The global Unsaturated Polyester Resins Market is estimated to be valued at US$ 14007.68 Mn in 2023 and is expected to exhibit a CAGR of 39% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Unsaturated polyester resins (UPRs) are thermoplastic resins produced through the reaction of organic acids and glycols. The main advantages of UPRs include easy processability, high strength, and resistance to alkalis, salts and chemicals. UPRs are extensively used in construction, automotive and marine industries for applications such as pipes, tanks, ducts, boats, shower stalls etc. due to their excellent surface hardness, corrosion resistance and dimensional stability. They find wide usage in fiberglass reinforced plastics (FRPs) due to their ability to permanently bond with glass fibers.
Market key trends:-
One of the key trends in the market is the development of bio-based unsaturated polyester resins which use plant-based raw materials instead of petroleum-based chemicals. This reduces dependence on petrochemicals and helps lower carbon footprint. Secondly, wider applications of 3D printing systems along with advances in additive manufacturing technologies are promoting the development of specialized grades of UPRs suitable for 3D/4D printing. These improvements allow for designing and producing complex geometries at reduced costs and less material waste. Lastly, major players are focusing on producing environment friendly UPR formulations compliant with regulatory standards for emissions and human/environmental safety.
Porter’s Analysis:-
- Threat of new entrants: The threat of new entrants is moderate in the unsaturated polyester resins market. High capital requirements for setting up a manufacturing plant acts as a barrier for new players.
- Bargaining power of buyers: The bargaining power of buyers is high in this market. Buyers can negotiate lower prices due to the presence of many established players.
- Bargaining power of suppliers: The bargaining power of suppliers is moderate. Resin manufacturers have switching costs involved in changing suppliers.
- Threat of new substitutes: The threat of new substitutes is low as unsaturated polyester resins have superior chemical and physical properties compared to other plastics.
- Competitive rivalry: The competition in the market is high among the key players.
Key Takeaways:-
The Global Unsaturated Polyester Resins Market Size is expected to witness high growth, exhibiting a CAGR of 39% over the forecast period, due to increasing usage in fibreglass reinforced plastic applications.
The Asia Pacific region dominates the global market, with China being the largest producer and consumer. Growth in the construction and transportation industries is driving the demand in the region.
Key players operating in the 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 players are focusing on capacity expansion and new product development to strengthen their market position.
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