Unsaturated polyester resin exhibits properties such as rigidness, electrical insulation, dimensional stability, excellent surface finish, mechanical strength, and wear and chemical resistance. Owing to its properties, UPR is used in end-use industries including composite materials, panels (flat laminated, corrugated, and ribbed), gel coats, wood paints, quartz, marble, artificial cement, fillers coloring pastes, etc.
The market of UPR is segmented into end-use industries which include building & construction, automotive & transportation, electrical & electronics, and others.
Key players in the Unsaturated Polyester Resin (UPR) market include:
Polynt-Reichhold, with a production capacity of around 775 thousand tons annually, is the largest manufacturer of UPR globally. It is followed by Yabang Investment Holding at around 625 thousand tons, AOC at around 508 thousand tons, and INEOS Composites at around 459 thousand tons annually.
Composite material is produced by combining UPR fiberglass and carbon fiber-reinforced plastic (FRP). The resulting composite material is extensively used in building & construction, automotive, and marine industries owing to properties such as weight, durability, excellent tensile strength, impact strength, corrosion and heat resistance, and electrical properties. Additionally, cross-linked UPR without reinforcement caters to applications such as cultured marble, gel coats, bowling balls, buttons, solid surface countertops, and automotive repair putty.
The robust growth of the construction & infrastructure industry will drive the market of UPR. Around 20% of overall fiber-reinforced plastic demand is in the construction industry to make structures including roads, slabs, columns, beams, and bridges. UPR with glass or carbon-reinforced composite enhances the load-bearing capacity of structures. The infrastructure industry is experiencing growth worldwide.
For instance, the largest federal infrastructure investment in decades was approved by Congress in the USA in 2021. In India, the government is embarking on ambitious infrastructure projects such as the Chenab Bridge in Jammu and Kashmir. This bridge is one of the tallest bridges globally built at a high altitude and accommodates a broad-gauge Indian Railway Line throughout its entire life span.
Additionally, the Indian government has introduced several policies and schemes to boost the infrastructure industry of the country such as The National Infrastructure Pipeline (NIP) highlights social and infrastructure projects of worth USD 122.5 Billion (INR 102 Lakh Crores) including energy, roads, railways, and urban development projects. The Brazilian government recently announced to invest around USD 200 Billion on the country’s energy, transportation, and infrastructure sector for a span of 4 years to boost the economy and employment in the country.
Additionally, the marine coating industry is driving the demand for UPR owing to gelcoat which offers excellent resistance to the boat surface from water, chemicals, and heat. The marine coating industry is boosted by rising demand for premium and sustainable solutions to improve energy efficiency and post-pandemic caused an increase in shipping activities.
The global market of UPR is growing at a healthy pace and demand is poised to grow at an annual average rate of 4%-4.5% during 2023-2027. The demand of UPR in Asia-Pacific is anticipated to grow at a healthy pace of annual average rate of 5.7% followed by Europe and the Middle East and Africa at an annual average rate of 3.7%. North America is poised to grow at a slower rate of around 1.2% in the forecast period.
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