Unsaturated polyester resins are a type of thermosetting plastic that is commonly used in the production of bathtubs, boats, and other reinforced plastic parts. They are created by reacting a dicarboxylic acid with a dihydric alcohol, typically ethylene glycol. These resins are used in a variety of applications such as laminates, adhesives, coatings, and composites. They are a popular choice for industrial applications due to their excellent mechanical properties such as high strength and toughness, as well as chemical resistance. Because of their use in the composites and laminates industries, global demand for unsaturated polyester resins is expected to rise. The growing demand for lightweight and long-lasting products has increased the demand for these materials. Furthermore, the expansion of the automotive industry is expected to drive demand for these resins in the near future.
The 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.
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.
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.
