Global Unsaturated Polyester Resin (UPR) Market was valued at US $ 12.6 Billion in 2022 and is expected to reach USD 22 Billion by 2030 growing at a CAGR of 7.2% during the forecast period 2023 – 2030.
Unsaturated Polyester Resin (UPR) is a versatile and widely used thermosetting synthetic resin. Composed of a combination of unsaturated organic acids and glycols, UPR boasts an array of applications across industries such as construction, automotive, marine, aerospace, electrical and electronics, wind energy, and general composites. UPR's unique chemical structure, reactivity, and durability make it a preferred choice for manufacturing fiberglass reinforced plastics (FRP) in products like building materials, automotive components, marine vessels, aircraft parts, electrical insulators, and wind turbine blades. 

The UPR market encompasses various resin types, with orthophthalic, isophthalic, and DCPD-based resins being common variants. Market trends are heavily influenced by economic growth, industrialization, and the drive for lightweight and environmentally friendly materials. Key players in the UPR industry include global and regional manufacturers such as Ashland Global Holdings, Inc., Reichhold LLC, AOC Aliancys, and DSM. As regulations and environmental concerns continue to shape the industry, there is a growing emphasis on developing eco-friendly UPR formulations. Overall, UPR's broad market definition is characterized by its chemical composition, diverse applications, types, key features, market size, influential trends, key industry players, and regulatory considerations.

Some of the benefits of designing a Unsaturated Polyester Resin (UPR) Market include:

• Electrical Insulation: UPR excels as an electrical insulator, rendering it valuable for applications necessitating the minimization of electrical conductivity.
• Cost-Efficiency: UPR frequently proves to be an economical choice across a spectrum of applications due to its affordability and ease of processing, leading to cost-effectiveness in manufacturing.
• Tailored Formulation: UPR lends itself to customization through the incorporation of diverse additives, fillers, and reinforcements, enabling precise adaptation to meet specific performance demands in a wide array of applications.
• Minimal Shrinkage: UPR exhibits minimal shrinkage during the curing process, ensuring that the final product experiences limited distortion or warping.
• Superior Adhesion: UPR demonstrates strong adhesion properties, fostering effective bonding with various substrates and reinforcing materials, thereby fortifying the composite's structural integrity.
• Reduced Maintenance Requirements: UPR composite products often demand minimal maintenance, resulting in decreased overall life cycle costs.
• Environmental Sustainability: The advancement of environmentally conscious and biobased UPR formulations plays a pivotal role in fostering a more sustainable and eco-friendly approach to manufacturing.

COVID -19 Impact 

The COVID-19 pandemic exerted a multifaceted impact on the Unsaturated Polyester Resin (UPR) market. As the global economy grappled with the challenges of the pandemic, several key trends emerged. Supply chain disruptions were a significant concern, leading to potential shortages and price fluctuations due to difficulties in sourcing raw materials critical to UPR production. The demand for UPR, commonly used in industries such as construction, marine, and automotive, experienced fluctuations as these sectors faced shutdowns and reduced activity. 

Delayed projects and postponed construction activities further compounded these effects. However, the UPR market exhibited adaptability, with some segments finding increased demand in the production of personal protective equipment (PPE) and other pandemic-related applications. As economies embarked on the path to recovery in 2021, the UPR market showed signs of revival, but the extent of this resurgence depended on a multitude of factors, including geographical location and the ability of manufacturers to navigate the evolving market conditions. To obtain the most up-to-date insights, it is essential to consult recent industry reports and market analyses that reflect the latest developments in the UPR sector.

Factors Driving the Market

Drivers

Positive outlook of building & construction industry

The optimistic trajectory of the building and construction industry serves as a robust catalyst for the Unsaturated Polyester Resin (UPR) market. UPRs find themselves at the heart of this synergy, benefitting from the industry's increasing demand for composite materials and innovative construction solutions. As the construction sector burgeons, the applications for UPRs expand in tandem. These resins excel in delivering durability, mechanical strength, and resistance to environmental stressors, making them indispensable for roofing, cladding, panels, and structural components in modern construction. Moreover, UPR-based materials fulfill the industry's quest for lightweight, sustainable construction options, significantly reducing both costs and environmental footprints. 

