Unsaturated Polyester Resin Market
Unsaturated Polyester Resin Market By Product (DCPD, Orthophthalic, Isophthalic), By End-Use (Building & Construction, Tanks & Pipes, Electrical, Marine, Transport, Artificial Stones), By Regions - Global Insights 2020-2030
Suspension of Non-Essential Trade to Impact Unsaturated Polyester Resin Market in Near Term, Opines Fact.MR
Booming infrastructure development has generated high demand for unsaturated polyester resins, on the back of the prepolymer’s superior corrosion resistance. The global unsaturated polyester resin market will grow at a steady 5.3% CAGR during the forecast period (2019 - 2029). This can be attributed to the versatility of unsaturated polyester resins.
Construction, automotive, marine, industrial, and commercial goods are utilizing unsaturated polyester resins. The rapid increase in the adoption of electric automotive by consumers and businesses alike supports the growth of the unsaturated polyester resin market.
In a bid to increase the energy efficiency of vehicles, automotive components are using unsaturated polyester resin-based plastics. Low shrinkage and reduced styrene content make unsaturated polyester resins an eco-friendly alternative. Hence, when automotive manufacturers look for high-performance components, unsaturated polyester resin products are a popular choice.
Similarly, construction and building projects are also employing unsaturated polyester resin-based components. These are used to manufacture bathroom fittings, anti-corrosion tanks, fiberglass coatings, and pipes. Growing health concerns regarding industrial activities are accelerating the demand for unsaturated polyester resins.
The low styrene content in these prepolymers reduces the harmful effects of poisonous gas exposure on workers thus reducing carbon emissions and increasing the safety standards for many industries.
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DCPD-UPR to Account for Maximum Share in Market
Dicyclopentadiene Unsaturated Polyester Resins (DCPD - UPR) account for the largest market value share of more than 35%. Countries are investing in expanding their marine capabilities to support their growing economies. Enhanced thermo-oxidative resistance offered by DCPD - UPR makes it a direct recipient of investments in marine industries.
This type of prepolymer is used in manufacturing tanks, closure panels, body panels, fenders, boat hulls, and decks for the marine industry. The improved processability and lower shrinkage of DCPD also garner traction in applications such as reinforced sanitary ware and pipes in building & construction.
The adaptability and cost efficiency of orthophthalic unsaturated polyester resins in manufacturing high-performance composites makes this product type the second most valued product with over 29% share of the total market value. Wind turbines, blades, rotor components, nascelles, sewer pipers, water transport tanks are all manufactured from orthophthalic unsaturated polyester resins.
The highest growth product is Isophthalic unsaturated polyester resins. Superior properties such as a substantial increase in strength, enhanced flexibility, and chemical resistance are the main drivers of growth in this segment.
The isophthalic unsaturated polyester resin segment will grow at an impressive 6.5% CAGR during the projection period. Increasing demand for high-performance fiberglass from various end-use industries contributes significantly to market growth through 2029.
Unsaturated Polyester Resins to Witness Rampant Adoption in Building and Construction
Building & construction end-use of unsaturated polyester resins is the most revenue-generating application. Unsaturated polyester resins play an important role in manufacturing anti-corrosive elements to ensure infrastructure durability.
Reinforcements, roofing, and concrete are given increased strength by using unsaturated polyester resins. Further, the application of unsaturated polyester resins in manufacturing high-quality bathroom fittings such as washbasins, pipes, and water tanks is driving its mass adoption.
The building & construction end-use segment of unsaturated polyester resin holds ~27% of the total market revenue. Whereas, transport presents the most financially rewarding opportunities. The transport end-use segment of unsaturated polyester resin will grow at a strong CAGR of more than 7% between 2019 and 2029.
Urgent need to curb carbon emissions caused by heavy-weight vehicles creates revenue scope for manufacturers. Trends such as new energy automotive require high-performance, lightweight components which can be achieved using unsaturated polyester resin-based composites.
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East Asia to Maintain Stronghold
East Asia maintains its stronghold with more than 40% share of the total market value. This can be accredited to countries such as Japan and China. China is the largest consumer of unsaturated polyester resins. The country is heavily investing in construction activities.
Similar trends in the Japanese economy will continue to foster demand for unsaturated polyester resins in East Asia. South Asia & Oceania emerges as the most remunerative region during the forecast. Initiatives by the Indian government such as Make in India, and favorable foreign direct investment further the demand for high-performance composites.
Rampant infrastructure to support the growth of digital economies will generate gainful prospects for unsaturated polyester resin manufacturers.
COVID-19 Impact Analysis
The suspension of non-essential trade to curb the spread of COVID-19 limits growth for market players. China, being at the center stage of the global pandemic, is under the microscope of every country. It is also the biggest consumer of unsaturated polyester resin. Hence order fulfilments, and future deals are put on hold for the time being.
Manufacturers also face production hurdles such as lack of workforce, raw material, and logistics support. Major players are investing in employee expertise in devising recovery strategies. Targeting less affected or fast recovering areas is a popular strategy. Business strategies are closely tied with the latest developments regarding COVID-19 spread and its vaccine.
The disruption of normal trade puts immense pressure on the cash flow of companies as the unsaturated polyester resin market is mainly based on production and transportation activities. The COVID-19 pandemic is a major threat for manufacturers of unsaturated polyester resin.
Composite application in producing medical equipment and personnel protective gear presents sustainable opportunities. As the world struggles to contain coronavirus, healthcare institutions are overwhelmed and need equipment and protective gear. Developing a customer base in the healthcare industry is a favorable strategy.
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Mergers, Acquisitions and Partnerships Remain Popular Strategies
Research and development of eco-friendly products such as bio-based unsaturated polyester resin helps differentiate product offerings. Market players are integrating production and distribution channels to avail cost benefits. Strategic investments in high availability of raw materials drives competition between major players.
“Increasing demand from the building & construction end-use segment in APAC presents financially rewarding investment opportunities for manufacturers. By anticipating consumption across the region, market players stand a chance of making profits. Owing to its high-strength fiber-based properties, easy availability, and low-cost price range, unsaturated polyester resins will continue to grow in a healthy growth trajectory.”
Global Unsaturated Polyester Resin Market: In-Depth Assessment on Key Segments
The global unsaturated polyester resin market is segmented on the basis of product, end-use, and region.
By Product :
By End-Use :
- Building & Construction
- Tanks & Pipes
- Artificial Stones
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
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