Unsaturated polyester resins are thermosetting resins widely used in industries like construction, transportation, and marine. They are obtained by polycondensation of an unsaturated polyhydric alcohol and an unsaturated acid or anhydride. Unsaturated polyester resins offer excellent strength, flexibility, and toughness. They have low viscosity and can be easily processed. Due to their low cost and versatile mechanical properties, unsaturated polyester resins find numerous applications in components requiring high strength, impact and corrosion resistance like building panels, bath tubs, pipes, and industrial storage tanks. The Global unsaturated polyester resins market is expected to witness high demand owing to rising construction activities globally.
The global unsaturated polyester resins market is estimated to be valued at US$ 16136.85 Bn in 2024 and is expected to exhibit a CAGR of 21% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the unsaturated polyester resins market are BioGaia AB, Chr. Hansen, Groupe Danone S.A., Nestle S.A., PROBI AB, Lifeway Foods, Inc., Mother Dairy, General Mills, Inc., China-Biotics, Inc., Yakult Honsha Co., Ltd., and E. I. du Pont de Nemours and Company.
The global unsaturated polyester resins market is expected to witness lucrative growth opportunities owing to increasing demand from end use industries like construction and transportation. Rising infrastructural investments in developing regions will augment the market demand over the forecast period.
Technological advancements in unsaturated polyester resin production methods are focused on developing eco-friendly resins with reduced emissions. Emergence of bio-based unsaturated polyester resins further improves the sustainability and reduces dependency on petroleum-based feedstocks.
Market Drivers
The Global Unsaturated Polyester Resins Market Size is estimated to be driven by rising construction activities worldwide. Rapid urbanization and growth in population have boosted infrastructure development globally. Unsaturated polyester resins are widely used in building panels, pipes, bath tubs, FRP components utilized in residential and commercial construction. According to the Global Construction 2030 report, the global construction output is projected to grow by 85% to US$ 15.5 trillion by 2030. This rising construction spending will significantly augment the demand for unsaturated polyester resins over the coming years.
Current Challenges in Unsaturated Polyester Resins Market
The unsaturated polyester resins industry is facing challenges like volatility in raw material prices and environmental regulations. Raw materials like ethylene, propylene and maleic anhydride are derivative of petroleum and natural gas. Fluctuations in crude oil prices directly impacts the production cost of resins. Stringent environmental norms in developed countries regarding emissions and use of hazardous substances are restricting the growth potentials of certain applications of unsaturated polyester resins.
SWOT Analysis
Strength: High demand from construction and transportation industries. Excellent properties like durability, corrosion resistance increases usage.
Weakness: Health hazards during production. Complex production process increases costs.
Opportunity: New applications in wind energy and marine composites supports growth. Developments in bio-based resins reduces dependency on petrochemicals.
Threats: Stiff competition from cheaper alternatives like epoxy resins limits market share. Economic slowdowns hampers resin consumption.
Asia Pacific accounts for around 50% of the total unsaturated polyester resins market share in terms of value. Abundant raw material availability and presence of major end-use industries in countries like China and India drives the market in the region. North America is the second largest and fastest growing regional market supported by recovery in construction sector and transportation industry. Unsaturated polyester resins finds increasing usage in marine, transportation and infrastructure applications which experiences steady growth rates in the US and Canada.
The unsaturated polyester resins market in Middle East and Latin America is witnessing fastest growth during the forecast period. Mega construction projects for real estate and transportation modernization creates high demand for unsaturated polyester resins in composites applications. Government investments and expanding manufacturing industries supplements the resin consumption growth in countries like Brazil, Mexico, Saudi Arabia and UAE.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it