The global Unsaturated Polyester Resins Market is estimated to be valued at USD 11,275.6 Mn in 2021 and is expected to exhibit a CAGR of 7.5% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Unsaturated Polyester Resins Market is witnessing significant growth due to the increasing demand from various end-use industries such as construction, automotive, marine, and electrical. Unsaturated polyester resins are widely used in the manufacturing of composites due to their excellent properties, including high strength, low weight, and resistance to corrosion. Furthermore, the growing construction industry and infrastructure development projects are driving the market growth.
Key Trends:
One key trend in the Unsaturated Polyester Resins Market is the shift towards sustainable and eco-friendly resins. With increasing environmental concerns, manufacturers are focusing on developing bio-based resins that have a reduced carbon footprint. For example, DSM has launched a sustainable unsaturated polyester resin named ‘Palapreg ECO’ made with partially bio-based and recycled content. This trend is driven by the growing preference for sustainable products among end-users and stringent regulatory policies promoting environmental conservation.
Segment Analysis:
The Unsaturated Polyester Resins Market is segmented based on the resin type, end-use industry, and region. The Orthophthalic Resin segment dominates the market owing to its wide range of applications in various industries. This resin offers excellent mechanical and chemical properties, making it suitable for diverse applications such as automotive parts, pipes and tanks, and electrical components. The construction industry is the largest end-use industry for unsaturated polyester resins due to the increasing infrastructure projects across the globe.
Key Takeaways:
– The global Unsaturated Polyester Resins Market is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period, due to increasing demand from end-use industries such as construction and automotive.
– In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the market. The region’s rapid industrialization, growing construction activities, and increasing automobile production contribute to its market dominance.
– Key players operating in the global Unsaturated Polyester Resins Market are AOC Resins, Ashland Inc., BASF SE, CCP Composites, Changzhou New Solar Co. Ltd., DSM, DuPont, Lanxess AG, Eternal Chemical Co. Ltd., Reichhold Inc., SABIC Innovative Plastics Holding BV, and Satyen Polymers Pvt. Ltd. These companies focus on product innovation, strategic collaborations, and mergers and acquisitions to strengthen their market position.
In conclusion, the Unsaturated Polyester Resins Market is experiencing significant growth driven by the increasing demand from various industries and the shift towards sustainable resins. With the construction industry booming and the need for eco-friendly products rising, the market is expected to thrive in the coming years. Key players in the industry are actively investing in research and development to offer innovative solutions and gain a competitive edge. As a result, the market is expected to witness substantial growth and present lucrative opportunities for industry players.
