The global unsaturated Polyester Resin (UPR) market is projected to grow from USD 9.6 billion in 2021 to USD 12.9 billion by 2026, at a CAGR of 6.1% between 2021 and 2026. The driving factor for the UPR market are high growth in construction and wind energy industries, growth in end use industries like FRP, automotive, & composites manufacturing, and affordability of UPR over other resin.
Technological advancements are making the UPR market to grow and become the preferred choice among other resins. UPRs with low dielectric constant and high thermostability was prepared. The wide applications and low cost of UPR will provide a better service and lessen the problem faced before. This contribution will provide a new way for obtaining both thermostability and good electrical properties.
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APAC is the largest and fastest-growing UPRs market. The low labor costs in the region are expected to drive the market. APAC is projected to register the highest CAGR during the forecast period. The market is expected to witness significant growth in automotive, construction, aerospace, electrical & electronics, and industrial assembly sectors in countries such as China, India, and South Korea. China is the largest country-level market in this region There has been a shift of the manufacturing base to the APAC region because of low-cost production and the ability to better serve local emerging markets.
North America is the second-largest region in the market. The region focuses on regular advancement of R&D and continuously work on innovation which is helping the region to capture the second-largest share. US is the fastest-growing market in North America. President Joe Biden’s coronavirus relief package is expected to spearhead the US construction industry in the coming years, which is expected to help the UPRs market to grow. In July 2020, the United States-Mexico-Canada Agreement (USMCA) came into force. The Agreement will create reciprocal trade supporting high-paying jobs for Americans, more balanced, and will grow the North American economy.
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The companies are majorly following merger & acquisition and new product development as the strategies to grow and expand the market. The key players following the strategies between 2016 to 2021 are Polynt-Reichhold Group (US), INEOS Composites (UK), LERG SA (Poland), SHOWA DENKO K.K. (Japan) and AOC (US). Following these strategies are helping the companies to strengthened their market position and increase their presence in emerging countries.
Polynt-Reichhold Group is one of the largest producers of specific polymer intermediaries, dibasic acid, UPR, compounds, composites, and special esters. The products are segmented into five categories: special-purpose plasticizers, resins & compounds, maleic anhydride & catalysts, phthalic anhydride & general-purpose plasticizers, and special esters. The company’s products are serving the end-use industry like electrical & electronic materials, construction, transportation, food & fragrances, consumer goods, and household applications with 41 plants around the world. In May 2017, Polynt and Reichhold completed its merger to create a global specialty chemicals group. This has made the group a top player of the UPR industry.
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AOC is the leading global supplier of specialty resins and solutions as it provides products and components for applications in coatings and protective barriers, colorants and visual effects, adhesives and specialties, and composite resins. The company operates globally through its subsidiaries, such as AOC India Pvt. Ltd. (India), AOC Ltd. (UK), AOC Canada Inc. (Canada), and AOC Mexicana S.A. De C.V. (Mexico). The company has followed merger and acquisition strategy to become one of the key leader of UPR market. In August 2018, AOC and Aliancys announced the official creation of a new combined company named AOC Aliancys, which will be a global supplier of polyester and vinyl ester resins, gel coats, and other materials used in the composites industry. In addition, in July 2020, AOC has acquired Maleic anhydride business of Ashland with USD 100 Million deal size which will help them to expand its product range in unsaturated polyester resins.
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