Global unsaturated polyester resin (UPR) market size is predicted to surpass USD 14.5 billion by 2024 due to its applications in marine, building & construction, transport, artificial stones, electrical, and pipes & tanks industries. Rising processing costs of metallic composites have led many composite manufacturers to focus on the UPR usage as a result of lower costs and features same as metallic composites. Growing use of composites in many end-use industries like construction, aviation, and automobiles owing to light-weight features, resilience, and low costs is predicted to boost the market growth over the next few years.
Unsaturated polyester resin (UPR) market is forecast to exceed USD 14.5 billion by 2024
Unsaturated polyester resin (UPR) industry size is expected to surpass USD 14.5 billion by 2024 at a CAGR of around 7.5% over the period of 2018-2024. Rising lightweight materials demand in the automobile sector to reduce emissions and enhance fuel efficiency is expected to drive the market growth trends over the forecast timeframe. UPR use as a body filler for roofs, interiors, bumpers, vehicles, and roofs to repair damaged parts is predicted to boost the growth of the industry over next eight years.
However, the scarce supply of raw materials used for resin production can affect product price which is likely to hamper UPR market price trend.
Unsaturated polyester resin (UPR) market is segmented in terms of products, end-use applications, and regions.
Orthopthalic unsaturated polyester resin (UPR) market is forecast to grow at a rate of around 7% over 2018-2024 in terms of revenue
Isopthalic unsaturated polyester resin (UPR) market is predicted to surpass 2.4 million tons by 2024, with a CAGR of around 6% over the forecast timeline. Due to its high resistance features, these products are extensively used in marine, oil & gas, transportation, construction, and manufacturing industries.
Orthopthalic unsaturated polyester resin (UPR) market worth over USD 2.8 billion in 2017, is expected to record a CAGR of around 7.2% in terms of revenue over the forecast timeline. The growth is attributed to its extensive use in fiber reinforced plastic sectors due to its corrosion resistant features and low costs.
Building & Construction end-use application segment is anticipated to record a CAGR of around 6% over 2018-2024
Artificial stone end-use application segment is predicted to grow at a rate of around 6% over the forecast timeline with its extensive use as a decorative material in wall paintings, walls, and architectural reliefs.
Tanks & Pipes end-use application segment is expected to witness a substantial growth over the forecast timeframe, with enhanced demand for fiber reinforced plastic tanks & pipes.
Building & Construction end-use application segment worth over USD 2.2 billion in 2017, is predicted to grow at a rate of around 7% over the forecast timeline. The rising use of unsaturated polyester resins/products in roofing, concrete structures, mass transit, buildings, and factory applications are projected to fuel the segment growth. Heavy investments on infrastructural growth in Middle East countries and BRICS nations is likely to stimulate the product/ UPR demand in near future.
Asia Pacific unsaturated polyester resin (UPR) market is expected to exceed USD 7.26 billion by 2024
Asia Pacific unsaturated polyester resin (UPR) market worth over USD 4.2 billion in 2017, is predicted to surpass USD 7.2 billion by the end of 2024. Large scale construction activities coupled with heavy vehicle production in countries such as India, Thailand, China, and Indonesia are a few of the factors predicted to drive the regional growth over the forecast timeframe. In addition to this, expansion of the marine industry is also predicted to contribute towards the regional growth.
MEA unsaturated polyester resin (UPR) market projected to surpass 380 kilotons in 2017, is predicted to witness a substantial growth in the next eight years, with increasing capital investments in infrastructural activities in countries like Bahrain, Saudi Arabia, UAE, and Qatar anticipated to promote the regional growth.
Central & South America is expected to witness heavy gains over next eight years owing to rise in purchasing capacity in countries like Brazil along with an increase in vehicle sales contributing towards regional growth.
Key industry participants include Changzhou New Solar Company Limited, DuPont, DSM, BASF, Ashland, and Reichhold. The industry participants are predicted to increase their market share and regional presence over the forecast timeline through merger & acquisitions and other strategic collaborations.
Segments Covered in this Report:
Unsaturated polyester resins market by product
Unsaturated polyester resins market by end-user
The above information is provided on a regional and country basis for the following: