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 are thermosetting polymers which can be processed into fiber reinforced plastic parts using the process of sheet moulding or bulk moulding compounds. Unsaturated polyester resins provide enhanced mechanical strength, stiffness, dimensional stability and resistance to chemical, heat and electrical properties, and find wide usage in the construction, automotive and marine industries.
Market key trends:-
One of the key trends in the unsaturated polyester resins market is the growing demand for bio-based unsaturated polyester resins. Conventional unsaturated polyester resins are primarily produced from petroleum feedstocks. However, with rising environmental concerns and sustainability initiatives, manufacturers are focusing on developing resins derived wholly or partially from renewable biomass sources such as vegetable oils, algae oils, and plant-based polyols. These bio-based unsaturated polyester resins have comparable mechanical properties to traditional resins and help reduce dependence on fossil fuels. Their adoption is expected to increase significantly over the forecast period.
SWOT Analysis:-
- Strength: Unsaturated polyester resins are widely used matrix material for FRP composite applications due to superior mechanical properties and corrosion resistance.
- Weakness: Volatility in raw material prices can impact the overall production cost of unsaturated polyester resins.
- Opportunity: Growing end use industries like construction, marine and transportation are expected to offer new areas of growth for unsaturated polyester resins.
- Threats: Stringent environmental regulations around VOC emissions can restrict the growth of unsaturated polyester resins market. Development of alternative resin systems is also a threat to unsaturated polyester resins.
Key Takeaways:-
The Global Unsaturated Polyester Resins Market Growth is expected to witness high, exhibiting CAGR of 39% over the forecast period, due to increasing demand from fibreglass reinforced plastics industry.
Regional analysis
Asia Pacific dominates the unsaturated polyester resins market globally and is expected to maintain its lead over the forecast period. This can be attributed to high number of ongoing construction and infrastructural projects, especially in China and India. Additionally, the marine and transportation industries in Southeast Asian countries are positively impacting the market growth in this region.
Key players
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.
Read More - https://www.insightprobing.com/unsaturated-polyester-resins-market-outlook-and-forecasts-analysis/