Architects and builders also embrace UPRs for their versatility, allowing them to sculpt creative and flexible designs. The global focus on infrastructure development, the importance of repair and maintenance, and the ongoing trend of urbanization collectively propel the UPR market to new heights, reinforcing its vital role in shaping the future of the construction sector. As per Statista, The global construction industry is poised for continuous revenue growth in the coming years, with projections indicating that by 2030, it will have more than doubled in size compared to 2020. In 2020, the construction market had a total worth of 6.4 trillion U.S. dollars, and estimates anticipate it will surge to 14.4 trillion U.S. dollars by 2030.

Escalating demand for manufacturing Glass Fiber-reinforced Plastics (GRP)

The escalating demand for manufacturing Glass Fiber-reinforced Plastics (GRP) has emerged as a significant driver of growth across multiple industries. GRP's lightweight and high-strength attributes are particularly prized in sectors where efficiency and performance are paramount, such as aerospace, automotive, and renewable energy. Furthermore, GRP's exceptional resistance to corrosion positions it as a preferred material in industries facing harsh environmental conditions, including chemical processing, marine, and oil and gas. GRP's design flexibility, allowing for intricate and innovative applications, makes it indispensable in fields where aesthetics and creative design are central. 

Its durability and low-maintenance properties further elevate its importance in areas where longevity is imperative, notably in infrastructure and transportation projects. GRP's environmental benefits, from recyclability to lower production energy requirements, align with the growing emphasis on sustainability across industries. From construction and infrastructure projects to renewable energy applications and aerospace innovations, GRP's versatility ensures its prevalence and sustenance in various sectors. The increasing adoption of GRP materials signifies a commitment to performance, longevity, and environmental consciousness, underpinning its pivotal role in propelling growth across a diverse range of industries.

Challenges

Presence of alternative to UPR

The presence of alternatives to Unsaturated Polyester Resin (UPR) exerts a multifaceted influence on the growth of the UPR market. It ignites a climate of competition, compelling UPR manufacturers to continually enhance their products and stay at the forefront of innovation to maintain a competitive stance. This competitive landscape can, in turn, lead to improved UPR technology and product quality, ultimately benefiting the industry and its customers. Additionally, the availability of alternatives introduces price competition, potentially driving down UPR prices, which, while advantageous for consumers, may impact the profit margins of UPR producers. A diverse array of options also emerges, allowing customers to choose resin types that precisely align with their unique industry and application needs, thereby fostering a more tailored and solution-driven market. 

Furthermore, the presence of alternatives can lead to market segmentation, as different applications and industries may gravitate toward specific resin types. Such diversification may result in niche markets within the broader UPR industry. To remain competitive, the UPR sector must continuously invest in research and development, fostering technological advancements and the exploration of novel applications. Market share may shift as customers weigh the advantages and disadvantages of UPR versus its alternatives, and environmental considerations, coupled with regional variations, can further shape the growth trajectory of the UPR market. In this dynamic landscape, adaptation and differentiation become pivotal for UPR manufacturers, necessitating a strategic focus on cost, performance, and sustainability to thrive and continue expanding their market presence.

Trends

Increase investment in electric vehicles

The surge in investment in electric vehicles (EVs) is poised to trigger noteworthy trends within the Unsaturated Polyester Resin (UPR) market. With EVs emphasizing lightweight materials to enhance energy efficiency and extend driving ranges, UPR-based composites are increasingly sought after for manufacturing lightweight body panels, chassis components, and interior parts. Furthermore, the growing network of charging infrastructure to support the expanding EV fleet opens up opportunities for UPR applications in charging station components, thanks to UPR's durability and resistance to environmental factors.

As EV batteries are at the core of electric vehicle technology, battery encapsulation and protection have become paramount. UPRs, with their superb electrical insulation properties, offer a solution for safeguarding and insulating battery cells, thus driving demand in this segment. Given the substantial heat generated by EV batteries during operation, efficient thermal management is essential, and UPRs can play a role in thermal management solutions like enclosures and heat sinks. The overarching shift towards sustainability further influences these trends, as the UPR industry may invest in developing more environmentally friendly resins to align with the eco-conscious goals of the EV market. Collaboration between UPR manufacturers and automotive companies is on the horizon, fostering innovation and customized UPR solutions for the specific requirements of the EV sector. 

