Unsaturated polyester resins have emerged as a versatile thermoset plastic and fiber reinforced composite material owing to their wide range of industrial applications. Resins such as isophthalic, orthophthalic and dicyclopentadiene (DCPD) are some of the commonly used polyester resins.
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 from 2024 to 2031.
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 like bioGaia AB and Chr Hansen dominate the probiotics market with their extensive probiotic strains and wide global presence.
The growing demand for Unsaturated Polyester Resins from end-use industries such as transportation, construction, pipe & tank and electrical & electronics is expected to drive the market growth over the forecast period. In the transportation industry, Unsaturated Polyester Resins are used in the manufacture of passenger cars, LCVs and HCVs. Whereas in construction, it finds application in making pipes, tanks, sheets & fiberglass components.
The Unsaturated Polyester Resins market is progressively gaining global momentum with market players expanding their geographical footprints in emerging economies of Asia Pacific, Latin America and Middle East regions. Countries like India, China, Brazil offer high growth potential for the market owing to rising industrial & construction activities along with growing population.
Market Key Trends
The key trend gaining traction in the Unsaturated Polyester Resins Market Demand is development of eco-friendly resins. Stringent environmental regulations regarding VOC emissions have prompted market players to invest in green chemistry to develop bio-based and recyclable Unsaturated Polyester Resins. For instance, Ashland has launched Derakane Momentum unsaturated polyester resin made from renewable materials to support sustainable manufacturing goals of customers.
Porter’s Analysis
Threat of new entrants: Unsaturated polyester resins require high capital investments for setting up production facilities. Stringent regulatory approvals also act as a barrier for new players to enter the market.
Bargaining power of buyers: There exist a large number of suppliers in the global market, giving buyers higher bargaining power in terms of negotiating prices and financing terms.
Bargaining power of suppliers: Raw material suppliers such as styrene, maleic anhydride and propylene have considerable influence over resin producers in terms of price volatility.
Threat of new substitutes: Alternatives like epoxy, vinyl ester and other thermoset resins pose a competition but unsaturated polyester resins still have advantages of cost effectiveness.
Competitive rivalry: The market is characterized by intense competition between major producers to gain higher market shares.
Asia Pacific dominates the global market currently occupying over 50% of the total market value owing to large production capacities in emerging economies like India and China.
North America is projected to grow at the fastest CAGR during the forecast period backed by increasing demand from end-use industries like construction, transportation and marine in the United States.
Get more insights on Unsaturated Polyester Resins Market
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
