Unsaturated Polyester Resin Market Size, Share & Trends Analysis Report By Product (DCPD, Orthophthalic, Isophthalic), By End Use (Building & Construction, Electrical, Marine), By Region, And Segment Forecasts, 2020 - 2027

Industry Insights

The global unsaturated polyester resin market size was valued at USD 11.63 billion in 2019. Recent developments in the building and construction and tank and pipes are likely to drive the demand for isophthalic in these end-use segments. Increasing use of environment-friendly and energy saving products is also expected to positively influence the market for unsaturated polyester resin (UPR).

Ongoing research and developments in bio-based unsaturated polyester resin are likely to boost market growth as they offer recyclability, excellent strength, and thermal and corrosion resistance with lower thickness. Technological breakthroughs, innovations, and studies carried out for expanding the product’s application scope are projected to foster demand.

Unsaturated polyester resin is majorly used in the manufacturing of plastic composites. The use of composite materials is increasing in industries including building and construction, transportation, industrial, and sports and recreation. Composite materials offer various advantages such as low material cost, chemical and corrosion resistance, flexibility in component designing, and electrical insulation over the conventional materials such as metals and concrete components.

Composite materials are used to produce frames, panels, interior components, and various other components used in automotive, transportation, agriculture, and construction industries. In electrical and electronics industry, unsaturated polyester resin composites are used for manufacturing microwave antennas, substation equipment, printed wiring boards, and standoffs and pole line hardware. The wide application scope of unsaturated polyester resin composites is expected to drive their demand over the forecast period.

Product Insights

In terms of revenue, orthophthalic emerged as the largest product segment and accounted for over 35% of the unsaturated polyester resin market in 2019. Its properties such as mechanical properties, low thermal stability, resistance to corrosion, and low cost over other substitutes makes it suitable for various industries. The lighter weight of orthophthalic also results in ease of usage and transport.

DCPD is a white crystalline compound produced by the separation process of C5 petroleum products such as naphtha, gas oils, and crude oil. DCPD is polymerized to form PDCPD, which exhibits properties such as high deflection temperature, high resistance to chemical corrosion, and high impact resistance.

PDCPD is generally used for the manufacture of construction equipment, tractors, buses, and trucks. Increasing penetration of DCPD in marine applications such as recreational boats, owing to low resin shrinkage without the addition of fiber, is expected to augment segment growth over the forecast period. In addition, low VOC emissions and styrene content in DCPD is likely to fuel its demand as an alternate to orthophthalic resin in the coming years.

End-use Insights

In the building and construction industry, unsaturated polyester resin is increasingly being used in reinforcement, roofing, concrete, and composites of household structures, factories, buildings, and mass transit applications. Infrastructural development in BRICS and the Middle East countries has driven the global construction market, which, in turn, is expected to boost the demand for unsaturated polyester resin over the forecast period.

Rising concerns over corrosion associated with metal tanks and pipes coupled with gaining importance of tank farm management in onshore and offshore oil and gas applications have increased the scope for fiber reinforced plastic tanks and pipes. Increasing demand for fiber reinforced plastic tanks and pipes is expected to boost the growth of the market for UPR over the next eight years.

In addition, increasing drilling activities for crude oil production in offshore land, which is more prone to corrosion in Brazil and the Middle East countries, are likely to augment the use of fiber reinforced plastic over the coming years. Growing demand for unsaturated polyester resin composite material in printed circuit boards (PCBs), on account of their superior properties such as unparalleled rigidity and durability, is expected to have a positive impact on the market in the near future.

In addition, rising demand for composites in solder pallets, speaker housings, and reinforced cell phones is expected to augment the growth of the market for UPR over the forecast period. However, the availability of alternate polymer resin such as epoxy resin and nylon for composites manufacturing is anticipated to restrain the demand for UPR in electrical end uses.

Regional Insights

Asia Pacific dominated the market for UPR with a revenue share of over 57.0% in 2019. The market is driven by the growth of the major end-use industries such as construction, electronic, transport and marine. Robust manufacturing base of automotive industry in China, Japan, and India coupled with increased sales of passenger vehicles is anticipated to augment the growth of the market for UPR in the near future.

In addition, favourable policies such as foreign direct investments (FDI) and Make in India implemented by the government of India are expected to create ample growth opportunities for automobile industry, which, in turn, is expected to increase the consumption of unsaturated polyester resin in automobile applications.

In North America, the market for unsaturated polyester resin is primarily driven by the growth in construction, electronics, and manufacturing sectors. UPR and UPR-based composites are extensively used in the building and construction sector and in other applications such as tanks and pipes.

Recovery of the construction industry in the region, owing to increasing demand for non-residential construction projects such as hospitals, schools, and colleges, is expected to positively impact the market in North America over the forecast period.

Unsaturated Polyester Resin Market Share Insights

Most of the key players operating in the market for UPRhave integrated their production and distribution operations to maintain product quality and expand regional outreach. The initiatives provide companies a competitive advantage in the form of cost benefits, thus increasing the profit margin. Companies are undertaking mergers and acquisitions and research and development activities to develop new products to sustain market competition and changing end-user requirements.

Research activities focused on new materials, which combine several properties, are projected to gain wide acceptance in the industry over the coming years. Some of the prominent companies manufacturing these products include INEOS, BASF SE, Polynt, Koninklijke DSM N.V., U-PICA Company. Ltd., Eternal Materials Co., Ltd., Satyen Polymers Pvt. Ltd., Dow, UPC Group, Scott Bader Company Ltd., Tianhe Resin Co., Ltd., and LERG SA.

Report Scope

Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global unsaturated polyester resin market report on the basis of product, end use, and region:

• Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

  • DCPD

  • Orthophthalic

  • Isophthalic

  • Others

• End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

  • Building & Construction

  • Tanks & Pipes

  • Electrical

  • Marine

  • Transport

  • Artificial Stones

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

  • North America

    • U.S.

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • China

    • India

  • Central & South America

  • Middle East & Africa