Unsaturated Polyester Resin (UPR) Market - Growth, Trends, and Forecasts (2023 - 2028)

The unsaturated polyester resin (UPR) market is expected to register an estimated CAGR of less than 5% over the forecast period 2022-2027.

The unsaturated polyester resin (UPR) market was affected negatively by the COVID-19 pandemic. However, the market is now estimated to have reached pre-pandemic levels.

* Over the mid-term, major factors driving the global unsaturated polyester resin market are the growing production of glass fiber-reinforced plastics (GRP) in Europe and the desirable properties of unsaturated polyester resins.

* Advancements in hydro and icephobic property induction methodologies of UPR are expected to provide new opportunities for the market studied.

* The building and construction industry is expected to dominate the global unsaturated polyester resin (UPR) market over the forecast period.

* The Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period due to increasing consumption from countries such as China, India, and Japan.

Unsaturated Polyester Resin (UPR) Market Trends

Building and Construction Industry to Dominate the Market

* UPR is extensively used in the building and construction sector for tiles of roofs, building panels, concrete forming pans, reinforcement, household structures composites, bathroom accessories, etc.

* Unsaturated polyester resins are used significantly to produce glass fiber-reinforced plastic (GRP), which has applications in the building and construction industry for flat and corrugated sheets, light domes and skylights, rain gutters, complete covers for sewage water treatment plants, washbasins, shower cabins, dormer windows, and door ornaments.

* The benefits of GRP, including the freedom of design, high dimensional accuracy of the product, and excellent compatibility with other construction materials, are also factors influencing the growth of the market studied.

* In chemical plants, construction materials must be able to withstand harsh conditions, such as exposure to water, acids, and solvents, oxidizing media, and changing temperature conditions. There is hardly a material that is better suited for these conditions than glass fiber-reinforced UP resins. New potential applications of GRP include the construction of bridges and concrete repair.

* Unsaturated polyester resins are also used in the construction of sanitary ware and general waterproofing (pond and water feature linings) and repairs.

* In line with growing construction activities, the building and construction industry is expected to dominate the market.

Asia-Pacific Region to Dominate the Market

* Asia-Pacific is expected to dominate the market due to major consumer and producer countries, such as China, India, and Japan.

* China is the world's largest automotive producer. The country witnessed a growth of about 53% in the first nine months of 2021 in comparison to the same period in 2020.

* The Chinese aerospace policy represents one of the most comprehensive attempts to enter the top levels of aerospace development and production. China is expected to be the world's largest single-country market for civil aircraft sales over the next 20 years.

* The Indian electronics industry is one of the fastest-growing industries globally. The domestic electronics manufacturing sector has been expanding at a steady rate, owing to favorable government policies, such as 100% foreign direct investment (FDI), no requirement of industrial licenses, and the technological transformation from manual to automatic production processes.

* The Japanese construction industry is expected to be blooming, owing to the events to be hosted in the country. Tokyo hosted the Olympics in 2021, and Osaka will host the World Expo in 2025. Construction in Japan is mainly driven by redevelopment and recovery from natural disasters.

* Hence, based on the aforementioned factors, the Asia-Pacific region is expected to dominate the global market.

Unsaturated Polyester Resin (UPR) Market Competitor Analysis

The unsaturated polyester resin (UPR) market is fragmented, with the presence of both multinational and domestic players. Some of the major companies in the market include AOC, Reichhold LLC, INEOS, Scott Bader Company Ltd, Xinyang Technology Group, and Interplastic Corporation, among others.

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• The market estimate (ME) sheet in Excel format
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