by The global Unsaturated Polyester Resins Market is estimated to be valued at USD 11,275.6 Mn in 2021 and is expected to exhibit a CAGR of 7.5% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
- A) Market Overview:
Unsaturated Polyester Resins are widely used in various industries due to their excellent properties such as high strength, flexibility, water resistance, and chemical resistance. These resins find applications in construction, automotive, marine, electrical & electronics, and wind energy industries. In the construction sector, they are used for manufacturing reinforced plastics, laminates, and coatings. In the automotive industry, unsaturated polyester resins are used in the production of body panels, interior parts, and under-the-hood components.
- B) Market Dynamics:
The growth of the Unsaturated Polyester Resins Market can be attributed to two main drivers. Firstly, the increasing demand from the construction industry for composites and coatings is driving the market growth. The lightweight and high-strength properties of unsaturated polyester resins make them ideal for construction applications, such as roofing, flooring, pipes, and tanks. Additionally, the rising demand for energy-efficient buildings and infrastructure is further fueling the market growth.
Secondly, the automotive industry is also a significant driver for the Unsaturated Polyester Resins Market .With the growing trend towards lightweight vehicles for fuel efficiency, there is an increasing demand for composites and plastics in the automotive sector. Unsaturated polyester resins offer a cost-effective solution for manufacturing lightweight and durable automotive components, leading to their increased adoption in the industry.
- C) SWOT Analysis:
Strengths:
- Versatile properties of unsaturated polyester resins
- Growing demand from the construction and automotive industries
Weaknesses:
- Vulnerability to UV radiation, leading to degradation
- Availability of alternatives such as epoxy resins and polyurethane resins
Opportunities:
- Expansion of the wind energy sector
- Increasing use of composites in the aerospace industry
Threats:
- Fluctuating raw material prices
- Environmental concerns related to the disposal of unsaturated polyester resins waste
- D) Key Takeaways:
– The global Unsaturated Polyester Resins Market is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period, due to increasing demand from the construction and automotive industries.
– Asia-Pacific is expected to dominate the market, driven by rapid industrialization, urbanization, and infrastructure development in countries like China and India.
– Key players operating in the global 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.
In conclusion, the global Unsaturated Polyester Resins Market is poised for significant growth in the forecast period. The demand from the construction and automotive industries, along with the increasing need for sustainable and lightweight materials, will drive the market. However, challenges such as fluctuating raw material prices and environmental concerns need to be addressed to ensure sustainable growth in the market.
