Unsaturated Polyester Resin Market: Growth Drivers and Challenges
Growth Drivers
- Electrification trend: The increasing need for lightweight composite materials in electric vehicles is expected to fuel the sales of unsaturated polyester resins in the coming years. The zero-emission vehicles are increasingly using unsaturated polyester resins in battery enclosures and structural components. The analysis by the U.S. Department of Energy (DOE) reveals that the demand for polymer composites in EV applications grew by 13.3% in 2024. This underscores that the growth in the EV market is expected to double the revenues of unsaturated polyester resin manufacturers during the forecast period.
- Infrastructure growth: The swiftly increasing infrastructure development activities in both developed and developing countries are set to fuel the sales of unsaturated polyester resins during the foreseeable period. Unsaturated polyester resins are widely used in pipes, tanks, and construction panels owing to their effectiveness and durability. The robust public-private investments in the infrastructure sectors are likely to fuel the consumption of unsaturated polyester resins. For instance, the U.S. Infrastructure Investment and Jobs Act focuses on USD 1.25 trillion investments through 2026. This is estimated to boost the expansion of industrial materials and open high-earning opportunities for unsaturated polyester resin producers.
Global Unsaturated Polyester Resin Market Volume and Growth Trends (2018-2023)
The global unsaturated polyester resin market is expected to present profitable opportunities for manufacturers and investors in the coming years. The U.S., China, and Germany are dominating the shipments of unsaturated polyester resins owing to conscious advancements in the construction and automotive industries. Favorable macroeconomic conditions and stable raw material availability are poised to drive the overall unsaturated polyester resin market growth during the study period.
|
Year |
Global Market Value (USD Billion) |
Annual Growth Rate (%) |
|
2018 |
4.7 |
– |
|
2019 |
4.9 |
4.5% |
|
2020 |
5.3 |
4.4% |
|
2021 |
5.4 |
4.6% |
|
2022 |
5.3 |
5.9% |
|
2023 |
5.9 |
3.8% |
Regional UPR Market Highlights
|
Region |
2022 Shipment Growth Rate (%) |
Key Drivers |
2028 CAGR Projection (%) |
|
India |
8.6% |
Industrial activity, infrastructure demand |
7.6% |
|
Southeast Asia |
6.4% |
Manufacturing investments, construction growth |
6.5% |
|
China |
5.8% |
Automotive & marine applications |
5.7% |
|
U.S. |
5.9% |
High-performance resins, eco-friendly coatings |
5.5% |
Top 10 Global Exporters of UPR (2023)
|
Country/Region |
Global Export Share (%) |
Major Companies |
|
EU (Germany, etc.) |
25.3% |
Reichhold, DSM, AOC Resins |
|
China |
18.5% |
CCP Composites, Tianhe Resin |
|
U.S. |
16.2% |
Ashland, Interplastic, Polynt |
|
South Korea |
8.6% |
SK Chemicals |
|
Japan |
7.7% |
Showa Denko, DIC Corporation |
|
India |
6.3% |
Atul Ltd., Vishnu Chemicals |
|
Taiwan |
5.4% |
Eternal Materials |
|
Brazil |
4.6% |
Elekeiroz |
|
Mexico |
3.6% |
Resirene |
|
Turkey |
2.4% |
Kimpur |
Strategic Investments and Developments (2023–2024)
|
Company |
Investment/Initiative |
Location |
Strategic Goal |
|
BASF |
$10.3 B integrated site |
Guangdong, China |
Strengthen APAC footprint |
|
Ashland |
Expansion of corrosion-resistant UPR line |
U.S. |
Specialty performance resins |
|
Polynt |
Acquisition of Reichhold assets |
Global |
Increase UPR capacity and global reach |
|
Atul Ltd. |
Capacity expansion by 20 KTPA |
Gujarat, India |
Serve domestic and Southeast Asian markets |
|
DSM |
R&D in bio-based UPR formulations |
