Global Unsaturated Polyester Resin Market Overview
As per MRFR analysis, the Unsaturated Polyester Resin Market Size was estimated at 13.6 (USD Billion) in 2022.
The Unsaturated Polyester Resin Market Industry is expected to grow from 13.98(USD Billion) in 2023 to 18.0 (USD Billion) by 2032. The Unsaturated Polyester Resin Market CAGR (growth rate) is expected to be around 2.84% during the forecast period (2024 - 2032).
Key Unsaturated Polyester Resin Market Trends Highlighted
The Unsaturated Polyester Resin Market is driven by a number of factors, such as an increase in demand from the construction industry, a rise in usage in transportation applications and growing manufacturing activities. The increasing construction sector of developing countries is creating demand for unsaturated polyester resin, which has become the most common material used in building and infrastructure projects.
The potential for growth in the unsaturated polyester resin market is to develop bio-based and eco-friendly resin systems capable of addressing environmental concerns and meeting sustainability regulations. Additionally, new opportunities have emerged within the automotive and aerospace industries where high-performance and lightweight materials are required.
Recent developments in the unsaturated polyester resin market involve integrating advanced technologies, including nanotechnology, to improve the properties of resins, concentrating on research and development to enhance the durability and performance of resins, as well as adopting sustainable manufacturing practices so as to reduce environmental impacts. These factors, along with the rise in demand for lightweight, durable, corrosion-resistant materials across different sectors, will continue driving this market’s growth in the future.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Unsaturated Polyester Resin Market Drivers
Increasing Demand from the Construction Industry
The construction industry is one of the major consumers of unsaturated polyester resins. These resins are used in a variety of applications, including the production of fiberglass-reinforced plastic (FRP) panels, roofing materials, and flooring. The growing demand for FRP in the construction industry is expected to drive the growth of the unsaturated polyester resin market. FRP is a lightweight and durable material that is resistant to corrosion and chemicals.It is also easy to mold and shape, making it ideal for use in a variety of construction applications. The increasing use of FRP in the construction industry is expected to continue to drive the demand for unsaturated polyester resins. The construction industry is a major consumer of unsaturated polyester resins, and the growth of this industry is expected to drive the demand for these resins. Unsaturated polyester resins are used in a variety of construction applications, including the production of fiberglass-reinforced plastic (FRP) panels, roofing materials, and flooring.FRP is a lightweight and durable material that is resistant to corrosion and chemicals. It is also easy to mold and shape, making it ideal for use in a variety of construction applications. The increasing use of FRP in the construction industry is expected to continue to drive the demand for unsaturated polyester resins. In addition to the construction industry, unsaturated polyester resins are also used in a variety of other industries, including the automotive, marine, and aerospace industries.The growing demand for these resins from these industries is also expected to contribute to the growth of the unsaturated polyester resin market.
Rising Demand for Composites in the Automotive Industry
The automotive industry is another major consumer of unsaturated polyester resins. These resins are used in the production of a variety of automotive components, including body panels, bumpers, and interior parts. The growing demand for composites in the automotive industry is expected to drive the growth of the unsaturated polyester resin market. Composites are lightweight and durable materials that are resistant to corrosion and chemicals. They are also easy to mold and shape, making them ideal for use in a variety of automotive applications.The increasing use of composites in the automotive industry is expected to continue to drive the demand for unsaturated polyester resins.
Increasing Adoption of Unsaturated Polyester Resins in the Marine Industry
The marine industry is also a major consumer of unsaturated polyester resins. These resins are used in the production of a variety of marine components, including boat hulls, decks, and interior parts. The growing demand for unsaturated polyester resins in the marine industry is expected to drive the growth of the unsaturated polyester resin market. Unsaturated polyester resins are lightweight and durable materials that are resistant to corrosion and chemicals.They are also easy to mold and shape, making them ideal for use in a variety of marine applications. The increasing use of unsaturated polyester resins in the marine industry is expected to continue to drive the demand for these resins.
