The global Unsaturated Polyester Resins Market is estimated to be valued at USD 11,275.6 Mn in 2021 and is expected to exhibit a CAGR of 7.5% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
- A) Market Overview:
Unsaturated polyester resins are widely used in various applications due to their excellent mechanical and chemical properties. These resins offer advantages such as high strength, good bonding abilities, flexibility, and resistance to corrosion. They find extensive usage in automotive and transportation, construction, marine, electrical and electronics, and other industries. The growing need for lightweight and durable materials in these industries is driving the demand for unsaturated polyester resins.
- B) Market Key Trends:
One key trend in the unsaturated polyester resins market is the increasing demand for sustainable and bio-based resins. With the rising focus on environmental sustainability and reduced carbon footprint, there is a growing preference for resins derived from renewable resources. Bio-based unsaturated polyester resins offer similar properties to their petroleum-based counterparts while reducing the reliance on fossil fuels. For example, DSM, one of the key players in the market, offers a range of sustainable resins made from bio-based raw materials such as corn.
- C) Porter’s Analysis:
Threat of new entrants: Low
The Unsaturated Polyester Resins Market is highly consolidated with major players dominating the market. This creates barriers to entry for new players due to established distribution networks and brand recognition.
Bargaining power of buyers: Moderate
Buyers in the unsaturated polyester resins market have moderate bargaining power due to the presence of multiple suppliers and competition among them. Buyers can choose from a wide range of suppliers and negotiate prices and terms based on their requirements.
Bargaining power of suppliers: Moderate
Suppliers of raw materials for unsaturated polyester resins have moderate bargaining power. The availability and cost of raw materials such as styrene and maleic anhydride can impact the pricing of unsaturated polyester resins.
Threat of new substitutes: Low
There are limited substitutes for unsaturated polyester resins in terms of the desired properties and cost-effectiveness. Alternatives such as epoxy resins and vinyl ester resins have their own limitations, making unsaturated polyester resins the preferred choice for many applications.
Competitive rivalry: High
The unsaturated polyester resins market is highly competitive, with key players striving to gain a larger market share. Companies focus on product development, partnerships, and acquisitions to strengthen their position in the market.
- D) Key Takeaways:
– The global unsaturated polyester resins market is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period. The increasing demand for lightweight and durable materials in various industries is driving the market growth.
– In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the unsaturated polyester resins market. The growing automotive, construction, and electronics industries in countries like China and India are contributing to the regional market’s growth.
– Key players operating in the global unsaturated polyester resins market include AOC Resins, Ashland Inc., BASF SE, CCP Composites, Changzhou New Solar Co. Ltd., DSM, DuPont, Lanxess AG, Eternal Chemical Co. Ltd., Reichhold Inc., SABIC Innovative Plastics Holding BV, and Satyen Polymers Pvt. Ltd. These players focus on product innovation, expansion, and strategic partnerships to gain a competitive edge in the market.
In conclusion, the global unsaturated polyester resins market is poised for significant growth due to the increasing demand for lightweight and durable materials. The market is witnessing a trend towards sustainable and bio-based resins, and the Asia Pacific region is expected to dominate in terms of market share. Key players are actively participating in strategies to strengthen their market presence.