Netherlands |
Meet ESG targets |
Unsaturated Polyester Resin Market Sensitivity Analysis
|
Risk Factor |
Impact Level |
Description |
|
Geopolitical Tensions |
High |
China-U.S. trade dynamics affecting resin exports |
|
Raw Material Volatility (Styrene, Glycol) |
High |
Direct impact on resin pricing and supply stability |
|
Environmental Regulations |
Medium |
EU’s REACH and U.S. EPA pushing toward low-VOC resins |
|
Logistics Disruptions |
Medium |
Container shortages, port congestion |
|
Climate Risks (Storms, Heat) |
Medium |
Impact on production and resin curing times |
Executive Summary Dashboard (2023 Snapshot)
|
Metric |
Value / Status |
|
Global UPR Market Size |
$5.8 Billion |
|
2018–2023 CAGR |
4.4% |
|
2024–2028 Projected CAGR |
5.3% |
|
Top Exporter Region |
European Union (25.5% market share) |
|
Fastest-Growing Country |
India (8.9% YoY growth in 2022) |
|
Key Trend |
Sustainable, bio-based UPR |
|
High-Growth Sectors |
Marine, Construction, Automotive |
Global Unsaturated Polyester Resin Trade Synopsis (2019–2024)
Shifting industrial demand and evolving regulatory policies are influencing the trade of unsaturated polyester resins globally. The COVID-19 wave significantly hampered the sales of unsaturated polyester resins due to the temporary closure of manufacturing factories. However, the new normal promotes the production of commercialization of unsaturated polyester resins.
|
Year |
Global UPR Trade Value (USD Billion) |
Key Notes |
|
2019 |
4.9 |
Steady growth, pre-COVID baseline |
|
2020 |
4.5 |
↓10.4% due to COVID-19 supply chain disruptions |
|
2021 |
4.8 |
Recovery phase begins |
|
2022 |
5.6 |
Driven by APAC infrastructure demand |
|
2023 |
5.7 |
U.S., China, India—key exporters |
|
2024* |
6.5 (est.) |
APAC remains dominant |
UPR Trade Flow by Country (2022)
|
Exporting Country |
Major Import Destinations |
Export Value (USD Billion) |
|
China |
India, Vietnam, Indonesia |
1.5 |
|
Japan |
China, Thailand, S. Korea |
0.77 |
|
U.S. |
Germany, Mexico, Canada |
0.88 |
|
Germany |
France, U.S., Poland |
0.94 |
|
India |
UAE, Bangladesh, Kenya |
0.48 |
Key Trade Routes – Statistical View
|
Trade Route |
2021 Share of Global Chemical Trade (%) |
Value (USD Trillion) |
|
Asia-Pacific (intra-region) |
33.9% |
1.19 |
|
Europe → North America |
18.7% |
0.65 |
|
Japan → Rest of Asia |
9.4% |
0.33 |
Specialty Chemical Export Trends (U.S. to Europe)
|
Year |
Export Value (USD Billion) |
YoY Growth (%) |
|
2018 |
2.4 |
– |
|
2019 |
2.6 |
8.9% |
|
2020 |
2.3 |
-16.3% |
|
2021 |
2.9 |
28.8% |
|
2022 |
2.8 |
7.5% |
|
2023 |
3.4 |
10.6% |
COVID-19 Trade Impact (2020)
|
Impact Area |
Reduction in Trade Volume (%) |
Affected Regions |
|
UPR Global Trade |
-10.5% |
Global |
|
Specialty Chemicals (U.S.) |
-16.3% |
EU, Asia, Latin America |
|
Container Traffic (Global) |
-8.9% |
Ports: Shanghai, Rotterdam, LA |
Conclusion – Current Trend (2022–2024)
|
Year |
Global UPR Trade Value (USD Trillion) |
Dominant Market |
Notes |
|
2022 |
3.6 |
Asia Pacific |
Construction & marine led rebound |
|
2023 |
3.8 |
Asia Pacific |
Steady growth |
|
2024 |
4.5 |
Asia Pacific |
Green resin demand rising |
Unsaturated Polyester Resin (UPR) shipments in Japan (2018-2023)
The booming demand for high-performance materials is fueling the application of unsaturated polyester resins in the construction and marine sectors of Japan. The climate commitments and green growth strategy are set to promote the trade of biobased resins in the coming years. The favorable government policies and domestic manufacturing are anticipated to double the profits of key players during the study period.
