developing regions is driving the building & construction industry, which is further anticipated to propel the UPR market. Moreover, the rising urban population and renovation activities due to the growing disposable incomes of consumers are further driving the demand for this product.
Availability of Substitutes May Hinder the Market Growth
This product has seen a major demand growth from various end-use industries. However, this has led to the development and introduction of substitutes in the market. These substitutes include epoxy resin and nylon, thus leading to consumers shifting towards cheaper and easily available resin raw material that acts as a restraining factor for the market growth rate. Moreover, governmental regulations over the protection of the environment and limiting the use of non-renewable resources as an act towards conservation is further hindering the market growth in the process. Additionally, the temporary shutdown of production units due to the COVID-19 pandemic is also a restraining factor as it is creating a demand and supply gap.
Orthophthalic Segment to Hold Major Share in the Market during the Forecast Period
On the basis of type, the market is segmented into orthophthalic, isophthalic, and DCPD. The orthophthalic segment dominated the market due to more benefitting properties such as toughness, durability, chemical, and thermal resistance. These properties prove to be advantageous in the automotive, marine, and construction industries, which have led to the high consumption of this product. This material is used in various applications such as boat decks, fishing poles, lamination, castings, gel coats, and polymer concrete in the above-mentioned industries. The expansion of the automotive, marine and aerospace end-use industries would support the market growth.
The isophthalic segment is expected to experience significant growth during the forecast period due to the increasing demand for fiberglass. The isophthalic UPR offers properties such as higher-grade, better flexibility, strength, and chemical resistance. These properties make it an ideal type to be used for fiberglass applications in the transportation industry. DCPD is used for composite materials, body panels, closure panels, boat hull fenders, and decks in the marine and transportation industries. They are also used for coatings and adhesive applications.
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Building & Construction Segment to Lead Backed by High Demand from the Housing Sector
On the basis of application, the market is segmented into building & construction, marine, pipes & tanks, electrical & electronics, land transportation, wind energy, and others. The building & construction segment dominated the market due to the high demand from the housing sector as a result of the population growth. This material is used for roof panels, tiles, bathroom fixers, coatings, insulation, wiring, and others. The demand for this product can be associated with the growth of the building & construction industry in developing regions.
The marine segment is expected to show substantial growth during the forecast period due to the rapid use of this product in marine applications such as boat decks, interior & exterior parts, fiberglass panels, and surfer boards. The wind segment is also anticipated to have the fastest growth due to the increasing demand for energy from various sectors. Composite materials made from this product are used in the manufacturing of wind blades at lower prices. Moreover, the growing prices of fossil-based fuels are resulting in the shift towards more effective energy generation sources.
In the electrical & electronics segment, this product is used for electrical and thermal insulation, wiring boards, and printed circuit boards on account of various properties such as durability and flexibility. Moreover, fiberglass made from this product is used for the manufacturing of pipes and tanks for industrial applications. The rising demand for applications in the pipes & tanks and electrical & electronics segment is further expected to support the overall market growth.
Asia Pacific Unsaturated Polyester Resin Market Size, 2019 (USD Million)
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Asia Pacific dominated the unsaturated polyester resin market in terms of volume and is estimated to have a value of USD 6,606.2 million in 2019. The dominance of the region can be attributed to the increasing demand for this product from several industries such as automotive and aerospace. The economic development within numerous countries such as China, India, and Japan is leading to significant demand for composite material made from this product in household and institutional applications. It is expected to drive the market during the forecast period.
North America is estimated to have a significant share in the global market, which can be associated with the growing technological advancement and disposable income in the region. The growing demand for this material from the construction industry for renovation is a leading factor responsible for the market growth. This, along with rising trade activities, such as exports of end products made from this material from the region, would drive this market.
Europe is expected to show substantial market growth during the forecast period. This growth can be attributed to the high demand for this material from applications in the automotive industry. Germany is one of the major countries in terms of the production and consumption of automobiles and is anticipated to increase the demand for this product. The expansion of the automotive industry in the region would also lead to market growth.
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Latin America and the Middle East & Africa are expected to have gradual growth during the forecast period. In Latin America, Brazil is anticipated to show growth due to rapid urbanization along with the increasing disposable income. Furthermore, the Middle East & Africa is a major hub for mining. At the same time, raw materials are available easily and at lower prices for manufacturers in the region. This reduces the total production cost of the product. Moreover, the growing economy and population within the region would further surge the market.
Joint Ventures and Capacity Expansion are the Key Strategies Implemented by Companies
Key players operating in the industry are Reichold, Royal DSM, Deltech, Polynt, Dow, BASF SE, and INEOS. Companies are adopting strategies such as distribution enhancement, new product development, acquisition, collaboration, and mergers to gain a competitive edge in the global market. For example, Reichold is one of the key players that provide a wide range of unsaturated polyester resins and saturated polyester resins for various applications. Deltech is also a major player that offers an extensive range of resins primarily based on unsaturated polyester and alkyd chemistry. The company has a production capacity of 20-ton batches of resin.
An Infographic Representation of Unsaturated Polyester Resin (UPR) Market
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The market research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, types, and applications. Also, it offers insights into market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the market over recent years.
Volume (Kiloton); Value (USD Million)
By Type, By Application, and By Region
Fortune Business Insights says that the global market size was USD 11,579.6 million in 2019 and is projected to reach USD 16,965.7 million by 2027.
In 2019, the market value stood at USD 11,579.6 million.
Registering a CAGR of 5.9%, the market will exhibit steady growth in the forecast period (2020-2027).
The building & construction segment is expected to lead this market during the forecast period.
The increasing demand for unsaturated polyester resin for roofing, flooring, coatings, and fiberglass applications is the key factor driving the market growth.
Reichold, Royal DSM, Deltech, Polynt, Dow, BASF SE, and INEOS are the leading players in the market.
Asia Pacific held the highest share in the market.
The high demand for composite materials from various end-use industries and technological innovations are expected to drive the adoption of these products.
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