Polyester Resins Market Size, Share, Growth, and Industry Analysis, By Type (Unsaturated Polyester Resins and Saturated Polyester Resins), By Application (Boat and Marine, Construction Materials, Automotive and Aircraft Bodies, Appliances, Textiles and Packaging), and Regional Forecast To 2031

Updated On: 22 April 2024

REPORT OVERVIEW

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The global polyester resin market size was 16470 million in 2022 & the market is expected to reach USD 24420 million by 2031, exhibiting a CAGR of 4.5% during the forecast period.

The COVID-19 pandemic has been unprecedented and staggering, with polyester resin experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Polyester resins are synthetic thermosetting polymers used in diverse industrial applications. There are two main types: unsaturated polyester resins (UPR) and saturated polyester resins. UPRs are created through the polymerization of unsaturated dibasic acids with diols and can be cured by adding a cross-linking monomer like styrene. They offer excellent mechanical properties, durability, and corrosion resistance, making them widely used in automotive, marine, construction, and composite industries.

On the other hand, saturated polyester resins, formed from saturated dibasic acids and diols, lack unsaturated bonds and do not require a cross-linking monomer. They find application in coatings, adhesives, and powder coatings due to their chemical resistance. Polyester resins' versatility and ease of processing make them popular in various sectors. They offer lightweight yet robust solutions, though their high-temperature performance may be limited. Despite these limitations, the cost-effectiveness and favorable properties of polyester resins make them essential materials for manufacturing composites in construction, transportation, and consumer goods industries.

COVID-19 IMPACT: Disruptions in Production and Operations Reduced Demand Significantly

COVID-19 had a life changing impact globally. The polyester resin market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the market for polyester resin experienced a reduced demand.

The pandemic caused disruptions in global supply chains, affecting the availability of raw materials and components needed for polyester resin production. Restrictions on transportation and trade led to delays and shortages, which, in turn, impacted production schedules and availability of finished products.

The pandemic's economic uncertainty resulted in fluctuating demand for polyester resins. Some industries that heavily rely on polyester resins, such as automotive and construction, experienced reduced demand due to lockdowns, reduced consumer spending, and project postponements. On the other hand, sectors related to personal protective equipment (PPE) and medical supplies witnessed increased demand for certain types of polyester resins used in manufacturing these products. The market is anticipated to boost the polyester resin market share following the pandemic.

LATEST TRENDS

"Improved Fire Retardant Polyester Resins to Broaden Market Growth"

Fire safety is a critical consideration in many applications. Researchers are exploring additives and formulations to improve the fire retardancy of polyester resins, making them safer for use in various building materials, transportation, and electronic applications. The integration of functionalities into polyester resins is gaining interest. Researchers are exploring ways to incorporate smart features, such as self-healing properties, shape memory effects, and sensing capabilities, into polyester resins to enhance their performance and functionality in specific applications.

Researchers are working on enhancing the mechanical, thermal, and chemical properties of polyester resins to meet the demand for high-performance applications. This includes developing resins with improved strength, toughness, and resistance to extreme conditions, expanding their use in aerospace, automotive, and other industries. The field of 3D printing is rapidly evolving, and researchers are working on developing polyester resins suitable for 3D printing applications. This includes resin formulations optimized for specific 3D printing techniques and end-use properties. These latest developments are anticipated to boost the polyester resin market share.

Polyester Resins Market Segmentation

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• By Type

Based on type, the market is divided into Unsaturated Polyester Resins and Saturated Polyester Resins.

Unsaturated Polyester Resins holds a major share of the global market.

• By Application

Based on application, the market is bifurcated into Boat and Marine, Construction Materials, Automotive and Aircraft Bodies, Appliances, Textiles and Packaging.

Boat and Marine as application holds a major share of the global market.

DRIVING FACTORS

"Corrosion Resistance to Boost Market Share"

Polyester resins exhibit good corrosion resistance, making them suitable for applications in harsh environments, such as marine structures and chemical storage tanks. Polyester resins offer excellent mechanical strength and durability, making them ideal for load-bearing applications. They are used in the production of composites that require lightweight yet sturdy materials. The focus on sustainability and environmental considerations has led to an increased interest in bio-based and recycled polyester resins, reducing dependence on fossil fuels and lowering the environmental impact.

"Versatility to Boost Market Size"

Polyester resins offer a wide range of properties that make them suitable for diverse applications. Their versatility allows them to be used in industries such as automotive, construction, marine, aerospace, electronics, adhesives, coatings, and consumer goods. The rapid development of 3D printing technologies has created a demand for specialized polyester resins suitable for additive manufacturing applications, opening up new possibilities in design and prototyping. Research and innovation have led to the development of specialty polyester resins for specific applications, such as fire-retardant, self-healing, and smart materials, catering to niche markets and demanding industries. These factors are anticipated to drive the polyester resin market share.

RESTRAINING FACTORS

"Temperature Limitations to Hamper Market Share"

Polyester resins have a limited temperature resistance compared to some other high-performance resins like epoxy resins or polyimides. At elevated temperatures, polyester resins may undergo thermal degradation, limiting their use in applications that require exceptional heat resistance. Certain chemicals, solvents, and acids can degrade or attack polyester resins, reducing their suitability in environments where exposure to harsh chemicals is a concern. In some formulations, polyester resins can exhibit brittleness and low impact strength, which may make them unsuitable for applications that require high impact resistance or toughness. The factors are anticipated to hinder the growth of the polyester resin market share.

Polyester Resins Market Regional Insights

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"North America Dominates the Polyester Resin Market "

North America is the largest market shareholder for polyester resin market share. The region has a strong presence in the polyester resins market due to a well-established manufacturing industry, extensive use of composite materials in aerospace and automotive sectors, and a robust construction sector. The region's focus on technological advancements, innovation, and research and development has also contributed to its position as a major shareholder. Europe is the second major shareholder for the polyester resin market growth.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio. 

List of Market Players Profiled

• BASF [Germany]
• The Dow Chemical Company (now Dow Inc.) [U.S.]
• NCS Resins [South Africa]
• Nuplex (acquired by Allnex) [New Zealand]
• Megara Resins [Greece]
• ALTANA AG [Germany]
• Freeman [U.S.]
• CIECH S.A [Poland]
• Ashland Inc. [U.S.]
• Royal DSM [Netherlands]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.