Unsaturated Polyester Resins Market Set To Reach USD 22.4 Billion By 2032 | Innovations And Sustainability Drive Market Growth | Research By SNS Insider

(MENAFN- GlobeNewsWire - Nasdaq) Unsaturated polyester resin's growth is primarily fueled by the increasing demand for UPR in various applications, including automotive, driven by its superior mechanical properties, lightweight nature, and versatility.

Austin, Oct. 23, 2024 (GLOBE NEWSWIRE) -- The SNS Insider report reveals that The Unsaturated Polyester Resins market is anticipated to experience substantial growth, projected to reach USD 22.4 billion by 2032, with a compound annual growth rate of 6.2% from 2024 to 2032.

Trends Impacting the Unsaturated Polyester Resins Market

An important driver for the growth of the unsaturated polyester resins market is the rising adoption of sustainable materials. With growing environmental awareness, the industry is in search of environment-friendly alternatives to conventional resins. Because UPR is not only easily recyclable but also produced from renewable resources, it has been embraced more and more as an alternative to natural synthetic resin with a smaller environmental footprint. Nowhere is this trend more pronounced than in industries such as construction and automotive, with manufacturers seeking greener solutions without sacrificing performance.

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Key Players

Key Manufacturers

• LERG SA (Polyester Resin)
• DOW Inc. (DOW Styrofoam)
• Von Roll (VONROLL UPR)
• BASF SE (BASF Unsaturated Polyester Resins)
• AOC (AOC UPR)
• Ineos Group (Ineos Styrolution UPR)
• DSM (DSM UPR)
• TIANHE RESIN CO., LTD. (Tianhe Polyester Resin)
• Scott Bader Company Ltd. (Crystic Resin)
• UPC GROUP (UPC UPR)
• Ashland Global Holdings Inc. (Aropol)
• Hexion Inc. (Hexion UPR)
• Polynt S.p.A. (Polynt UPR)
• SABIC (SABIC UPR)
• Renegade Materials Corporation (Renegade UPR)
• Reichhold LLC (Reichhold UPR)
• EPOXY Technology, Inc. (EPOXY UPR)
• Wacker Chemie AG (Wacker UPR)
• Kraton Corporation (Kraton UPR)
• Ferro Corporation (Ferro UPR)

The UPR market is also being driven by the increased demand for lightweight and high-performance materials, particularly in automotive applications. The transition to electric vehicles (EVs) and fuel-efficient vehicles is leading automakers to pursue materials that help decrease weight, increase fuel efficiency, and improve performance for overall vehicle platforms. With its desirable mechanical and thermal properties, UPR is well-suited for a broad range of automotive applications such as body panels, interiors, and components.

Moreover, government schemes encouraging the adoption of sustainable materials are benefiting the UPR industry. Carbon-reducing and energy-efficient regulations are pushing manufacturers towards greener materials. With governments tightening environmental regulations, enterprises are incentivized to improve and develop sustainable solutions which is further upholding the growth of UPR across industries.

Opportunities in the Unsaturated Polyester Resins Market

Emerging Markets and Technological Innovations

Emerging markets, particularly in the Asia-Pacific region, present significant growth opportunities for the UPR market. Countries such as China and India are witnessing rapid urbanization and increasing disposable incomes, leading to heightened demand for construction materials, automotive components, and consumer goods. The expansion of infrastructure projects and the booming automotive industry in these regions are driving the adoption of UPR.

Technological advancements are also enhancing the performance and functionality of unsaturated polyester resins. Innovations in formulation development and manufacturing processes are enabling the production of high-performance UPR products that meet the evolving needs of various industries. For instance, advancements in UPR formulations with enhanced UV resistance and thermal stability are opening new avenues for applications in construction and automotive sectors.

Moreover, the integration of smart technologies into UPR products is gaining traction. Companies are exploring the incorporation of sensors and monitoring systems into UPR composites, enabling real-time assessment of performance and durability. This trend aligns with the growing consumer demand for products that offer transparency and performance tracking, creating additional opportunities for growth in the UPR market.

