Unsaturated Polyester Resins Market

Unsaturated Polyester Resins Market Size:

The global unsaturated polyester resins market size reached USD 13.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 20.9 Billion by 2032, exhibiting a growth rate (CAGR) of 5.1% during 2024-2032. The market is driven by the rising demand of unsaturated polyester resins across construction, automotive and aerospace sectors mainly due to their strength, durability and versatility. Advancements in resin technology, the widespread adoption of sustainable solutions and expansion in infrastructure projects is also contributing positively to the market demand. At present, Asia Pacific holds the largest market share, driven by rapid development in the industrial and construction sectors.

Unsaturated Polyester Resins Market Analysis:

• Major Market Drivers: Key market drivers include the robust industrial growth mainly in construction and automotive sectors where unsaturated polyester resins are highly sought after for their strength, durability and versatility. The rising demand for lightweight and corrosion resistant material is fueling their adoption in aerospace and marine applications. Various technological advancements in resin formulations and production processes are enhancing performance and expanding its applications. Furthermore, the push toward sustainability and environmental regulation is driving the development of bio-based resins. Global urbanization and infrastructure development projects are also contributing significantly to the rising demand ensuring steady market growth and innovation.
• Key Market Trends: Key market trends include the growing shift toward sustainable and ecofriendly resin formulations mainly driven by environmental regulations and consumer demand. There is also widespread adoption of advanced technologies to enhance design performance and expand its application areas mainly in automotive, aerospace and construction industries. Furthermore, the rise in infrastructure projects and industrial activities across various regions is significantly contributing to the unsaturated polyester resins market growth.
• Geographical Trends: Geographical trends in the market highlights significant growth in the Asia Pacific region mainly driven by rapid industrialization, urbanization and infrastructure development across the region. China and India are key contributors with their extensive construction projects and expanding automotive manufacturing. North America also shows robust demand, mainly in automotive and aerospace sector supported by technological advancements and sustainability initiatives. Europe is focusing on regulatory compliance and development of ecofriendly resin solutions. Meanwhile, Latin America and Middle East are emerging markets, experiencing growth due to increasing industrial activities and infrastructure investments, which are boosting the unsaturated polyester resins demand.
• Competitive Landscape: Some of the major market players in the unsaturated polyester resins industry include AOC LLC, Ashland LLC, BASF SE, CCP Composites Ltd, E. I. Du Pont, Allnex Resins Australia Pty Ltd, Polynt Composites USA Inc., Reichhold Inc., Koninklijke DSM N.V., Scott Bader Company Ltd., Upc Technology Corporation., among many others.
• Challenges and Opportunities: The market faces various challenges including fluctuations in raw material prices and stringent environmental regulations impacting production processes. Additionally, the need for constant innovation to meet diverse application requirements poses a challenge. However, there are significant opportunities, including the growing demand for sustainable and bio-based resins, advancements in resin technology, and expanding applications in emerging industries like aerospace and marine. These factors offer avenues for the unsaturated polyester resins market growth, thus faciliting future opportunities.
   

Unsaturated Polyester Resins Market Trends:

Rising Demand from Construction Sector

The construction sector's booming growth is significantly boosting the demand for unsaturated polyester resins. Infrastructure projects worldwide, such as bridges, highways, and commercial buildings, increasingly rely on these resins due to their superior mechanical properties, durability, and resistance to environmental factors. Unsaturated polyester resins are extensively used in concrete reinforcement, enhancing the strength and longevity of structures, and in protective coatings, providing robust resistance to corrosion and wear. The push for sustainable and efficient building materials further amplifies their usage. The demand for unsaturated polyester resins in the construction sector is expected to increase further due to global urbanization and ongoing infrastructure development. This, in turn, is projected to increase the unsaturated polyester resins market revenue in the near future. For instance, according to industry reports, the construction sector in India reported a strong growth of 13.3% in July-September 2023 as compared to the same period in 2022, and a 7.9% increase as compared to the previous quarter. This growth significantly boosted the country's GDP. Notably, new residential projects saw a substantial 24% increase. The construction boom, attributed to rising per capita income and a severe housing shortage in major cities, is projected to continue, with estimates suggesting a 9.6% real-term expansion for 2023.

