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.
A) Market Overview:
Unsaturated polyester resins are widely used in the manufacturing of various products, including pipes and tanks, electrical applications, marine applications, building and construction materials, automotive parts, and aerospace components. These resins provide excellent mechanical properties, such as high strength, durability, and resistance to corrosion, making them ideal for applications in various industries. The increasing demand for lightweight and high-performance materials in the construction and automotive sectors is driving the growth of the unsaturated polyester resins market.
B) Market Dynamics:
Two key drivers fueling the growth of the unsaturated polyester resins market are:
1. Growing Demand from the Construction Industry: Unsaturated polyester resins are extensively used in construction materials, such as reinforced plastics, composites, and laminates. They offer superior strength and durability, making them suitable for applications like roofing, flooring, cladding, and infrastructure development. With the rapid urbanization and infrastructure development globally, the demand for unsaturated polyester resins in the construction industry is expected to witness significant growth.
2. Increasing Demand from the Automotive Sector: Lightweight and high-performance materials are increasingly being used in the automotive industry to improve fuel efficiency and reduce emissions. Unsaturated Polyester Resins Market offer excellent mechanical properties and can be easily molded into complex shapes, making them suitable for various automotive applications. The growing automotive industry, coupled with the increasing demand for electric vehicles, is expected to drive the demand for unsaturated polyester resins.
C) Segment Analysis:
The construction segment is dominating the unsaturated polyester resins market due to the increasing demand for construction materials and infrastructure development globally. The use of unsaturated polyester resins in applications, such as roofing, flooring, and cladding, is driving the growth of this segment.
D) PEST Analysis:
Political: Stable political environment in major economies supports the growth of the unsaturated polyester resins market.
Economic: Growing economies and infrastructure development drive the demand for unsaturated polyester resins.
Social: Increasing awareness about sustainable construction materials and the need for high-performance automotive parts are driving the growth of the market.
Technological: Technological advancements in manufacturing processes and the development of bio-based unsaturated polyester resins are expected to provide growth opportunities for the market.
E) 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 the construction and automotive industries.
- Asia-Pacific is the fastest-growing and dominating region in the market, driven by rapid urbanization, infrastructure development, and the presence of major automotive manufacturers.
- Key players operating in the global unsaturated polyester resins market include 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.
In conclusion, the global unsaturated polyester resins market is experiencing high growth due to increasing demand from the construction and automotive industries. These resins provide superior mechanical properties and are suitable for various applications in these sectors. With the growing focus on sustainability and lightweight materials, the market is expected to witness significant growth in the coming years.
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