Unsaturated Polyester Resin Market Segment Insights
Unsaturated Polyester Resin Market Form Insights
The Unsaturated Polyester Resin Market is segmented by form into liquid and solid. The liquid form segment held the largest market share in 2023 and is projected to continue to dominate the market over the forecast period. The solid form segment is expected to grow at a faster CAGR during the forecast period. The liquid form of unsaturated polyester resin is preferred over the solid form due to its ease of handling and application. Liquid unsaturated polyester resins are typically used in applications where a smooth, continuous surface is desired, such as in the production of fiberglass-reinforced plastic (FRP) products.Solid unsaturated polyester resins are typically used in applications where higher strength and stiffness are required, such as in the production of molded parts. The growth of the liquid unsaturated polyester resin market is being driven by the increasing demand for FRP products in various end-use industries, such as automotive, construction, and marine. The solid unsaturated polyester resin market is being driven by the increasing demand for high-performance materials in the aerospace and defense industries. The Asia-Pacific region is the largest market for unsaturated polyester resins, followed by North America and Europe.The Asia-Pacific region is expected to continue to dominate the market over the forecast period due to the increasing demand for FRP products in the region.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Unsaturated Polyester Resin Market Curring Type Insights
The Unsaturated Polyester Resin Market is segmented based on curring type into room temperature curing, heat curing, and UV curing. Among these, the heat curing segment is expected to hold the largest market share in 2023, valued at around USD 6.9 billion. This is primarily due to the wide usage of heat-curing unsaturated polyester resins in various industrial applications such as automotive, marine, and construction. Room temperature curing resins are expected to witness moderate growth over the forecast period, owing to their ease of use and low energy consumption.UV-curing resins have gained popularity in recent years due to their fast-curing times and low VOC emissions. The increasing adoption of UV curing technology in the electronics and printing industries is expected to drive the growth of this segment in the coming years.
Unsaturated Polyester Resin Market Degree of Unsaturation Insights
The Unsaturated Polyester Resin Market is segmented by degree of unsaturation into high, medium, and low. Among these, the high degree of unsaturation segment is expected to hold the largest market share in 2023, owing to its superior mechanical properties, chemical resistance, and electrical insulation properties. The medium degree of unsaturation segment is projected to witness steady growth over the forecast period, driven by its use in applications such as fiberglass reinforced plastics (FRP) and automotive parts. The low degree of unsaturation segment is expected to account for a smaller share of the market but is likely to gain traction in the coming years due to its cost-effectiveness and ease of processing.
Unsaturated Polyester Resin Market Application Insights
The Unsaturated Polyester Resin Market is segmented into several applications, including Fiberglass Reinforced Plastics, Transportation, Marine, Building and Construction, Tanks and Pipes, and Other Applications. The Fiberglass Reinforced Plastics segment is expected to hold the largest market share in 2023, with a market value of 5.2 billion USD. The Transportation segment is projected to be the fastest-growing segment, with a CAGR of 3.2% from 2024 to 2032. The Marine segment is also expected to experience significant growth, driven by increasing demand for lightweight and durable materials in the shipbuilding industry.The building and construction segment is anticipated to grow steadily, supported by ongoing construction activities and infrastructure development. The Tanks and Pipes segment is expected to grow at a moderate pace, with increasing demand for corrosion-resistant materials in the chemical and water treatment industries. The Other Applications segment includes a variety of applications, such as electrical components, appliances, and sporting goods, and is expected to witness modest growth in the coming years.
Unsaturated Polyester Resin Market Regional Insights
The Unsaturated Polyester Resin Market segmentation by region reveals diverse growth patterns and market dynamics. North America holds a significant market share due to the presence of established end-use industries, particularly in the automotive and construction sectors. The region is projected to maintain its dominance throughout the forecast period. Europe follows closely, driven by the growing demand from the marine and transportation industries. The Asia-Pacific region is expected to witness the fastest growth, attributed to the expanding automotive and electronics industries in countries like China and India.South America and the Middle East Africa (MEA) regions are expected to contribute a smaller share to the Unsaturated Polyester Resin Market, but they offer potential opportunities for growth due to increasing infrastructure development and industrialization.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Unsaturated Polyester Resin Market Key Players And Competitive Insights
Major players in the Unsaturated Polyester Resin Market industry are continuously investing in research and development to enhance their product offerings and expand their market presence. Leading Unsaturated Polyester Resin Market players are adopting various strategies to gain a competitive edge, such as mergers and acquisitions, partnerships, and collaborations. The Unsaturated Polyester Resin Market industry is fragmented, with a large number of players operating in the market. However, a few key players account for a significant share of the market. These leading players are focusing on expanding their global presence and product portfolio to cater to the growing demand for Unsaturated Polyester Resin. The Unsaturated Polyester Resin Market Competitive Landscape is expected to remain competitive, with key players continuously innovating and developing new products to meet the evolving needs of customers.One of the prominent competitors in the Unsaturated Polyester Resin Market is Ashland Global Holdings Inc., a global leader in specialty chemicals and materials. The company offers a wide range of unsaturated polyester resins used in various applications, including transportation, construction, and marine. Ashland focuses on delivering innovative and sustainable solutions to its customers and has a strong presence in the global market. Another key competitor in the Unsaturated Polyester Resin Market is Reichhold, a leading manufacturer of specialty polymers and composite materials. The company's unsaturated polyester resins are used in a variety of industries, including automotive, construction, and electronics. Reichhold is committed to providing high-quality products and technical support to its customers and has a wide distribution network.Hexion is another significant player in the Unsaturated Polyester Resin Market. The company is a global producer of thermoset resins, including unsaturated polyester resins. Hexion's unsaturated polyester resins are used in various applications, such as automotive parts, construction materials, and marine components. The company has a strong focus on research and development and is dedicated to providing advanced solutions to its customers. These are just a few examples of the major players in the Unsaturated Polyester Resin Market. The competitive landscape is constantly evolving, with new entrants and mergers and acquisitions shaping the industry dynamics.