For instance, In 2022, electric vehicles represented approximately 14 percent of total global passenger car sales, marking a notable increase of around 5.3 percentage points compared to the previous year. The growth of electric vehicle sales has been remarkable, with a significant acceleration observed since 2020, following a pivotal moment in 2017 when they surpassed the one percent market share. This surge in electric vehicle adoption can be attributed to heightened environmental awareness among consumers during the COVID-19 pandemic, leading to a global expansion of the EV market.

Market Segmentation 

By Type

• The Ortho-resins dominated the Unsaturated Polyester Resin (UPR)
• The Ortho-resins is the fastest growing segment, growing at a CAGR of 6.9% during the forecast period.

By Type, the global Unsaturated Polyester Resin (UPR) Market is divided into Ortho-resins, Isoresins, Dicyclopentadiene, and Other Types. In 2022, the orthophthalic resin segment dominated the market share, but the isophthalic resin segment is anticipated to exhibit the highest compound annual growth rate (CAGR) of 6.9%. Orthophthalic resin, as a fundamental and versatile UPR variant, is widely adopted for multifarious applications. It's noteworthy that in the marine industry, orthophthalic resins remain the most prevalent choice among resin types. These resins' remarkable versatility allows them to find utility in diverse applications spanning industries like automotive, marine, construction, and consumer goods, making them a preferred choice across a wide spectrum of manufacturing needs. Their inherent cost-efficiency, when compared to other UPR variants, positions ortho-resins as an attractive option for manufacturers seeking to optimize production expenses while upholding product quality.

As global industries continue to expand, ortho-resins are well-suited to meet the demands of manufacturers around the world. Their rapid growth is not only a testament to their inherent attributes but also reflects their resonance with the evolving landscape of sustainability, cost-effectiveness, and adaptability across multiple industrial sectors.

By End-user Industries

• The Building and Construction dominated the Unsaturated
• The Building and Construction is the fastest growing segment, growing at a CAGR of 7.2 % during the forecast period.

By End-Use Industries the Unsaturated Polyester Resin (UPR) Market is divided by Building and Construction, Chemical, Electrical and Electronics, Paints and Coatings, Transportation, and Other End-user Industries).

In 2022, the building and construction segment held the largest market share within the unsaturated polyester resins market, with the tanks and pipes segment expected to register the most substantial compound annual growth rate (CAGR) of 7.2%. Throughout the forecast period, the bio-polishing segment is poised to maintain its dominant position in the global unsaturated polyester resins market. This trend is primarily driven by the surge in building and construction activities, which consequently augments the demand for unsaturated polyester resins. UPRs play an indispensable role in this industry due to their wide-ranging applications, from manufacturing structural components, roofing, and cladding to adding decorative touches. Their versatility to meet diverse construction needs is a defining feature. UPRs are prized for their exceptional strength and durability, offering resistance against corrosion, weathering, and chemical exposure. These qualities are of paramount importance when constructing buildings meant to stand the test of time. Furthermore, UPR-based composites are significantly lighter than traditional materials, a characteristic that aligns with the industry's growing.

By Region

• The APAC region dominated the Unsaturated Polyester Resin (UPR) Market in 2022.
• The APAC region is the fastest growing segment, growing at a CAGR of 10.6% during the forecast period.

By region, the global Unsaturated Polyester Resin (UPR) Market is divided into North America, Europe, APAC and Others. Others is further divided into Middle East, Africa and South America.
The Asia-Pacific region is poised to take the lead in this market, driven by its status as home to both significant consumer and producer nations, including China, India, and Japan. A noteworthy expansion of the automotive sector in China is set to amplify the demand for unsaturated polyester resins, given their extensive use within the automotive industry. In 2021, China, which happens to be the world's largest automobile manufacturer according to the International Organization of Motor Vehicle Manufacturers (OICA), produced a staggering 2,60,82,220 vehicles. Moreover, multiple countries in the region are vigorously advancing their automotive sectors, making substantial investments in electric vehicles to align with their net-zero emissions goals. A case in point is Japan, where more than 8,600 out of 20,000 new electric vehicles (EVs) delivered in 2021 were imported. Impressively, this number of newly registered foreign EV imports nearly tripled compared to the preceding year.

