Industry Outlook

Unsaturated Polyester Resins market was worth USD 10,052.8 million in 2017 and expected to grow at a CAGR of 5.50% between 2018 and 2026. Unsaturated polyester resins find wide application across building & construction, marine, electrical & electronics, transportation, tanks & pipes, wind energy, and others (artificial stones, coatings, etc.). Unsaturated polyester resin is the most important polymer for production of composite materials such as glass fiber–reinforced plastics (FRP). Increasing demand for lightweight composites from aforementioned industries due to its low cost, lightweight, and superior durability expected to spur the unsaturated polyester market during the forecast period. Unsaturated Polyester Resins industry is witnessing a shift from fragmentation to consolidation due to a large number of merger and acquisition activities resulting in serious polarizing in the marketplace. UPR market continues to consolidate and shift to China, India, and other Asian countries consequently leading to plant closures and exiting of small producers. Unsaturated Polyester Resins market is gaining traction owing to dropping oil prices lowering the production cost of UPR thus, making it preferred material across end-use industries.

Declining prices of unsaturated polyester resin coupled with high acceptance rate owing to excellent features such as low cost, lightweight, high strength, and high flexibility of unsaturated polyester resin propelling the growth of the market. On contrary, the presence of other competitive substitute resins and difficulties in recycling UPR projected to pose challenges to Unsaturated Polyester Resins market growth during the forecast period. To address the recyclability issue, manufacturers are spending on research on developing better recycling methods and improved processing technologies. Major players operating in Unsaturated Polyester Resins market includes Reichhold Inc. (U.S.), Ashland Inc. (U.S.), BASF SE (Germany), Scott Bader (U.K.) and Royal DSM (Netherlands) among others.

Orthophthalic Segment is Identified as the Largest Type Owing to Advantages over Other Types of Unsaturated Polyester Resins

In 2017, Orthophthalic segment accounted for the largest market share and expected to maintain its dominant position over the forecast period. Orthophthalic polyester is the most common, standard, and preferred polyester owing to low cost, toughness, and chemical resistance. Isophthalic type closely follows Orthophthalic with the second highest market share and also projected to witness the fastest CAGR during the forecast period. This is attributed to increasing demand for Isophthalic type from marine and transportation industry owing to its better thermal and chemical resistance and improved mechanical properties. Other resin types accounted for a small share in 2017 includes gelcoat resins, terephthalic resins, and chlorendic resin.

Substantial Investments in the Infrastructure Sector Across the Globe Propelling the Development of Construction Industry Fueling the Demand for UPR

Building & Construction represents over 30% market value share of the global Unsaturated Polyester Resins market in 2017-2018. Unsaturated polyester resins are extensively used in roofing, building panels, concrete forming pans, reinforcement, and household structures composites in building & construction industry. The resurgence of global construction and building sector coupled with speedy economic recovery of Western European countries expected to boost the demand for unsaturated polyester resin.

Transportation follows the building & construction end-use industry in terms of value and volume consumption. Growth in production of automotive coupled with efforts to improve fuel efficiency through weight reduction by using composites materials such as FRP also fueling the demand for Unsaturated Polyester Resins market.

Growing End-use Industries in Asia Pacific Projected to Catapult the Market Growth

Asia-Pacific Unsaturated Polyester Resins market held the largest market value share in 2017. Asia-Pacific offers several growth opportunities for Unsaturated Polyester Resins market owing to flourishing end-use industry such as automotive, consumer electronics, and construction industry that has propelled the demand for unsaturated polyester resin. Asia-Pacific is also identified as the fastest growing market during the forecast period. Increased government budgets for development projects in India, China, & Indonesia may boost regional demand for unsaturated polyester resin. Asia Pacific consumer electronics market is also flourishing which will also stimulate UPR demand during the forecast period. Emerging economies of Asia-Pacific such as India and China are characterized by rising disposable income, high economic growth, improving living standards, high government spending, etc. offering abundant opportunities for Unsaturated Polyester Resins market in the region.

Unsaturated Polyester Resins Industry is Shifting Towards Consolidation

Unsaturated Polyester Resins market is at high risk for consolidation leading to plant closures and exiting of small players in many regions. Merger and Acquisition is the most preferred strategy adopted by several major players to get the edge over the other competitors. For instance, two giants Polynt and Reichhold merged to form the new Polynt-Reichhold with the aim of enhancing their global presence and strengthening their position in coating and composite resins, intermediates, gel-coats, thermoset compounds, and niche specialties markets in May 2017. Key manufacturers of Unsaturated Polyester Resin market includes Reichhold Inc., Ashland Inc., Royal DSM, Aoc LLC, BASF SE, U-Pica Company Ltd., UPC Technology Corp., Nuplex Industries Ltd., and Scott Bader Company Ltd. among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Unsaturated Polyester Resins market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Unsaturated Polyester Resins market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Unsaturated Polyester Resins market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Unsaturated Polyester Resins market?
• Which is the largest regional market for Unsaturated Polyester Resins market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Unsaturated Polyester Resins market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Unsaturated Polyester Resins market worldwide?