Vinyl Ester Market

Vinyl Ester Market Size (2023-2028)

The vinyl esters market size is expected to grow from $ 827.4 million in 2022 to $ 1,172.4 million by 2028, at a compound annual rate of 6.4% between 2023-2028

The ester of vinyl is a resin produced by the process of esterifying an epoxy resin with a monocarboxylic acid. Then the product obtained is dissolved in the solvent in the form of styrene. Vinyl ester is used in a variety of applications in the pipe and tank, construction, transportation, and paint and coatings industries. It is a thermosetting material, which is generally used as a substitute for polyester and epoxy materials. The vinyl ester offers several physical properties, such as increased strength and resistance to corrosion. Therefore, it is a preferred material among various other materials. It has low viscosity and the ability to resist water absorption. It offers strength and mechanical properties superior to those of other materials. The increased demand for flue gas desulfurization (FGD) plants due to increased environmental concerns and harmful emissions regulations and the increased demand for corrosion-resistant materials are driving the carbon vinyl ester market. The main applications of vinyl ester resins in the FGD process include limestone grout pipes and pile liners. These resins can be used in new and modernized FGD applications and flake glass coating systems. In addition, increased investment in infrastructure is increasing the vinyl ester market.

Vinyl Ester Market Trends:

The Novolac vinyl esters market is expected to grow at a rapid rate with a CAGR of over 7% by 2027. The growth will be attributed to the high resistance of Novolac to oxidizing acids and better heat resistance. in Novolac, they have a higher crosslink density than bisphenol A type resins, resulting in improved thermal performance of Novolac compared to traditional variants of bisphenol A and unsaturated polyester resins.

Vinyl Ester Market Drivers:

The main drivers for the growth of the vinyl esters market are the increasing investments in infrastructure, the growing demand for corrosion-resistant materials, followed by the rehabilitation of new and old infrastructure projects. The increased environmental awareness has also resulted in better use of the vinyl ester in various DGF applications. Moreover, the increasing use of vinyl ester in railways and mass transit are other factors that are driving the demand of this market during the forecast period. The trend shows that the increasing application of vinyl ester in pipes and tanks in various end-use industries, including water, wastewater and chemicals, is also expected to stimulate the growth of vinyl ester worldwide. The increasing application in the marine industry is another factor boosting the development of the market and therefore manufacturers are focusing on developing new vinyl ester products for marine applications.

Vinyl Ester Restraints:

However, an increase in the price of raw materials followed by low shelf life is expected to hamper the growth of the global vinyl esters market during the forecast period.

Opportunities in the Vinyl Ester Market:

The development of new business is expected to create plenty of opportunities for the market during the forecast period. The increasing adoption of vinyl ester as a superior chemical resistance element, especially in marine applications such as boats, ships, yachts, and others, due to its high barrier against water and its ability to prevent osmotic blisters, can be of vital for promoting the market growth. In addition, the vinyl ester widely used in storage tanks, process vessels, pressure pipes, chimney liners, electrostatic precipitators and scrubbers is expected to help expand the market in the coming years.

Challenges in the Vinyl Ester Market:

However, the cost of vinyl ester relative to polyester and epoxy resin is expected to limit the market growth during the forecast period. Also, the toxic nature of vinyl ester, if exposed, can cause unadorned damage which is expected to further restrict the market growth. Additionally, U.S organic compound safety regulations as well as air quality standards are factors that are expected to prevent market adoption.

VINYL ESTER MARKET REPORT COVERAGE:

Vinyl Ester Market Segmentation:

Vinyl Ester Market Segmented By Product Type

• Bisphenol A

• Novolac

• Brominated Fire Retardant

• Elastomer Modified

• Others

Bisphenol-A is anticipated to be the main market segment during the forecast period, because of its mechanical properties and chemical resistance properties at a relatively lower cost. However, the novolak segment is anticipated to rise at a quick rate during the forecast period due to its excellent resistance to oxidizing acids, superior resistance to solvents, and better heat resistance.

Vinyl Ester Market Segmented By Application

• FRP Products

• Anti-corrosion Coating

• Others

According to the application, the market is divided into FRP, anti-corrosion coating, and others. The fiber-reinforced plastics (FRP) segment accounts for the largest market share. The FRP industry will continue to be the largest end-use industry in value and volume. The factors that can be attributed to the increasing use in the manufacture of pipes and tanks. The need for paint and coating, supported by increasing infrastructure spending, is accelerating the demand for fiber-reinforced plastic (FRP) applications.

Vinyl Ester Market Segmented By End Use::

• Pipes & Tanks

• Marine

• Wind Energy

• Water Pipes

• FGD & Precipitators

• Building & Construction

• Land Transportation

• Aerospace & Defense

• Others

In terms of end-use industry, the vinyl esters market can be divided into pipes and tanks, marine, wind power, water pipes, FGDs and precipitators, fiber reinforced plastics (FRP), land transportation, construction and construction, paints and coatings, aerospace and defense, among others. Fiber Reinforced Plastic (FRP) is estimated to represent a significant market share due to the increased demand for lightweight, corrosion-resistant tanks and pipes in new and old infrastructure rehabilitation projects.

Vinyl Ester Market Regional Analysis:

• North America 

• Europe 

• Asia Pacific

• Latin America 

• Middle East & Africa

The North American market is expected to experience a high growth rate during the forecast period owing to the increase in wind power and industrial applications of vinyl ester. The booming shipbuilding and shipbuilding industry is expected to contribute to market growth in the region. The growth of the market in the subcontinent during the forecast period can be attributed to the huge presence of leading chemical manufacturers and automotive players in countries like the United States. In addition to this, the Large-scale production of ships and yachts will result in the enormous popularity of vinyl ester in the region, thus spurring business growth in North America. The thriving maritime activities in countries like Canada and the United States will help the industry thrive in the North American subcontinent.

Asia-Pacific had the highest share above 40% of the global vinyl ester market in 2019. The region is expected to follow a similar trend during the forecast period. The huge share of over 55% in the region was brought by China in 2018, with the high availability of raw materials and high production capacities. Strong industrialization and profitable manufacturing characteristics in Asia-Pacific will support regional growth. The emergence of China and South Korea as major forces in the shipbuilding industry has been a key factor in increasing demand for the marine vinyl ester market in the Asia Pacific. The UNCTAD Liner Shipping Connectivity Index released in May 2018 named China and the Republic of Korea, Sri Lanka, India, Singapore, and Malaysia as one of the best-connected countries among global container transport networks. The increase in tourism activities in Southeast Asian countries such as Indonesia, Malaysia, Thailand, etc. is expected to boost the size of the regional maritime industry by 2027. These trends present more positive aspects for the vinyl esters market in Asia-Pacific during the forecast period.

Europe follows North America in the global vinyl ester market. The main contributors to the regional market in this region are the United Kingdom, France, Germany, and Italy. The marine industry in Brazil is expected to take a substantial boom during the forecast period to drive the growth of the regional vinyl ester market. In the coming years, opportunities for vinyl ester materials are expected to grow in the Middle East and Africa due to the boom in end-use industries, namely construction; the vinyl ester is used in the manufacture of laminates for roofs, door frames, door awnings, awnings and skylights for windows and chimneys.

Vinyl Ester Market Key Players:

1. Ashland Global Holdings Inc. (US)

2. Interplastic Corporation (US)

3. Reinchhold LLC 2 (US)

4. Sino Polymer Co., Ltd. (China)

5. Swancor Holding Company Limited (Taiwan)

6. AOC, LLC (US)

7. Showa Denko K.K. (Germany)

8. Polynt (Germany)