Unsaturated polyester resin Market Expected to Reach $20.1 Billion by 2030-Allied Market Research

According to a new published report by Allied Market Research titled, “Unsaturated polyester resin Market by Type, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global unsaturated polyester resins market was valued at $11.0 billion in 2020, and is projected to reach $20.1 billion by 2030, growing at a CAGR of 6.3% from 2021 to 2030.

Unsaturated polyester resin is a prominent thermoset polymer for use as a matrix in composites for marine and aerospace end-use industry. In the production of plastic composites, unsaturated polyester resin is commonly used. Composite materials are widely used in a variety of areas, including construction, transportation, manufacturing, and sports & recreation. Composite materials have a number of advantages over traditional materials such as metals and concrete components, including lower material costs, chemical and corrosion resistance, component design flexibility, and electrical insulation. These benefits are likely to drive the growth of unsaturated polyester resins market during the forecast period.

Composite materials are used to produce frames, panels, interior components, and various other components used in automotive, transportation, agriculture, and construction industries. In the electrical & electronics industry, UPR composites are used for manufacturing microwave antennas, substation equipment, printed wiring boards, and standoffs and pole line hardware. The demand for unsaturated polyester resin composites is expected to be driven by their extensive end-use industry scope. However, availability of alternative resins such as epoxy, vinyl ester, acrylic, and polyurethane resins limits the unsaturated polyester resins market growth.

Based on type, the global unsaturated polyester resins market size is segmented on the basis of type, application, and region. Based on the type, the global unsaturated polyester resin market is segmented into orthophthalic, isophthalic, dicyclopentadiene and others. The orthophthalic resin segment accounted for the largest share in 2020 and projected to witness growth at the highest CAGR of 6.5%.

Based on the application, the global unsaturated polyester resins market is segmented into building & construction, tanks & pipes, electrical, marine, transport, artificial stones, and others. The building & construction segment accounted for the largest share in 2020 and tanks & pipes segment projected to witness growth at the highest CAGR of 7.0%.

Region wise, the unsaturated polyester resin market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for the largest unsaturated polyester resins market share of the market in 2020.

The global unsaturated polyester resin market is consolidated in nature with a few players, such as AOC, BASF SE, Dow, INEOS Group, LERG SA, Von Roll, Royal DSM, Scott Bader Company Ltd., Tianhe Resin Co., Ltd., and UPC Group, which hold significant share of the market. These players have been adopting various strategies to gain higher share or to retain leading positions in the market.

COVID-19 Analysis:

• The construction work has been temporarily halted keeping in mind the concerns regarding workers in the construction industry.
• Due to COVID-19 pandemic, transport limitations were implemented, resulting in reduced industrial production and disrupted supply chains, which affected global economic growth by a substantial proportion, severely impacting market growth.
• The companies are not earning any profit as a result of the work stoppage and not only the companies are losing money but they are also losing suppliers who are providing the required materials to various companies to be used in construction sector, all those suppliers are also facing huge losses.
• Firms are not earning any profit as a result of the work stoppage, and not only are the companies losing money, but so are all of the suppliers that provide the needed supplies to various companies for use in the construction sector.
• Furthermore, due to social distancing norms during COVID-19, the manufacturing companies are working with limited workforce; thus, negatively impacting the production and construction processes.
• COVID-19 has made a major economic influence on a number of financial and industrial sectors, including travel and tourism, manufacturing, and aviation. According to the World Bank and IMF, the biggest economic recession will occur between 2020 and 2021. Economic activity is diminishing as a result of an increasing number of countries implementing and prolonging lockdowns, which has an influence on the global economy.

Key Findings Of The Study

• On the basis of type, the orthophthalic resin segment emerged as the global leader by acquiring more than 39.04% of the market share in 2020. While isophthalic resin segment is anticipated to continue this trend during the forecast period.
• On the basis of application, the building & construction segment emerged as the global leader by acquiring more than 27.54% of the market share in 2020. While tanks & pipes segment is anticipated to continue this trend during the forecast period.
• On the basis of region, Asia-Pacific is the major consumer of unsaturated polyester resin among other regions. It accounted for around 50.50% of the global market share in 2020.