Key Companies in the Unsaturated Polyester Resin Market Include
- Ashland
- Arkema
- Evonik
- Huntsman
- Sartomer
- BASF
- SigmaAldrich
- Polynt
- AOC
- Reichhold
- Covestro
- Solvay
- Scott Bader
Unsaturated Polyester Resin Market Industry Developments
The Unsaturated Polyester Resin Market is projected to reach USD 18.0 billion by 2032, exhibiting a CAGR of 2.84% during the forecast period. The market is driven by the increasing demand for composite materials in various end-use industries such as automotive, construction, and marine. The rising adoption of lightweight and durable materials in the automotive industry is a key factor contributing to the market growth.Recent developments in the market include the introduction of bio-based and sustainable unsaturated polyester resins. For instance, in 2023, Ashland launched a new range of bio-based unsaturated polyester resins made from renewable resources. These resins offer improved sustainability and reduced environmental impact, meeting the growing demand for eco-friendly materials.
Unsaturated Polyester Resin Market Segmentation Insights
- Unsaturated Polyester Resin Market Form Outlook
- Unsaturated Polyester Resin Market Curring Type Outlook
- Room Temperature Curing
- Heat Curing
- UV Curing
- Unsaturated Polyester Resin Market Degree of Unsaturation Outlook
- Unsaturated Polyester Resin Market Application Outlook
- Fiberglass Reinforced Plastics
- Transportation
- Marine
- Building and Construction
- Tanks and Pipes
- Other Applications
- Unsaturated Polyester Resin Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
13.6(USD Billion) |
| Market Size 2023 |
13.98(USD Billion) |
| Market Size 2032 |
18.0(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
2.84% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Ashland, Arkema, Evonik, Huntsman, Sartomer, BASF, Sigma-Aldrich, Polynt, AOC, Reichhold, Covestro, Solvay, Scott Bader |
| Segments Covered |
Form, Curing Type, Degree of Unsaturation, Application, Regional |
| Key Market Opportunities |
Lightweight Composites in Automotive Infrastructure Development in Emerging Economies Novel Applications in Wind Energy Growing Demand for FRP in Construction HighPerformance Composites in Aerospace |
| Key Market Dynamics |
Rising infrastructure in automotive and marine industriesGovernment regulations on VOC emissionsTechnological advancements in resin productionGrowing demand for composites in various applicationsIncreasing adoption of biobased unsaturated polyester resins |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The global Unsaturated Polyester Resin Market is expected to be valued at USD 13.98 Billion in 2023.
The Global Unsaturated Polyester Resin Market is projected to grow at a CAGR of 2.84% from 2024 to 2032.
North America is expected to hold the largest market share in the Global Unsaturated Polyester Resin Market due to the increasing demand from the automotive and construction industries.
The automotive segment is expected to dominate the Global Unsaturated Polyester Resin Market due to the increasing use of unsaturated polyester resins in the production of automotive parts.
Key competitors in the Global Unsaturated Polyester Resin Market include Ashland, Reichhold, DSM, and AOC.
Key growth drivers of the Global Unsaturated Polyester Resin Market include the increasing demand from the automotive and construction industries, the growing adoption of lightweight materials, and the increasing use of unsaturated polyester resins in the production of composite materials.
Key challenges facing the Global Unsaturated Polyester Resin Market include the volatility of raw material prices, the environmental regulations, and the competition from alternative materials.
Key trends in the Global Unsaturated Polyester Resin Market include the development of new and improved grades of unsaturated polyester resins, the increasing use of bio-based raw materials, and the growing adoption of advanced manufacturing technologies.
The Global Unsaturated Polyester Resin Market is expected to reach USD 18.0 Billion by 2032.
The COVID-19 pandemic had a negative impact on the Global Unsaturated Polyester Resin Market in the short term due to the disruptions in the supply chain and the slowdown in the automotive and construction industries. However, the market is expected to recover in the long term as the global economy recovers.
