H1 2023: In May 2023, Turkuaz Polyester, one of the lradingh producers of polyester resins of Turkey, revealed about a new investment of constructing a brand new second plant at in Kocaeli, Turkey. The plant will be made for gelcoats, resins, and pigment pastes. Expansion plans encompass an increased capacity of 200 thousand tonnes per year across all three product categories, marking a significant threefold surge from the current production volume of 70 thousand tonnes per year. Notably, unsaturated polyester resins constitute a dominant share, constituting 90% of the overall expanded capacity. The commissioning of these expanded facilities is scheduled for the upcoming year, i.e., 2024. During the first half of 2023, the Asia Pacific region emerged as the predominant consumer of Unsaturated Polyester Resin. In the first half of 2023, the Unsaturated Polyester Resin market in the Asia Pacific region witnessed fluctuating price movements.
The global Unsaturated Polyester Resin market stood at approximately 5200 thousand tonnes in 2022 and is anticipated to grow at a healthy CAGR of 5.4% during the forecast period until 2032.
The widespread use of unsaturated polyester resins underscores their adaptability and reliability across automotive, construction, and industrial applications, making them a cornerstone in various manufacturing processes. Unsaturated polyester resins are predominantly utilized for manufacturing fiber-reinforced plastics and composite products with fillers. These include items such as sanitary ware, tanks, pipes, gratings, as well as high-performance components in marine and transportation sectors like closures, body panels, fenders, boat hulls/decks, and other substantial articles made of glass fiber-reinforced plastic. Unsaturated polyester resins play a pivotal role in the automotive sector, offering unparalleled design versatility, lightweight attributes, cost-effectiveness, and robust mechanical strength, making them integral in the manufacturing processes of diverse automotive components. Expanding their utility further, unsaturated polyester resins find application in construction, contributing to the fabrication of hobs for cookers, roofing tiles, and bathroom accessories. Additionally, these resins are employed in the production of pipes, ducts, and tanks, showcasing their versatility in building materials. Moreover, their chemical and corrosion resistance properties make them indispensable in the development of corrosion-resistant pipes for industrial applications.
Unsaturated Polyester Resins (UPRs) play a pivotal role in various industries, with the construction sector being a key driver of demand. Widely utilized in applications such as laminates, composites, and coatings, UPRs are integral to construction projects worldwide, their versatility meeting diverse needs within the industry. Additionally, the burgeoning global wind energy sector heavily relies on UPRs, particularly in the manufacturing of wind turbine blades. As the demand for renewable energy sources continues to escalate, the wind energy sector's expansion is poised to fuel increased demand for UPRs. In the automotive industry, UPRs contribute significantly to the manufacturing of lightweight components and composites, aligning with the sector's emphasis on fuel efficiency and environmental sustainability. Furthermore, the marine industry, encompassing boat building and marine structures, relies on UPRs due to their corrosion resistance and durability, thus benefitting from the sector's robust growth in both recreational and commercial domains. In the realm of electrical and electronics, UPRs find application in insulating materials, and their usage is anticipated to surge in tandem with the rising demand for electronic devices and components. Notably, the adaptability and versatility of UPRs to meet specific performance requirements across diverse industries contribute significantly to their overall market growth, positioning them as indispensable materials in the modern industrial landscape. The global Unsaturated Polyester Resin market size is anticipated to reach nearly 8700 thousand tonnes by 2032.
On the basis of type, Unsaturated Polyester Resin market is segmented Orthopthalic, Isophthalic, into DCPD, and Others. Among these, Orthopthalic type holds the largest market share. Orthophthalic, renowned for its corrosion resistance, low thermal stability, and cost-effectiveness compared to alternatives, orthophthalic finds applications across diverse industries. Its lightweight nature facilitates convenient usage and transportation. Dicyclopentadiene (DCPD), a crystalline compound derived from C5 petroleum products, polymerizes into PDCPD, known for its high deformation temperature, chemical corrosion resistance, and impact resilience. Widely employed in construction machinery, tractors, buses, and trucks, PDCPD is making inroads into marine products, particularly pleasure boats, driven by its low resin shrinkage sans fiber addition, promising heightened segment growth.
Based on region, Asia Pacific region is the biggest consumer of Unsaturated Polyester Resin and is poised to assert dominance in the global Unsaturated Polyester Resin market throughout the forecast period.
This dominance is fuelled by substantial growth in pivotal end-use sectors like transportation, construction, electronics, and marine. Robust automotive manufacturing hubs in China, Japan, and India, along with a surge in passenger car sales, are poised to propel the unsaturated polyester resin market's expansion in the foreseeable future. Furthermore, initiatives by developing nations like India are anticipated to pave the way for considerable growth in the automotive industry. This, in turn, will boost the demand for unsaturated polyester resin in various automotive applications. In North America, the market for unsaturated polyester resins experiences substantial growth driven by the upswing in the construction and manufacturing sectors. Widely utilized in construction projects and diverse products like tanks and pipes, the recovery of the construction industry in the region, fuelled by escalating demand for non-residential construction endeavours like hospitals, schools, and colleges, is expected to exert a positive influence on the North American market throughout the forecast period.
Based on the end-user industry, the global Unsaturated Polyester Resin market is divided into Building & Construction, Pipes & Tanks, Marine, Automotive, Electricals & Electronics, and Others. However, Building & Construction Industry holds the largest segment of the global Unsaturated Polyester Resin market followed by Pipes & Tanks industry.
Major players in the Global Unsaturated Polyester Resin market are AOC, LLC, INEOS, BASF SE, Polynt, LERG SA, Koninklijke DSM N.V., U-PICA Company. Ltd., Eternal Materials Co., Ltd., Satyen Polymers Pvt. Ltd., CIECH Group, Dow Inc., UPC Group, and Others.
Years considered for this report:
Historical Period: 2015- 2021
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Unsaturated Polyester Resin which covers production, demand and supply of Unsaturated Polyester Resin market in the globe.
• To analyse and forecast the market size of Unsaturated Polyester Resin
• To classify and forecast Global Unsaturated Polyester Resin market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Unsaturated Polyester Resin market in the globe.
To extract data for Global Unsaturated Polyester Resin market, primary research surveys were conducted with Unsaturated Polyester Resin manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Unsaturated Polyester Resin market over the coming years.
ChemAnalyst calculated Unsaturated Polyester Resin demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Unsaturated Polyester Resin. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Unsaturated Polyester Resin manufacturers and other stakeholders
• Organizations, forums and alliances related to Unsaturated Polyester Resin distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Unsaturated Polyester Resin manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Unsaturated Polyester Resin market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
5200 thousand tonnes
Market size Volume in 2032
8700 thousand tonnes
Growth Rate
CAGR of 5.4% from 2023 to 2032
Base year for estimation
2022
Estimated Year
2023
Historic Data
2015 – 2021
Forecast period
2024 – 2032
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by Type, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Building & Construction, Pipes & Tanks, Marine, Automotive, Electricals & Electronics, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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What was the net market size of Unsaturated Polyester Resin in terms of volume in 2022?
Ans:
The global market size of Unsaturated Polyester Resin had reached approximately 5200 thousand tonnes in 2022.
Q2.
Which region is the major consumer of Unsaturated Polyester Resin?
Ans:
Asia Pacific region is the largest consumer of Unsaturated Polyester Resin globally.
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