Furthermore, the Government of India's proactive policies, including initiatives like Foreign Direct Investment (FDI) and the "Make in India" campaign, are poised to provide a substantial impetus to the automotive industry. This, in turn, is expected to boost the utilization of unsaturated polyester resin in various automotive applications. In North America, the demand for unsaturated polyester resins is primarily driven by the growth in the construction, electronics, and manufacturing sectors. These resins, along with their composites, have wide-ranging applications in construction and are commonly used in the production of items such as tanks and pipes. The resurgence of the construction industry in the region, spurred by the escalating need for non-residential construction ventures like hospitals, schools, and colleges, is anticipated to have a positive influence on the North American market throughout the forecast period.

Competitive Landscape

The global Unsaturated Polyester Resin (UPR) Market is consolidated with the presence of few major players contributing to the market revenue. This dominance of these major players is driven by their technological expertise, extensive resources, and established brand recognition. These companies typically offered comprehensive and diversified solutions to end use industries.

• AOC, LLC

AOC, LLC stands as a prominent worldwide provider of resins and specialty materials, empowering customers to craft resilient, enduring, and adaptable products and components. Bolstered by extensive manufacturing and scientific expertise across the globe, the company collaborates closely with its clientele to provide unparalleled quality, service, and dependability in the present while pioneering innovative solutions for the future.

• INEOS

INEOS is a prominent global producer of petrochemicals, specialty chemicals, and oil-based products. It boasts a network of 36 enterprises spanning 29 countries, with a diverse portfolio that extends to encompass consumer brands and sports ventures. Renowned for its pioneering spirit and commitment to sustainability, INEOS is a front-runner among petrochemical companies. Its diverse product range finds application across various sectors, from construction and automotive to packaging and healthcare.

• BASF SE

BASF SE, a multinational chemical corporation headquartered in Ludwigshafen, Germany, holds the distinction of being the world's largest chemical producer in terms of revenue. With a presence spanning over 90 countries and a dedicated workforce of more than 111,000 employees, BASF is a global chemical industry leader. The company's extensive product portfolio encompasses a diverse array of chemicals, spanning petrochemicals, plastics, specialty chemicals, performance products, and agricultural goods. These offerings serve a wide spectrum of industries, from construction, automotive, and packaging to electronics.

• Polynt
• LERG SA
• Koninklijke DSM N.V.l U-PICA Company. Ltd.
• Eternal Materials Co., Ltd.
• Satyen Polymers Pvt. Ltd.
• CIECH Group
• Dow Inc.
• UPC Group
• Scott Bader Company Ltd.
• Deltech Corporation
• Tianhe Resin Co., Ltd.
• Qualipoly Chemical Corp.
• Reichhold LLC
• Interplastic Corporation
• DIC Corporation
• Crystic Resins India Pvt. Ltd

Recent Developments

• In December 2020, AOC acquired the unsaturated polyester resin (UPR) production facility located in Stříbro, Czech Republic, previously operated by Spolchemie. This strategic acquisition has enabled AOC to enhance its customer service and logistics capabilities, benefiting clients across Central/Eastern Europe and Germany.
• December 2022 saw the successful acquisition of ASHTA Chemicals Inc by INEOS Enterprises from Bigshire Mexico S. de R.L. de C.V. This acquisition encompasses a 100 ktpa Potassium Hydroxide (KOH) and a 65 kte Chlorine plant.
• In July 2022, Scott Bader Pvt Ltd (India) extended its portfolio by acquiring the commercial business of Satyen Polymers Pvt Ltd. This acquisition encompasses the marketing of all resin and gelcoat products. By integrating Scott Bader's cutting-edge technology, this strategic move aims to broaden the product range and introduce industry-leading adhesives and composites products to the Indian market.