Rapid Expansion in Automotive Industry

The automotive industry is increasingly adopting lightweight and durable materials to enhance fuel efficiency and vehicle performance. This shift is significantly driving unsaturated polyester resins demand, known for their strength and versatility. These resins are being used in various automotive components, including body panels, interiors, and under-the-hood parts, to reduce vehicle weight without compromising durability. The trend aligns with the industry's focus on sustainability and regulatory pressures to lower emissions. As automakers continue to innovate and improve vehicle design, the use of unsaturated polyester resins is expected to grow, solidifying their role in the automotive market. According to a report published by the Society of Indian Automobile Manufacturers (SIAM), in April 2024, the Indian auto industry witnessed positive growth across all segments. The total production of Passenger Vehicles, Three Wheelers, Two Wheelers, and Quadricycles reached 23,58,041 units. With 3,35,629 units, Passenger Vehicles sales exhibited a marginal growth of 1.3%. Likewise, Two-Wheeler sales soared by 30.8% with 17,51,393 units sold. Three-Wheeler segment also experienced a 14.5% growth with 49,116 units sold in April 2024 as compared to April 2023.

Increasing Demand from Aerospace and Marine Sector

The marine and aerospace industries are increasingly utilizing unsaturated polyester resins due to their exceptional corrosion resistance and mechanical strength. In the marine sector, these resins are essential for constructing durable and lightweight hulls, decks, and other components, ensuring long-term performance in harsh, saltwater environments. Similarly, in the aerospace industry, unsaturated polyester resins are used in the production of lightweight yet robust composite materials for aircraft interiors and structural parts. This adoption helps reduce overall weight, improving fuel efficiency and performance. The growing use of these resins in both industries is significantly driving market growth, supported by continuous advancements in resin technology. According to the unsaturated polyester resins market forecast, the demand for unsaturated resins is expected to increase significantly mainly due to their growing application in the marine and aerospace sector. According to the report published by IEA, India's civil aviation sector is rapidly expanding, with projections of over 500 million air travelers by 2030 and aims to lead the global aviation market by 2047. Domestic air passengers increased by nearly 50% in 2022, while international traffic grew by over 150%. The country had 147 airports in 2022, with plans to reach 220 by 2025. The Airports Authority of India (AAI) is pursuing an ambitious privatization strategy, aiming to bundle profitable and loss-making airports in the sales process.

Unsaturated Polyester Resins Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type, end-use and form.

Breakup by Type:

• Orthophthalic Resin
• Isophthalic Resin
• Dicyclopentadiene (DCPD) Resin
• Others
   

Orthophthalic resin accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the type. This includes orthophthalic resin, isophthalic resin, dicyclopentadiene (DCPD) resin, and others. According to the report, orthophthalic resin represented the largest segment.

Orthophthalic resin dominates the unsaturated polyester resins market, holding the largest share. This resin is widely utilized due to its cost-effectiveness and versatile applications in sectors such as automotive, construction, and marine. Its properties, including good mechanical strength and resistance to corrosion, make it a preferred choice for various end-use applications. The substantial market presence of orthophthalic resin reflects its established role and broad acceptance within the industry. As the demand for durable and efficient materials continues to grow, orthophthalic resin is likely to maintain its leading position in the unsaturated polyester resins market.

Breakup by End-Use:

• Building and Construction
• Automotive
• Marine
• Pipes, Ducts and Tanks
• Wind Energy
• Electrical and Electronics
• Others
   

Building and construction holds the largest share of the industry

A detailed breakup and analysis of the market based on the end-use have also been provided in the report. This includes building and construction, automotive, marine, pipes, ducts and tanks, wind energy, electrical and electronics, and others. According to the report, building and construction represented the largest segment. 

According to unsaturated polyester resins market research report, building and construction sector represents the leading market segment mainly driven by its extensive use in applications such as concrete reinforcement, coatings, and composites. These resins offer superior durability, corrosion resistance, and aesthetic flexibility, making them ideal for infrastructure and architectural elements. Their adaptability to various construction materials and conditions enhances structural integrity and longevity. As construction activities continue to expand globally, the demand for unsaturated polyester resins in this sector remains robust. Innovations and sustainable practices further bolster their appeal, ensuring that building and construction will likely continue to dominate the market.

