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Several factors impact on vinyl ester market growth and demand. Chemical resistance as well as corrosion resistance of vinyl ester resins remains essential. These resins are made of epoxy resin with methacrylic or acrylic acids that are required in different construction sectors (construction, marine, automotive etc.). Vinyl esters can be suited to chemical applications where high levels of environmental resistance is needed.
The US marine industry’s need for pipes and tanks has driven up the market share of vinyl ester while Europe’s wind turbine installations have contributed significantly to this growth rate. Railways and bus mass transit use more Vinyl Ester than ever before. Therefore due to such a potential for growth Vinyl Ester should grow faster than anticipated according to the forecast.
Vinyl ester market dynamics are mainly driven by Technology. Research & development has continuously enhanced vinyl ester resin performance. Innovations in formulation and reinforcing materials provide greater strength, durability and thermal stability for vinyl ester products. This continuous innovation makes vinyl ester effective enough to be used across all industries for corrosion-resistant applications since it demonstrates competitiveness and reliability.
Building/infrastructure really does influence vinyl esters markets in a big way . They find numerous uses in FRP composites that make pipelines, tanks as well as structural components. Infrastructure projects require strong yet corrosive elements which lead increase in the demand for construction vinyl esters since they enhance structure lifetime at high temperatures too.
Additionally, economic environment affects the dynamics of this sector. For instance, industrialization, infrastructure development and global demand for anticorrosive materials contribute to growth in this market. Understanding these economic factors is crucial for firms seeking to cross different regional markets or take advantage of new opportunities.
On the other hand, competition among main players defines the dynamics within which vinyl ester operates. Market share can be gained through product differentiation, alliances or mergers among companies operating in this fiercely competitive marketplace. Therefore it is vital in such a competitive market as offering wide selection of high-quality industrial grade VE resins together with innovation and consumer satisfaction.
Vinyl Ester Market Highlights:
Global Vinyl Ester Market Overview
Vinyl Ester Market Size was valued at USD 1.60 billion in 2023. The Vinyl Ester industry is projected to grow from USD 1.70 billion in 2024 to USD 2.62 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.57% during the forecast period (2024 - 2032). The main market drivers are vinyl ester's low viscosity and resistance to water absorption. Compared to other materials, it offers superior strength and mechanical qualities.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Vinyl Ester Market Trends
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Increased demand for flue gas desulfurization (FGD) is the main factor for market growth.
Due to growing environmental concerns, legislation governing hazardous emissions, and the rising need for corrosion-resistant materials, the flue gas desulfurization (FGD) market is being pushed by an increase in demand for FGD installations. The FGD process uses vinyl ester resins primarily in stack liners and limestone slurry pipes. These resins can be used in new and retrofit FGD applications and flake glass lining systems. Additionally, greater infrastructure investments are advantageous for the vinyl ester sector. As a result, the worldwide vinyl ester market CAGR is expanding due to the ongoing demand in the chemical and end-use industries for water and wastewater treatment, which is another factor driving the vinyl ester market. On the other hand, the market for a vinyl ester is being hampered by cheaper prices and the accessibility of replacements. Additionally, growth in the installation of wind turbines ly, followed by a rise in the usage of vinyl ester in mass transit buses and trains, presents an opportunity for the vinyl ester market throughout the time of forecasting.
The widespread use of vinyl ester resins in pipes and tanks is a significant factor accelerating the market's growth. Many industries, including the pulp and paper business, the chlor-alkali and chemical industry, the power generation industry, the mining and metal industry, the industrial water and wastewater industry, and the food processing industry, use FRP pipes and tanks made of vinyl ester. Other important market-driving factors include the expansion of the U.S. marine industry, the installation of wind turbines in Europe, and the rising demand from emerging economies. Furthermore, in 2021–2028, increased use of vinyl ester in public transit buses and trains will further generate new opportunities for the vinyl ester market. Rising environmental consciousness and strict regulations are anticipated to enhance demand for FGD systems. As a result, the demand for vinyl ester is being driven by the expansion of the FGD. Thus, driving the vinyl ester market revenue.
Vinyl Ester Market Segment Insights
Vinyl Ester Product Type Insights
The Vinyl Ester market segmentation, based on Type includes Bisphenol A, Brominated Vinyl Ester, and Vinyl Ester Modified. Bisphenol-A is expected to dominate the market during the projection period because of its mechanical and chemical resistance capabilities at a relatively lower cost. However, due to its great resistance to oxidizing acids, superior resistance to solvents, and better heat resistance, the novolak segment is predicted to grow quickly throughout the forecast period.