Unsaturated Polyester Resin (UPR) Market Scope

Table of Contents

1 INTRODUCTION OF GLOBAL UNSATURATED POLYESTER RESIN (UPR) MARKET

1.1 Overview of the Market

1.2 Scope of Report

1.3 Assumptions

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY 

3.1 Data Mining

3.2 Validation

3.3 Primary Interviews

3.4 List of Data Sources

4 GLOBAL UNSATURATED POLYESTER RESIN (UPR) MARKET OUTLOOK

4.1 Overview

4.2 Market Dynamics

4.2.1 Drivers

4.2.2 Restraints

4.2.3 Opportunities

4.3 Porters Five Force Model

4.3.1. Bargaining Power of Suppliers

4.3.2. Threat of New Entrants

4.3.3. Threat of Substitutes

4.3.4. Competitive Rivalry

4.3.5. Bargaining Power among Buyers

4.4 Value Chain Analysis

5 GLOBAL UNSATURATED POLYESTER RESIN (UPR) MARKET, BY TYPE

5.1 Overview

5.2 Ortho-resins

5.3 Isoresins

5.4 Dicyclopentadiene

5.5 Other Types

6 GLOBAL UNSATURATED POLYESTER RESIN (UPR) MARKET, BY END USE INDUSTRY

6.1 Overview

6.2 Building and Construction

6.3 Chemical

6.4 Electrical and Electronics

6.5 Paints and Coatings

6.6 Transportation

6.7 Other End-user Industries

7 GLOBAL UNSATURATED POLYESTER RESIN (UPR) MARKET, By REGION

7.1 North America

7.1.1 U.S.

7.1.2 Canada

7.2 Europe

7.2.1 Germany

7.2.3 U.K.

7.2.4 France

7.2.5 Rest of Europe

7.3 Asia Pacific

7.3.1 China

7.3.2 Japan

7.3.3 India

7.3.4 South Korea

7.3.5 Singapore

7.3.6 Malaysia

7.3.7 Australia

7.3.8 Thailand

7.3.9 Indonesia

7.3.10 Philippines

7.3.11 Rest of Asia Pacific

7.4 Others

7.4.1 Saudi Arabia

7.4.2 U.A.E.

7.4.3 South Africa

7.4.4 Egypt

7.4.5 Israel

7.4.6 Rest of Middle East and Africa (MEA)

7.4.7 Brazil

7.4.8 Argentina

7.4.9 Mexico

7.4.10 Rest of South America

8 COMPANY PROFILES

8.1 AOC, LLC

8.1.1. Company Overview

8.1.2. Key Executives

8.1.3. Operating Business Segments

8.1.4. Product Portfolio

8.1.5. Financial Performance (As per availability)

8.1.6 Key News

8.2 INEOS

8.2.1. Company Overview

8.2.2. Key Executives

8.2.3. Operating Business Segments

8.2.4. Product Portfolio

8.2.5. Financial Performance (As per availability)

8.2.6. Key News

8.3 BASF SE

8.3.1. Company Overview

8.3.2. Key Executives

8.3.3. Operating Business Segments

8.3.4. Product Portfolio

8.3.5. Financial Performance (As per availability)

8.3.6. Key News

8.4  Polynt

8.4.1. Company Overview

8.4.2. Key Executives

8.4.3. Operating Business Segments

8.4.4. Product Portfolio

8.4.5. Financial Performance (As per availability)

8.4.6. Key News

8.5 LERG SA

8.5.1. Company Overview

8.5.2. Key Executives

8.5.3. Operating Business Segments

8.5.4. Product Portfolio

8.5.5. Financial Performance (As per availability)

8.5.6. Key News

8.6 Koninklijke DSM N.V.

8.6.1. Company Overview

8.6.2. Key Executives

8.6.3. Operating Business Segments

8.6.4. Product Portfolio

8.6.5. Financial Performance (As per availability)

8.6.6. Key News

8.7 U-PICA Company. Ltd.

8.7.1. Company Overview

8.7.2. Key Executives

8.7.3. Operating Business Segments

8.7.4. Product Portfolio

8.7.5. Financial Performance (As per availability)

8.7.6. Key News

8.8 Eternal Materials Co., Ltd.

8.8.1. Company Overview

8.8.2. Key Executives

8.8.3. Operating Business Segments

8.8.4. Product Portfolio

8.8.5. Financial Performance (As per availability)

8.8.6. Key News

8.9 Satyen Polymers Pvt. Ltd.

8.9.1. Company Overview

8.9.2. Key Executives

8.9.3. Operating Business Segments

8.9.4. Product Portfolio

