Unsaturated polyester resins are thermosetting resins formed by the reaction of organic acids and polyhydric alcohols. They have superior properties like corrosion resistance, flexibility, excellent adhesion to various substrates and strength. Unsaturated polyester resins find wide application in industries like transportation, construction, marine and pipe and tank due to their versatility and cost-effectiveness. They are used to manufacture products like boat hulls, water tanks, bath tubs, corrosion resistant equipment and automotive body panels. With the increasing global automotive production, demand for lightweight and durable materials is rising rapidly. This growing demand from automotive industry is expected to drive the growth of global unsaturated polyester resins market.
Key Takeaways
Key players operating in the unsaturated polyester resins 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. Unsaturated polyester resins demand is growing from industries like marine, construction and transportation due to increasing need for durable and lightweight materials. Major technological advancements include development of bio-based unsaturated polyester resins utilizing plant-based renewable raw materials and recycled polymers to increase sustainability.
Market Trends
Green Unsaturated Polyester Resins: Growing environmental concerns are propelling research towards development of bio-based and recycled unsaturated polyester resins to reduce fossil fuel dependency and increase sustainability. For example, Premix Group has developed bio-based unsaturated polyester resin utilizing plant-based oils and recycled polymers.
Automotive Composites: Lightweighting is a major trend in automotive industry to improve fuel efficiency. This increased use of composites in automobile manufacturing is expected to drive the demand for unsaturated polyester resins in coming years. Resins allow manufacturing of lightweight yet durable auto-parts.
Market Opportunities
Infrastructure Development: Most economies are heavily investing in infrastructure like roads, bridges, railways and affordable housing. This increased construction activity provides huge opportunity for unsaturated polyester resin manufacturers.
Marine Industry Resurgence: Global shipping and maritime trade is growing steadily. This provides scope for unsaturated polyester resin suppliers to tap into marine sector for hulls, decks and water storage tanks manufacturing.
Impact of COVID-19 on Unsaturated Polyester Resins Market Growth
The COVID-19 pandemic has adversely impacted the growth of the unsaturated polyester resins market. The strict lockdowns and social distancing measures imposed by various governments led to the temporary closure of major end-use industries such as construction, automotive and marine. This decline in demand from key end-use sectors negatively affected the market in 2020. The supply chain disruptions and restrictions on cross-border trade further exacerbated the situation. However, with restrictions being gradually lifted from mid-2021, the market has started showing signs of recovery. The reopening of construction sites and resumption of infrastructure projects boosted demand. But recovering to pre-pandemic levels will take some more time as the lingering effect of pandemic continues to impact economic activities. Going forward, development of new bio-based resins as sustainable alternatives and growing preference for light-weight composite materials in automotive sector are expected to aid market growth over long run.
Geographical Regions with High Concentration of Unsaturated Polyester Resins Market
In terms of value, the Asia Pacific region holds the largest share in the Global Unsaturated Polyester Resins Market Size currently. This can be attributed to huge presence of end-use industries such as construction, automotive, marine and wind energy in the region. China accounts formajor portion of market owing to its role as world's largest manufacturer and consumer of construction materials. Growth in infrastructure development activities in countries like India is also supporting regional market expansion. Europe and North America are other major geographical markets, driven by mature industries in these regions adopting unsaturated polyester resins for manufacturing various products.
Fastest Growing Region for Unsaturated Polyester Resins Market
The unsaturated polyester resins market in Middle East & Africa region is projected to witness fastest growth during the forecast period. This is due to ongoing industrialization and urbanization leading to rising construction of buildings, bridges and other infrastructure. For example, massive infrastructure projects underway in Gulf countries for development of smart cities and tourist destinations is driving demand. Furthermore, growing renewable energy sector in African nations is boosting uptake of unsaturated polyester resins for production of wind turbine blades and other composites. The regional market is also supported by increasing export of products from manufacturers based in Asia and Europe.
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