Industry Outlook
Vinyl Ester Market is expected to reach US$ 1312.8 Mn by 2026 with 5.6 % CAGR during the forecast period from 2018 to 2026. In 2017, Asia Pacific led the vinyl ester market. It is also estimated to be the fastest growing region between 2018 and 2026.
Vinyl esters are high performance unsaturated resins that are basically produced through esterification process of an epoxy resin combined with monocarboxylic acid. It is strengthen by the addition of epoxy resins and are designed specifically as they are hybrid form of polyester resins. However, vinyl esters resins have superior physical properties and remarkable corrosion resistance compared to conventional polyester resins. In addition, it also possesses high thermal stability and also has the capacity to absorb large impacts without damage. Vinyl ester is used in various applications that includes construction, pipes and tanks, transportation and paint and coatings industries among others. Hence it is considered as a preferred material over various other materials. In addition, vinyl ester oligomers forms an important matrix resin for thermosetting polymer composites when diluted with styrene. Vinyl ester resins are also compatible with carbon fiber, aramid fibers and glass fiber. In addition, these are also used for yachts, chemical resistant plastic tanks and production of wind turbine.
Trend shows that with the increase in environmental regulations and concerns on hazardous emissions, demand for flue gas desulfurization (FGD) installation is expected to rise which in turn is expected to boost the market demand. Vinyl ester resins mainly finds application in the FGD process which include stack liners and limestone slurry piping. These resins can be effectively used in in flake glass lining systems followed by retrofit and new FGD applications. In addition, growing demand for corrosion resistant materials are also expected to augment the market growth during the forecast period. Increasing demand in various end user industries that includes tanks, pipes, waste water treatment and chemical followed by increasing investments in infrastructures is also catapulting the market growth. Vinyl ester resins offer more benefits than epoxies and are considered stronger than polyesters which in turn makes it more preferable over similar products. Moreover, vinyl ester resins are also economical compared to polyester and epoxies. However, easy availability of substitutes followed by low shelf life is expected to hamper the growth of this market during the forecast period. Strict government regulations to reduce the VOC content of these resins is also expected to restrain the market growth. In addition, growing number of wind turbine installations worldwide followed by increasing applications of vinyl ester in mass transit buses and railways serves as opportunity in the global vinyl ester market during the forecast period.
Bisphenol A Propelling the Growth of Vinyl Ester Market
Currently, Bisphenol A is one of the leading product type both by volume and value, and expected to maintain its dominance with highest CAGR during the forecast period. It mainly finds application in spray-up, hand lay-up, filament winding, pultrusion processes and SMC where resistance to heat and chemical followed by mechanical properties are required. Hence, various chemical resistance properties of Bisphenol A at a low cost followed by mechanical properties are expected to augment the segment demand during the forecast period. In addition, owing to corrosion resistance property of Bisphenol A, it also finds application in FGD processes which is expected to spike the market demand for this segment. Bisphenol A vinyl ester resins are also used in the marine industry as gel coats, barrier coats and in various composite body parts of ships. In addition, toughness followed by superior elongation properties of Bisphenol A provides Fibre-reinforced plastic (FRP) equipment with less cracking and better impact resistance.
Manufacturers are also focusing on new product development as a key strategy to expand their Bisphenol A product portfolio to cater to the increasing demand of this segment during the forecast period. For example, in March 2017, AOC based in U.S, launched Vipel F013 Series under its Bisphenol A vinyl ester product portfolio. This new product is basically suitable for various moldings which are subjected to dynamic loads or high static applications that includes flooring, tanks, pipes and duct work among others. However, novolac product type segment is expected to be the fastest growing segment during the forecast period owing to its rising applications that mainly requires good resistance to better heat resistance, oxidizing acids and superior solvent resistance.
Pipes & Tanks Identified as the Dominant End-use Industry Segment in 2017
Pipes and tanks segment dominated the global market owing to its increasing applications in high temperature formulations, such as chemical reactors and chemical storage vessels. In addition, it also finds application in topcoats used for metal containers and electro refining tanks. Companies are continuously focusing on developing new products for pipe and tanks application with an objective to expand their product portfolio. For example, with the addition of Vipel L085-PPA, AOC, based in U.S, expanded its cured-in-place pipe (CIPP) resins product portfolio. This product is mainly designed for applications that need resistance to high heat and aggressive chemical solutions. In addition, this new product also aims to provide durability, corrosion resistance and toughness in various formulation packages that are designed for CIPP processing. In addition, Chemco International Ltd, based in U.K, deals with various products such as Chem-glass 200 Series that are basically designed for tank lining solutions. This product deals with conductive, putty grades, laminating, primer, topcoat and for other specialist applications. Increasing demand for corrosion resistance and lightweight pipe and tank products in various infrastructure rehabilitation projects are other factors boosting the demand of this segment during the forecast period.
Asia Pacific is the Largest Region in the Global Vinyl Ester Market
Asia-Pacific is projected to witness fastest growth as well as held the largest market share both in terms of value and volume during the forecast period from 2018 to 2026. Increasing investment in construction, industrial and building followed by growing demand for corrosion resistance pipe and tanks are the main factors augmenting the growth of this market in Asia Pacific region. Japan, India and China are the major countries owing to the increasing investment in wind energy and oil & gas sectors. In addition, increasing demand for FGD systems in this region owing to the various environmental regulations on harmful emissions has resulted in increasing demand of vinyl ester linings thereby protecting these systems from corrosion. North America followed Asia Pacific in the global vinyl ester market. U.S held the largest market share in this region both in terms of value and volume and growth of this market is mainly attributed to the increasing demand of vinyl ester in the marine industry in this region. In addition, vinyl ester mainly prevents water entry into the yachts and ships and since there has been increasing production of ships and yachts in North America region, the market for it is expected to grow during the forecast period.
Business Expansion Followed by Mergers and Acquisitions are the Key Strategies Adopted by the Key Players
Key notable players operating in the global vinyl ester market includes Ashland Inc., Reichhold, Swancor Holding, Showa Denko, Aliancys, Interplastic Corporation, Sino Polymer Co., AOC, Polynt and Scott Bader Company among others. In August 2015, Ashland Performance Materials announced that it has nominated GRP Solutions Ltd. as a distributor of its products in Ireland and U.K. The distribution agreement aims at expansion of products of Ashland Performance Materials in U.K and Ireland to cater to the growing demand of vinyl ester in these countries. The various products included under the distribution agreement includes epoxy vinyl ester resins, polyester resin and gel coat among others. In May 2017, Polynt and Reichhold merged to form Polynt-Reichhold. This merger was aimed at expanding the vinyl ester product portfolio across North America, Europe and Asia thereby making it the world’s second largest player in this market.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Vinyl Ester market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
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End-use Industry
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