Figure1: Vinyl Ester Market, by Type, 2022 & 2032 (USD million)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Vinyl Ester End-User Industry Insights
The Vinyl Ester market segmentation is based on Pipes & Tanks, Marine, Wind Energy, Oil & Gas, Aerospace, and Construction. A sizable market share for Fibre Reinforced Plastic (FRP) is anticipated due to the rising need for corrosion-resistant, lightweight tanks and pipes in new and existing infrastructure renovation projects.
Vinyl Ester Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North America Vinyl Ester market area will dominate this market. North America has a sizable portion of the vinyl ester market. Due to the expansion of wind power and the growing number of industrial uses for vinyl ester, the market is anticipated to rise rapidly during the forecasting period. The region's market is anticipated to increase due to the booming shipbuilding and shipbuilding industry. Due to the substantial presence of top chemical and automotive manufacturers in nations like the United States, the market in the subcontinent is expected to increase throughout the forecast period. The sector will prosper in the North American subcontinent thanks to the flourishing maritime industries in nations like Canada and the United States.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: VINYL ESTER MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Asia-Pacific Vinyl Ester market had the greatest market share of more than 40% for vinyl ester ly in 2022. The region is anticipated to follow a similar trend throughout the projected period. The Asia-Pacific region's robust industrialization and favorable manufacturing conditions will boost regional expansion. A significant driver of rising demand for the marine vinyl ester market in the Asia Pacific has been the rise of China and South Korea as significant powers in the shipbuilding sector. Moreover, China’s Vinyl Ester market held the largest market share, and the Indian Vinyl Ester market was the fastest-growing market in the Asia-Pacific region.
The European vinyl ester market includes the United Kingdom, France, Germany, and Italy are the major regional market contributors in this area. During this period, Brazil's maritime industry is anticipated to see a significant boom that will fuel the expansion of the region's vinyl ester market. Further, the German vinyl ester market held the largest market share, and the UK vinyl ester market was the fastest-growing market in the European region.
Vinyl Ester Key Market Players& Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Vinyl Ester market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Vinyl Ester industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Vinyl Ester industry to benefit clients and increase the market sector. In recent years, the Vinyl Ester industry has offered some of the most significant advantages to medicine. Major players in the Vinyl Ester market attempting to increase market demand by investing in research and development operations are AO LLC, Ashland Holdings Inc, DIC Corporation, INEOS, Inter plastic Corporation, Polynt, Reinchhold LLC 2, SHOWA DENKO K.K, Sino Polymer Co. Ltd, Swancor.
INEOS has a history of being the market leader and creating goods with dependable, long-lasting performance in the real world, and it has met and exceeded expectations across North America and Europe. To satisfy the requirements of the greatest boat builders in the world, INEOS has created a full line of premium epoxy vinyl ester resins. By working together with customers, business owners, and industry partners, we build innovative new solutions that not only improve the operations of specific clients but also those of the entire sector. You can create better, more lucrative boats thanks to INEOS' boat-building knowledge, product development, and technical support.
Polynt is focused on making and selling vinyl ester resin for various industrial markets. They stand for the excellence of our offerings and the effectiveness of our suggestions. In addition to glass fibers, aramid and carbon fibers work best with vinyl ester resin. The chemical and petrochemical business, as well as the nautical industry, are the industries that employ vinyl ester resin most frequently. To create high-performance hulls, heat-resistant nautical bodies and hulls, and competition boats, vinyl ester resin is used. However, the fiberglass coating of tanks and containers containing corrosive compounds in the chemical-oil industry uses vinyl ester resin instead.
Key Companies in the Vinyl Ester market include
- AO LLC
- Ashland holdings Inc
- DIC Corporation
- INEOS
- Inter plastic corporation
- Polynt
- Reinchhold LLC 2
- SHOWA DENKO K.K
- Sino Polymer Co. Ltd
Vinyl Ester Industry Developments
September 2019: The acquisition of Ashland Composites by INEOS Enterprises, a producer of specialized chemicals & materials, was successfully completed. The agreement was made public in November 2018. The business of INEOS Composites has grown thanks to the acquisition. The transaction cost 1.1 billion USD.
March 2018: The US-based specialty chemical manufacturer Ashland Inc. reported increases in pricing for vinyl ester resins in North America, ranging from $0.08 to $0.12/lb, depending on grade. Prior to Ashland's announcement, other manufacturers had announced price increases.
Vinyl Ester Market Segmentation
Vinyl Ester Product Type Outlook
- Bisphenol A
- Brominated Vinyl Ester
- Vinyl Ester Modified
Vinyl Ester End-User Industry Outlook
- Pipes & Tanks
- Marine
- Wind Energy
- Oil & Gas
- Aerospace
- Construction
Vinyl Ester Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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