Unsaturated Polyester Resins Market Report Scope:

Report Attributes	Details
Market Size in 2023	US$ 13.1 Billion
Market Size by 2032	US$ 22.4 Billion
CAGR	CAGR of 6.2% From 2024 to 2032
Base Year	2022
Forecast Period	2024-2032
Historical Data	2020-2021
Report Scope & Coverage	Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Regional Analysis/Coverage	North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
DRIVERS	. High Growth in the Wind Energy and Construction Sectors . Industry expansion in the FRP, automotive, and composite manufacturing sectors . Economic Benefits Compared to Other Resins
Restraints	. More Acceptance of Alternative Resins . Unsaturated polyester resins' characteristics vary depending on their quality.

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Which Region Held the Highest Market Share in the Unsaturated Polyester Resins Market?

In 2023, the Asia-Pacific region led the market and accounted for approximately 48% of the total unsaturated polyester resins market. This dominance is attributed to rapid industrialization, urbanization, and increased investment in infrastructure projects in countries like China and India. The growing automotive sector and rising consumer goods market in the region further contribute to the strong demand for UPR. Additionally, government initiatives aimed at promoting sustainable materials and reducing plastic usage are encouraging manufacturers to adopt UPR in various applications.

Which Type Segment Dominated the Unsaturated Polyester Resins Market in 2023?

Orthophthalic held the largest market share around 39% in 2023. These resins are well known for their good mechanical properties, such as high tensile strength and durability, making them suitable for a variety of applications in the automotive, construction, and marine industries. Orthophthalic resins are ideally suitable due to good chemical, and thermal stability and ease of processing that gives them the flexibility to be used in various end-use-based industries such as composites , laminates, and coatings. Moreover, these efficacy and performance are much more cost-effective compared with other specialty resins (isophthalic and vinyl ester), hence a highly popular choice among the manufacturers.

Key Segments:

By Type

• Orthophthalic Resin
• Isophthalic Resin
• Dicyclopentadiene (DCPD)
• Others

By End-use Industry

• Building & Construction
• Marine
• Transportation
• Pipes & Tanks
• Electrical & Electronics
• Wind Energy
• Artificial Stones
• Others

Which End-User Industry Dominated the Unsaturated Polyester Resins Market in 2023?

The building & construction industry held the largest market share of about 31% in the unsaturated polyester resins market in 2023. This dominance is due to the extensive use of UPR in construction applications, including building materials, composites, and insulation. The demand for lightweight, durable, and weather-resistant materials in the construction sector is fueling the adoption of unsaturated polyester resins. Additionally, the ongoing global trend towards green building practices and sustainable construction materials is further boosting the demand for UPR.

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Recent Developments

• In 2023, Ashland Global Holdings Inc. announced the expansion of its UPR production capacity to meet the increasing global demand for sustainable and high-performance materials. This strategic move highlights the company's commitment to providing innovative solutions in the construction and automotive industries.
• In 2023, BASF launched a new line of unsaturated polyester resins designed for use in automotive applications. This innovative product range aims to enhance the performance and sustainability of automotive components, aligning with the industry's shift towards lightweight and eco-friendly materials.

Table of Contents – Major Key Points

1. Introduction

1.1 Market Definition

1.2 Scope (Inclusion and Exclusions)

1.3 Research Assumptions

2. Executive Summary

2.1 Market Overview

2.2 Regional Synopsis

2.3 Competitive Summary

3. Research Methodology

3.1 Top-Down Approach

3.2 Bottom-up Approach

3.3. Data Validation

3.4 Primary Interviews

4. Market Dynamics Impact Analysis

4.1 Market Driving Factors Analysis

4.1.1 Drivers

4.1.2 Restraints

4.1.3 Opportunities

4.1.4 Challenges

4.2 PESTLE Analysis

4.3 Porter's Five Forces Model

5. Statistical Insights and Trends Reporting

5.1 Production Capacity and Utilization, by Country, by Type, 2023

5.2 Feedstock Prices, by Country, by Type, 2023

5.3 Regulatory Impact, by Country, by Type, 2023.

5.4 Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region

5.5 Innovation and R&D, by Type, 2023

6. Competitive Landscape

7. Unsaturated Polyester Resins Market Segmentation, by Type

8. Unsaturated Polyester Resins Market Segmentation, by End-use Industry

9. Regional Analysis

10. Company Profiles

11 . Use Cases and Best Practices

12. Conclusion

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