Breakup by Form:

• Liquid Form
• Powder Form
   

Powder form represents the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the form. This includes liquid form and powder form. According to the report, powder form represented the largest segment. 

The powder form of unsaturated polyester resins holds the largest market share due to its versatility and ease of use in various applications. This form is preferred for its excellent storage stability and cost-effectiveness, making it ideal for manufacturing processes such as compression molding and extrusion. Powder resins offer consistent quality and performance in producing reinforced composites, coatings, and adhesives. Their ability to be easily mixed with fillers and other additives further enhances their applicability across diverse industries, including automotive and construction. As demand for high-performance materials grows, the powder form's dominance in the unsaturated polyester resins market remains prominent. For instance, in July 2023, BASF and Chinese polyester resin producer KHUA signed an agreement for BASF to supply neopentyl glycol (NPG) to KHUA's new production plant for high-quality powder coatings in Zhanjiang. NPG is used in the production of low VOC powder coating resins for household appliances and construction. The partnership aims to meet the increasing demand for eco-friendly coatings in China and the Asia Pacific region. The new NPG site is expected to begin operations in Q4 2025. These strategic partnerships enhance production capabilities and expand market reach, thereby creating a positive unsaturated polyester resins market outlook.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia Pacific leads the market, accounting for the largest unsaturated polyester resins market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific represents the largest regional market for unsaturated polyester resins.

Asia Pacific leads the unsaturated polyester resins market, holding the largest share due to its rapidly growing industrial and construction sectors. According to the unsaturated polyester resins market overview, region’s rapid industrialization and significant infrastructure investments drive the growing demand for unsaturated polyester resins. Additionally, the availability of cost-effective raw materials and advanced manufacturing facilities contributes to the region's market dominance. Countries like China and India are pivotal in this growth, leveraging their expansive production capacities and technological advancements. As Asia Pacific continues to invest in infrastructure and industrial expansion, its leadership in the unsaturated polyester resins market is expected to persist. For instance, in February 2024, AOC Nanjing's new production line for unsaturated polyester resins began its operations. The completion of the state-of-the-art facility represents AOC China's commitment to sustainability and adherence to national dual-carbon goals. This venture, aimed at advancing China's composite material industry, is poised to contribute to domestic high-end composite manufacturing significantly. The advanced production line is expected to enhance AOC Nanjing's business prospects and facilitate the development of green composites in China.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the unsaturated polyester resins industry include:

• AOC LLC
• Ashland LLC
• BASF SE
• CCP Composites Ltd
• E. I. Du Pont
• Allnex Resins Australia Pty Ltd
• Polynt Composites USA Inc.
• Reichhold Inc.
• Koninklijke DSM N.V.
• Scott Bader Company Ltd.
• Upc Technology Corporation
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

The market is highly competitive, with key players like BASF, Dupont, and Polynt leading the industry. These companies leverage advanced technologies and extensive research and development (R&D) to enhance product performance and meet evolving customer needs. Companies nowadays are focusing on sustainable practices, which in turn, enhances the unsaturated polyester resins market value positively. Emerging players are also making significant strides by adopting cost-effective production methods and targeting niche applications. Competitive dynamics are further influenced by regional variations in the demand, with Asia-Pacific experiencing rapid growth due to its expanding industrial and construction sectors.

Unsaturated Polyester Resins Market News:

• In April 2023, AOC and Büfa announced an expansion of their partnership to distribute resins, gel coats, and auxiliary materials in southeastern Europe through Büfa Composites Austria. This expansion will allow customers in the region to access AOC's range of resins. The collaboration aims to strengthen market activities by providing tailored material solutions to composite processors in Austria, Slovakia, Hungary, Romania, and other Southeast European countries. Both companies are confident in the benefits and growth potential this will bring to customers in the region.
• In May 2023, Polynt Group expanded its resin production capacity by opening a new site in Port Moody, BC, Canada. The new site was scheduled to open in the second half of 2023. This expansion is aimed at serving the North American Coatings Market and meeting the growing needs of the paint and coatings industry. The new branch is expected to enhance the company's capacity and flexibility.

Unsaturated Polyester Resins Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the unsaturated polyester resins market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global unsaturated polyester resins market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the unsaturated polyester resins industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.