According to the latest report published by Credence Research, Inc. “Global Vinyl Ester Market – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global vinyl ester market accounted for US$ 789.5 Mn in 2017, expanding at a CAGR of 5.6% from 2018 to 2026.
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The global vinyl ester accounted for US$ 789.5 Mn in 2017 growing with a CAGR of 5.6% during the forecast period from 2018 to 2026. Vinyl ester may be defined as a thermoset matrix resin formed by a hybrid of polyester and epoxy. It is produced by an unsaturated monocarboxylic acid and esterification of epoxy resin.
It is mainly used in building and infrastructure, marine applications (composite products, pipelines and storage tanks), transportation, military and energy. They are mainly designed for an environment which requires physical performance and corrosion resistance.
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The major growth drivers for this market are growing infrastructural investments, rise in demand for corrosion resistance materials followed by rehabilitation of old and new infrastructural projects. Growing environmental awareness has also resulted in the increased use of vinyl ester in various FGD applications.
In addition, increasing use of vinyl ester in railways and mass transit are other factors boosting the demand of this market during the forecast period. Trend shows that increasing application of vinyl ester in pipes & tanks in various end-use industries that includes water & wastewater and chemicals is also expected to propel the growth of vinyl ester globally. Increasing application in marine industry is another factor bolstering the market growth and hence manufacturers are focusing on developing new vinyl ester products for marine applications.
For example, the modified vinyl ester resin product portfolio of AOC includes deals with HYDROPEL® H032 and HYDROPEL®H036. These resins are mainly designed for marine industry and aims to offer better protection thereby withstanding harsh marine environments. In addition, there has been increasing demand of vinyl ester applications in marine industry with the increasing production of race boats, boats, super yachts, and naval and commercial craft.
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However, rising raw materials price followed by low shelf life is expected to hamper the growth of global vinyl ester market during the forecast period. Moreover, with the increase in installations of wind turbines globally, vinyl ester applications is expected to rise during the forecast period. This factor acts as an opportunity in the growth of this market during the forecast period.
The global vinyl ester market has been segmented by product type, end-use industry and geography. In 2017, Bisphenol A segment dominated the global vinyl ester market by product type. The growth is mainly attributed to chemical resistance properties of Bisphenol A at a lower cost. In addition, good mechanical properties of it is also expected to drive the demand of this segment during the forecast period. In terms of end-use industry, pipes and tanks segment held the largest revenue and volume share in 2017 owing to increasing demand for Fiberglass Reinforced Plastics (FRP) which is mainly used for the construction of various chemical plant equipment that includes pipes, vessels and tanks in the oil and gas industry.
In terms of geography, Asia Pacific is the most prominent market and held the largest market share both in terms of value and volume in the global vinyl ester market. High demand of vinyl ester products in India and China from various end user industries that includes transportation, chemical, pharmaceutical, water & wastewater treatment and food processing is expected to trigger the market growth in Asia Pacific region during the forecast period.
Key market players in the global vinyl ester market include Ashland Inc., Reichhold, Swancor Holding, Showa Denko, Aliancys, Interplastic Corporation, Sino Polymer Co., AOC, Polynt and Scott Bader Company among others.