Unsaturated Polyester Resin Market

The global unsaturated polyester resin market was valued at USD 11.98 billion in 2021. It is projected to reach USD 21.57 billion by 2030, growing at a CAGR of 6.75% during the forecast period (2022–2030). Polyester resin is a polymer formed through the polycondensation of specific polyalcohols and polyacids. Unsaturated Polyester Resins (UPR) are a type of polyester resin that can take the form of a mold once it has cured. The various forms of UPR include orthophthalic resin, isophthalic resin, and dicyclopentadiene (DCPD) resin. UPRs are utilized in various industries due to their enhanced features and advantages.

Unsaturated polyester resin (UPR) is a thermoset molding resin used to manufacture glass fiber-reinforced plastics (FRP). It has numerous physical properties, including high tensile, bending, impact strength, and resistance to heat and corrosion. It creates composite materials, wood paints, laminated panels, coatings, color pastes, and sanitaryware. UPRs manufacture building panels, concrete rebars, pans, doors, electrical boxes, and floor grafts. These resins are also utilized in the marine industry, contributing to the market's expansion. UPRs rapidly replace metals such as aluminum and steel in the construction of boat hulls and decks, ground transport components, and wind turbine blades. Compared to their metallic counterparts, UPRs are highly customizable and offer simple production and design.

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Market Dynamics

Global Unsaturated Polyester Resin Market Drivers

Rising Applications in Numerous End-use Industries

With its growing use in various applications across various industries, the global unsaturated polyester resins market is expected to increase. Unsaturated polyester resins are suitable for various industries due to their high flexibility and low cost. Pipe relining, artificial stone and marble manufacturing, electrical appliances, pipe manufacturing, and resin manufacturing are just a few of these industries. Most workboats, yachts, and dinghies use this resin system due to its high corrosion resistance and low cost. The unsaturated polyester resin can cure a solid or liquid state when exposed to the proper environmental conditions. The increased focus on waterways as a mode of transportation and a defensive front is boosting the market growth.

Increasing Demand from the Construction and Building Industry

A primary factor fueling the expansion of the market for unsaturated polyester resins is the growing demand for the product from the building and construction industry. They are used extensively in various applications requiring resistance and flexibility, including concrete, roofs, glass, and artificial marble. Unsaturated polyester resins also give buildings several other crucial characteristics, such as impact resistance, decreased weight, increased load-bearing capacity, improved sealing, better use of space, lower maintenance requirements, and increased longevity.

Global Unsaturated Polyester Resin Market Restraint

Availability of Other Substitute Materials 

Epoxy resins are utilized as adhesives, coatings, casting materials, and composites, among other applications. Unlike unsaturated polyester resins, they have high strength, low shrinkage, and excellent adhesion. Unsaturated polyester resins are softer and less transparent than acrylic and have a yellowish hue. Additionally, they are highly toxic and have a pervasive foul odor. The corrosion resistance, mechanical properties, and thermal properties of vinyl ester resins are significantly superior to those of unsaturated polyester resins. As a result, the availability of alternative materials may restrain the global market for unsaturated polyester resins over the forecast period.

Segmental Analysis of the Global Unsaturated Polyester Resin Market

The global unsaturated polyester resin market is segmented by product and end-user.

Based on product, the market is segmented into DCPD, orthophthalic, and isophthalic.

The orthophthalic product segment emerged as the most popular and dominated the unsaturated polyester resin market. Mechanical properties, low thermal stability, corrosion resistance, and low cost over other substitutes make it suitable for various industries. Orthophthalic is easier to use and transport because of its lighter weight.

Based on end-user, the market is divided into building and construction, tanks and pipes, electrical, marine, transport, and artificial stones.

Unsaturated polyester resin is increasingly used in reinforcement, roofing, concrete, and composites of household structures, factories, buildings, and mass transit applications in the building and construction industry. The global construction market has been driven by infrastructure development in BRICS and Middle Eastern countries, which is expected to boost demand for an unsaturated polyester resin over the forecast period.

Regional Analysis of the Global Unsaturated Polyester Resin Market

The global unsaturated polyester resin market is segmented into four regions, namely North America, Europe, Asia Pacific, and LAMEA.

Regional Growth Insights Request Sample Pages

Asia Pacific will dominate the UPR market with the highest revenue share during the forecast period. The growth of major industries such as construction, electronics, transportation, and marine are driving the market. The market is predicted to grow due to the automotive industry's solid manufacturing base in China, Japan, and India's increased passenger vehicle sales. The presence of major electrical and electronics manufacturing companies in this region, such as Toshiba Corporation, Pegatron Corporation, Samsung Electronics, LG Electronics, Fujitsu Ltd, and Sony Corporation, among others, is driving demand for unsaturated polyester resin.

Competitive Analysis of the Global Unsaturated Polyester Resin Market

• BASF SE
• DOW Inc.
• Ineos Group
• LERG SA
• AOC
• DSM
• Scott Bader Company Ltd.
• TIANHE RESIN CO., LTD.
• UPC GROUP
• Von Roll

Recent Developments

• In April 2022: Von Roll will expand its business for potting resins. Von Roll further expanded its site in Italy for the growing business of potting resins in the automotive and electronics industries. For this purpose, the company has secured an adjacent plot of land at the Trofarello site in Italy.
• In March 2022: Von Roll won the most considerable VPI tank fill for High Voltage Resins in the Americas. One of the world's giant VPI tanks, based in North America, has now been filled with the leading high voltage resin. The Von Roll product outperforms the competition in all technical requirements.

Global Unsaturated Polyester Resin Market: Segmentation

By Product

• DCPD
• Orthophthalic
• Isophthalic

By End-User

• Building and Construction
• Tanks and Pipes
• Electrical
• Marine
• Transport
• Artificial Stones

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA