The global Unsaturated Polyester Resins market is estimated to be valued at USD 11,275.6 million in 2021 and is expected to exhibit a CAGR of 7.5% over the forecast period of 2021-2028, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Unsaturated Polyester Resins are widely used in various industries such as building & construction, automotive, electrical & electronics, marine, and aerospace. These resins offer excellent mechanical properties, corrosion resistance, and low shrinkage, making them suitable for a wide range of applications.
In the building & construction sector, unsaturated polyester resins are used in manufacturing pipes, tanks, architectural structures, and other composite materials. The growing demand for lightweight materials in the automotive industry is also driving the market for unsaturated polyester resins.
B) Market Dynamics:
The Unsaturated Polyester Resins Market is driven by two major factors. Firstly, the increasing demand from the building & construction sector is boosting the market growth. The rising construction activities across the globe, especially in emerging economies, are creating a significant demand for unsaturated polyester resins. These resins are widely used in the construction of infrastructure facilities such as bridges, buildings, and industrial structures due to their high strength and durability.
Secondly, there is a growing trend of lightweight materials in various industries, including automotive and aerospace. Unsaturated polyester resins are considered lightweight materials and are preferred by manufacturers aiming to reduce the weight of their products. For instance, in the automotive industry, the use of unsaturated polyester resins in manufacturing components such as bumpers, hoods, and body panels helps in achieving fuel efficiency and reducing emissions.
C) Market Key Trends:
One key trend in the Unsaturated Polyester Resins market is the increasing focus on sustainable solutions. Manufacturers are adopting environmentally friendly production processes and developing bio-based unsaturated polyester resins. These bio-based resins are derived from renewable feedstocks, reducing dependence on fossil fuels and lowering the carbon footprint. For example, DSM, one of the key players in the market, offers a range of sustainable unsaturated polyester resins that are produced from renewable raw materials.
D) SWOT Analysis:
- Strengths:
1. High mechanical properties
2. Wide range of applications
- Weaknesses:
1. Vulnerable to damage from UV exposure
2. Limited heat resistance
- Opportunities:
1. Growing demand for composites in the aerospace industry
2. Increasing investments in infrastructure development
- Threats:
1. Volatile raw material prices
2. Intense competition among key players
E) Key Takeaways:
The global Unsaturated Polyester Resins market is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period, due to increasing demand from the building & construction sector and the growing trend of lightweight materials in industries such as automotive and aerospace.
In terms of regional analysis, Asia-Pacific is expected to be the fastest-growing and dominating region in the Unsaturated Polyester Resins market. The rapid urbanization, infrastructural development, and increasing industrialization in countries like China and India are driving the demand for unsaturated polyester resins in this region.
Key players operating in the global Unsaturated Polyester Resins market include AOC Resins, Ashland Inc., BASF SE, CCP Composites, Changzhou New Solar Co. Ltd., DSM, DuPont, Lanxess AG, Eternal Chemical Co. Ltd., Reichhold Inc., SABIC Innovative Plastics Holding BV, and Satyen Polymers Pvt. Ltd. These players are focusing on product innovations, strategic partnerships, and expansion strategies to strengthen their market position and cater to the growing demand.
