The Unsaturated Polyester Resins Market is Driven by Increasing Demand from Construction and Transportation Industries
The unsaturated polyester resins market has widespread usage in industries such as construction, transportation, pipes and tanks, electrical and electronics, and others. Unsaturated polyester resins provide properties such as corrosion resistance, mechanical strength, and durability. They are used to create strong and durable products from wood, glass, and metal reinforcements in industries.
The Global Unsaturated Polyester Resins Market is estimated to be valued at US$ 16136.85 Bn in 2024 and is expected to exhibit a CAGR of 21% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Unsaturated Polyester Resins market are BioGaia AB, Chr. Hansen, Groupe Danone S.A., Nestle S.A., PROBI AB, Lifeway Foods, Inc., Mother Dairy, General Mills, Inc., China-Biotics, Inc., Yakult Honsha Co., Ltd., and E. I. du Pont de Nemours and Company. Key players are investing in expanding their production facilities to meet the growing demand from end-use industries.
The demand for unsaturated polyester resins is increasing from industries such as construction and transportation. Unsaturated polyester resins provide properties such as corrosion resistance, weather resistance, and strength to composites used in construction of buildings, ships, pipes, and tanks. They enhance the durability and lifespan of end products.
Major players are expanding their global footprint to capitalize on the demand for unsaturated polyester resins from emerging economies in Asia Pacific, South America, and Middle East regions. They are setting up new production plants and enhancing distribution networks across global locations.
Market Drivers
The increasing demand from construction and transportation industries is one of the key drivers for the unsaturated polyester resins market growth. Unsaturated polyester resins are used to manufacture fiber reinforced plastic composites, gel coats, and paints & coatings that find applications in construction of buildings, bridges, ships and boats. They provide properties such as durability, weather resistance and strength to composites used in these industries. The booming construction activities across residential and commercial sectors and growing marine transportation are fueling the demand.
Impact of geopolitical situation on Unsaturated Polyester Resins market growth and geographical regions
The ongoing geopolitical conflicts and economic uncertainties have adversely impacted the growth of the global unsaturated polyester resins market. The demand for unsaturated polyester resins has significantly declined in the wake of the Russia-Ukraine war as several manufacturing facilities in the warring nations and surrounding countries are temporarily shut down. Additionally, the supply chain disruptions caused due to the closure of major transportation routes have led to raw material shortages and delayed production cycles. The rising crude oil prices and sanctions on key Russian exports have further escalated the production costs, posing major challenges for stakeholders. However, the markets in North America and Europe are estimated to pick up pace as manufacturers shift their existing facilities and establish new plants in the regions to avail incentives and tax benefits.
Geographically, the Asia Pacific region accounts for the largest share in Global Unsaturated Polyester Resins Market Size in terms of value. This is attributed to the flourishing construction and infrastructure development activities coupled with a thriving marine industry in major Asian economies including China, India, Japan, and South Korea. Additionally, the easy availability of raw materials and low-cost labor force have encouraged several international players to set up their manufacturing bases in the region. Going forward, the Middle East & African region is anticipated to emerge as the fastest growing market for unsaturated polyester resins between 2024 and 2030. This will be driven by ongoing infrastructure projects, transport network expansion, and economic diversification initiatives undertaken by several Gulf countries.
Geographical regions where the Unsaturated Polyester Resins market is concentrated in terms of value
The Asia Pacific region currently holds the top position in the global unsaturated polyester resins market and accounts for over 50% of the total market value. This dominance of Asia Pacific can be attributed to the strong growth of industries such as construction, infrastructure, marine, transportation and wind energy in developing countries like China and India. China alone contributes to more than 30% of the total unsaturated polyester resins demand owing to its massive industrial and construction activities. Other Asian countries like India, Japan and South Korea are also key markets concentrated in the Asia Pacific region due to their large production bases and growing end-use applications. Additionally, factors such as easy availability of raw materials, low labor and production costs have enabled Asia Pacific to emerge as the most lucrative market for unsaturated polyester resins globally.
Fastest growing region for the Unsaturated Polyester Resins market
The Middle East and Africa region is expected to be the fastest growing market for unsaturated polyester resins during the forecast period from 2024 to 2030. This rapid growth can be attributed to ongoing infrastructure development projects, expanding transportation networks, non-residential construction boom and economic diversification initiatives undertaken by several Gulf countries. In particular, the GCC countries including UAE, Saudi Arabia and Qatar are anticipated to spearhead the demand growth on account of big-ticket projects like Expo 2020 in Dubai, NEOM city in Saudi Arabia and various sports infrastructure for FIFA World Cup 2022 in Qatar. Additionally, investments in wind energy sector are also likely to drive the consumption of unsaturated polyester resins in resin for pipes, tanks and composite applications in the MEA region. The favorable government support through subsidies and relaxed regulations will further contribute to its emerging status as the fastest expanding market.
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