Unsaturated Polyester Resins Market Sees Strong Recovery- Latest Report by MarketsandMarkets™
Unsaturated Polyester Resins Market
Polyester resin is the backbone of many industrial products and is used in a wide range of applications, such as plastics, insulation, films and composites. The global unsaturated polyester resins market was valued at USD XX million in 2017 and is projected to grow at a CAGR of XX% through 2026. This report provides detailed analysis of the market by type (esterified, hard), application ( automotive, packaging, textiles ), region ( North America, Europe, Asia Pacific) and company profile.
The global unsaturated polyester resins market size will grow to USD 12.9 billion by 2026 from USD 9.6 billion in 2021, at a CAGR of 6.1% during the 2021-2026 period. The increase in demand for advanced materials across various industries is anticipated to drive the growth of the unsaturated polyester resin market. Asia Pacific is expected to be the leading region over the forecast period, owing to the increasing demand for high-performance materials in this region. Other key regions include North America, Europe, and Latin America.
The report focuses on the following key players: BASF SE (Germany), Eastman Chemical Company (US), Dow Chemical Company (US), The Carlyle Group LP (US), Mitsui Chemicals Ltd. (Japan), and Teijin Ltd. (Japan).
Polyester resins are widely used in a variety of industries, such as automotive, construction, pharmaceuticals and food packaging.
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Polyester Resins by Type
The unsaturated polyester resins market is segmented into two types, high-impact and low-impact. The high-impact type is further subsegmented into hard and extra hard grades. The high-impact type is expected to account for more than three-fourths of the market share during the forecast period.
Polyester resins are used in a variety of applications such as adhesives, coatings, bioplastics, and plastics. Adhesives and coatings are expected to account for the largest share of the application market during the forecast period owing to increasing demand for protection against weathering and corrosion. Bioplastics are growing rapidly owing to increasing demand for environmentally friendly products.
Unsaturated Polyester Resins by Type
The unsaturated polyester resins market is segmented by type into linear low density (LLDPE), ethylene-propylene random copolymer (EPR), and other polyesters. LLDPE is the dominant type in the market with a share of over 60%. This is due to its low cost, good performance, and wide application range. EPR is second in terms of estimated market size followed by other polyesters.
The key countries driving the global unsaturated polyester resins market are China, Europe, United States, and Japan. China is the fastest-growing country in terms of market size. The main reasons for this are rising demand for goods such as automotive parts and packaging materials owing to increasing investments in the manufacturing sector, and growth in the textile and apparel industries. Europe is also witnessing significant growth owing to growing awareness about environmental concerns and increasing demands for sustainable products. United States is expected to witness strong growth owing to increasing demand from the food processing industry.
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Unsaturated Polyester Resins Market Regional Analysis
The unsaturated polyester resins market has been segmented into natural, modified and engineering-grade polyesters. The natural unsaturated polyester resins segment is expected to dominate the global market during the forecast period. This is due to increasing demand for natural products and increasing awareness about environmental issues among end users.
On the other hand, the modified and engineering-grade polyesters segments are expected to witness a significant growth in the coming years. This is because these types of polyesters offer increased flexibility, improved performance and enhanced durability in comparison to natural unsaturated polyesters.
Geographically, North America is expected to be the leading region for unsaturatedpolyester resins market during the forecast period. This is due to increasing investments by companies in this region for R&D activities and emerging economies such as India are witnessing high demand for environmental-friendly products. Asia Pacific will also be a major regional market for unsaturatedpolyester resins over 2026. The North American market is anticipated to register the highest growth rate during the forecast period owing to rapidly expanding economies in this region. Moreover, increasing investments in R&D initiatives by key players are also likely to drive growth in this region.
Europe is expected to be the second largest market for unsaturated polyester resins during the forecast period due to high consumption of these products in automotive and construction industries. Other regions such as Asia Pacific and Latin America are also expected to grow at a moderate pace owing to increasing demand from various end-use sectors.
In Asia Pacific, the unsaturated polyester resins market is expected to grow at the highest rate among the regions, owing to rising demand from China and India. The growth in China is primarily driven by the increasing demand for high-performance polyesters, while that in India is due to the growing automotive and construction sectors. However, Japan is expected to be the fastest-growing region in Asia Pacific during the forecast period owing to increasing demand for textiles and other products.
The unsaturated polyester resins market has been segmented into two types, namely acid free and acid free modified. The acid free type is expected to account for the higher share of the market during the forecast period owing to rising demand from the chemical and pharmaceutical industries. This growth is due to increasing demand for polyester resins from various end-use industries, such as automotive and construction.
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The major players operating in the European unsaturated polyester resins market are Arkema, BASF SE, The Dow Chemical Company, Huntsman Corporation, and Ineos S.A. The major regions currently accounting for the highest share of the market are Germany (35%), France (13%), Italy (12%), and Spain (10%). Some of the key factors that are driving the growth of the European unsaturated polyester resins market are rising consumer disposable income, increasing technological advancements, and growing demand from various end-use industries.
The unsaturated polyester resins market has been segmented on the basis of type into natural, modified and petroleum-based. The natural type accounted for the largest share in 2017. This is mainly due to its low environmental impact. However, the modified type is expected to register a robust growth owing to the increasing demand for bio-based resins.
The unsaturated polyester resin market is expected to grow at a CAGR of 6.1% during the forecast period. The key drivers for this growth include increasing demand from the packaging and textile industries, as well as an increase in the production of biodegradable materials. The market is also benefitting from the increasing trend towards eco-friendly products.
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