Unsaturated Polyester Resin Market Size, Demand, Growth Forecast Till 2031

(MENAFN- Straits Research) Introduction

High-performance components for the maritime and transportation industries, including closing and body panels, fenders, boat hulls/decks, and other large glass fiber-reinforced plastic articles, are typically made using unsaturated polyester resins . Unsaturated polyester resin is the most common type of plastic used to make composites. Composites have many potential applications and are rapidly being used in various fields. Unsaturated polyester resins are used in coatings and adhesives. The need for unsaturated polyester resins has grown recently due to the construction of new buildings and transportation systems.

Composites are advantageous over more conventional materials like metals and concrete, including cost-effectiveness, chemical and corrosion resilience, component design adaptability, and electrical insulation. The rising popularity of electric vehicles among consumers and businesses is also projected to fuel the expansion of the unsaturated polyester resins market. As a result, the demand for unsaturated polyester resins is expected to rise over the next few years.

Market Dynamics Preferred Properties of Unsaturated Polyester Resins Drive the Global Market

Unsaturated polyester resins are the appropriate matrix material for many composites because they are readily available in a variety of forms and have several desirable qualities. These characteristics consist of low shrinkage and among others. In order to achieve the low shrinkage property of UPR, low shrinkage agents can be used, such as polystyrene, polymethyl methacrylate, and diallyl phthalate polymers. Due to its low shrinkage property, UPR is the ideal raw material for sheet molding compounds. Corrosion Resistance: To make UPR corrosion-resistant, unsaturated polyester of the bisphenol A type, phthalic acid-type resin, and polyester modified with rosin are all used. This quality makes UPR a superior raw material for creating synthetic marble. Low water absorption: The short curing time and PET waste alcoholysis method give UPR its low water absorption characteristic. The characteristics of UPRs have primarily driven demand for unsaturated polyester resin over the past few years.

In December 2020, a novel method was created by the Warsaw University of Technology and Adam Mickiewicz University to give unsaturated polyester resins hydrophobic and icephobic properties. This technique involved adding nano-silica, chemical additives from the triple functionalized polyhedral oligomeric silsesquioxanes (POSS), and double organofunctionalized polysiloxanes groups to an unsaturated polyester resin-based gel coat to hybridize it. To prevent ice buildup on composite structures made of polymer matrices, such as wind turbines and airplanes, these UPRs can be used in anti-icing coatings. Wind turbines worldwide are susceptible to ice buildup because of brutal weather. Ice buildup on wind turbines decreases energy efficiency and control, and monitoring causes mechanical and electrical failures and endangers people's safety. As a result, the market under consideration during the forecast period is likely to benefit significantly from the growing use of the method to give UPRs hydrophobic and icephobic properties.

Regional Analysis

Asia-Pacific is the highest revenue contributor and is anticipated to exhibit a CAGR of 5.76% during the forecast period. Regarding GDP, China has the largest economy in the Asia-Pacific region. The nation's GDP increased by about 6.1% in 2019, even though the trade disruption brought on by its trade war with the U.S. China is the world's biggest automobile producer. However, since 2018, the country has seen a decline in automotive production. In 2018 and 2019, the nation's vehicle production fell by 4.16% and 7.5%, respectively. The economic changes and China's trade dispute with the United States impacted the automotive industry's performance.

Additionally, domestic auto sales fell by 8.2% in 2019 across the country. The government's long-term objective is to build 450 airports nationwide by 2035. As a result, it's expected that China's need for aircraft will increase alongside the country's airport increase. According to the "Made in China 2025" plan, the domestic market will receive more than 10% of domestically produced commercial aircraft by 2025. This is expected to increase demand for unsaturated polyester resins over the forecast period.

Europe is anticipated to grow at a CAGR of 4.53% during the forecast period. The largest economy in Europe and the fifth largest in the world is that of Germany. In 2019, the German economy grew by 0.6%, the slowest growth rate in the previous six years. In 2019, growth was bolstered by higher state spending, booming construction, and more fervent private consumption, mitigating the struggling manufacturers' adverse effects. Germany dominates the European automotive market, producing one-third of all the vehicles sold, with 41 assembly and engine production facilities. Germany, one of the top manufacturing hubs for the automotive industry, is home to manufacturers from various segments, including equipment manufacturers, suppliers of materials and components, engines, and integrators of complete systems. To meet the rising demand in the aviation industry, over 30-35 thousand new aircraft are anticipated to be in operation by the end of the next 20 years. As a result, it is expected that consumption of unsaturated polyester resin will increase during the forecast period, along with increased aircraft production.

Key Highlights

• The global unsaturated polyester resin market was valued at USD 10442.3 million in 2022. It is expected to reach USD 15910.28 million by 2031, growing at a CAGR of 4.79% during the forecast period (2023–2031).
• Based on type, the global unsaturated polyester resin market is bifurcated into ortho-resins, iso-resins, and dicyclopentadiene (DCPD). The ortho-resins segment is the highest contributor to the market and is expected to grow at a CAGR of 4.04% during the forecast period.
• Based on the end-user industry, the global unsaturated polyester resin market is bifurcated into building and construction, chemical, electrical andelectronics, paints and coatings, and transportation. The building and construction segment is the highest contributor to the market and is expected to grow at a CAGR of 5.15% during the forecast period.
• Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 5.76% during the forecast period.