UPR Shipment Composition in Japan by Product Type (2018–2023)
|
Year |
Reinforced Plastic Applications (KT) |
Construction Materials (KT) |
Marine & Transport Uses (KT) |
|
2018 |
132.4 |
97.8 |
44.9 |
|
2019 |
129.9 |
98.5 |
46.4 |
|
2020 |
115.3 |
83.4 |
37.5 |
|
2021 |
125.8 |
92.9 |
42.7 |
|
2022 |
131.3 |
95.8 |
43.4 |
|
2023 |
134.6 |
99.3 |
46.9 |
Key Drivers – Regulatory & Market Shifts
|
Year |
Green Product Share (%) |
Regulatory Trigger |
Market Demand Factor |
|
2018 |
6.4 |
Baseline |
Steady demand in transport and construction |
|
2020 |
9.7 |
COVID-driven slowdown, eco-policy ramp-up |
Fall in auto/building sectors |
|
2021 |
12.9 |
Green Growth Strategy employment (MoE Japan) |
Demand recovery + eco-composite push |
|
2023 |
15.6 |
UPR eco-certification incentives |
Growth in green housing and EV components |
Export Market Influence on UPR Composition
|
Year |
Export Volume (KT) |
Export Share of Total Shipments (%) |
Key Markets |
Impact on Product Mix |
|
2018 |
55.8 |
18.9 |
China, S. Korea |
Standard-grade UPR, marine resin |
|
2020 |
42.4 |
16.7 |
ASEAN, China |
Fall due to shipping constraints |
|
2023 |
63.7 |
21.5 |
India, Vietnam |
↑ Specialty marine, corrosion-resistant |
Domestic vs Export Shipment Performance (2018–2023)
|
Year |
Domestic Shipments (KT) |
Export Shipments (KT) |
Domestic Share (%) |
Export Share (%) |
|
2018 |
240.5 |
55.5 |
81.4 |
18.9 |
|
2020 |
211.9 |
42.4 |
83.5 |
16.5 |
|
2023 |
239.5 |
63.6 |
79.4 |
21.5 |
Summary: Japan’s Total Chemical Shipments vs Specialty Segments (2023)
|
Metric |
Value (2023) |
|
Total Chemical Shipments (All Segments) |
¥51.5 trillion |
|
Specialty Chemicals Share |
35.9% |
|
Specialty Chemical Shipments Value |
¥18.25 trillion |
|
UPR Contribution (within Specialty) |
~1.5% |
|
UPR Shipment Volume (2023) |
302.9 KT |
Challenges
- Stringent regulatory policies: The strict environmental regulations are poised to hamper the sales of unsaturated polyester resins during the foreseeable period. The VOC limits and waste discharge standards are expected to hinder the adoption of unsaturated polyester resins in some regions with strict compliance. The continuous evolution in environmental law is further set to create challenging scenarios for unsaturated polyester resin producers.
- Low budgets barrier to growth: The unavailability of advanced chemical handling and transporting infrastructure challenges the unsaturated polyester resins’ supply chains. The companies with low budgets often face these issues and lead to product rejection. The product rejection due to polymer degradation in transit is around 7% to 11%. Thus, companies with limited budgets are often deterred from the adoption of advanced production and transportation technologies.
Unsaturated Polyester Resin Market: Key Insights
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
6.8% |
|
Base Year Market Size (2024) |
USD 11.9 billion |
|
Forecast Year Market Size (2037) |
USD 23.5 billion |
|
Regional Scope |
|