8.9.5. Financial Performance (As per availability)

8.9.6. Key News

8.10 CIECH Group

8.10.1. Company Overview

8.10.2. Key Executives

8.10.3. Operating Business Segments

8.10.4. Product Portfolio

8.10.5. Financial Performance (As per availability)

8.10.6. Key News

8.11 Dow Inc.

8.11.1. Company Overview

8.11.2. Key Executives

8.11.3. Operating Business Segments

8.11.4. Product Portfolio

8.11.5. Financial Performance (As per availability)

8.11.6. Key News

8.12 UPC Group

8.12.1. Company Overview

8.12.2. Key Executives

8.12.3. Operating Business Segments

8.12.4. Product Portfolio

8.12.5. Financial Performance (As per availability)

8.12.6. Key News

8.13 Scott Bader Company Ltd.

8.13.1. Company Overview

8.13.2. Key Executives

8.13.3. Operating Business Segments

8.13.4. Product Portfolio

8.13.5. Financial Performance (As per availability)

8.13.6. Key News

8.14  Deltech Corporation

8.14.1. Company Overview

8.14.2. Key Executives

8.14.3. Operating Business Segments

8.14.4. Product Portfolio

8.14.5. Financial Performance (As per availability)

8.14.6. Key News

8.15 Tianhe Resin Co., Ltd.

8.15.1. Company Overview

8.15.2. Key Executives

8.15.3. Operating Business Segments

8.15.4. Product Portfolio

8.15.5. Financial Performance (As per availability)

8.15.6. Key News

8.16 Qualipoly Chemical Corp.

8.16.1. Company Overview

8.16.2. Key Executives

8.16.3. Operating Business Segments

8.16.4. Product Portfolio

8.16.5. Financial Performance (As per availability)

8.16.6. Key News

8.17 Reichhold LLC

8.17.1. Company Overview

8.17.2. Key Executives

8.17.3. Operating Business Segments

8.17.4. Product Portfolio

8.17.5. Financial Performance (As per availability)

8.17.6. Key News

8.18 Interplastic Corporation

8.18.1. Company Overview

8.18.2. Key Executives

8.18.3. Operating Business Segments

8.18.4. Product Portfolio

8.18.5. Financial Performance (As per availability)

8.18.6. Key News

8.19 DIC Corporation

8.19.1. Company Overview

8.19.2. Key Executives

8.19.3. Operating Business Segments

8.19.4. Product Portfolio

8.19.5. Financial Performance (As per availability)

8.19.6. Key News

8.20 Crystic Resins India Pvt. Ltd

8.20.1. Company Overview

8.20.2. Key Executives

8.20.3. Operating Business Segments

8.20.4. Product Portfolio

8.20.5. Financial Performance (As per availability)

8.20.6. Key News

Global Unsaturated Polyester Resin Market Segmentation

Unsaturated Polyester Resin by Type: Market Size & Forecast 2023-2030

• Ortho-resins
• Isoresins
• Dicyclopentadiene
• Other Types

Unsaturated Polyester Resin by End Use Industry: Market Size & Forecast 2023-2030

• Building and Construction
• Chemical
• Electrical and Electronics
• Paints and Coatings
• Transportation
• Other End-user Industries

Unsaturated Polyester Resin by Geography: Market Size & Forecast 2023-2030

• North America (USA, Canada, Mexico)
• Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
• South America (Brazil, Argentina, Columbia, Rest of South America)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

Major Players:

• AOC, LLC
• INEOS  
• BASF SE
• Polynt
• LERG SA
• Koninklijke DSM N.V.l U-PICA Company. Ltd.
• Eternal Materials Co., Ltd.
• Satyen Polymers Pvt. Ltd.
• CIECH Group
• Dow Inc.
• UPC Group
• Scott Bader Company Ltd.
• Deltech Corporation
• Tianhe Resin Co., Ltd.
• Qualipoly Chemical Corp.
• Reichhold LLC
• Interplastic Corporation
• DIC Corporation
• Crystic Resins India Pvt. Ltd