Vinyl Ester Market Overview: —
Vinyl Ester is used as a resin, which is a hybrid form of polyester resin. Global Vinyl Ester Market by Product Type (Bisphenol A, Brominated Vinyl Ester, Vinyl Ester Modified and Others), End-Use Industry (Pipes & Tanks, Marine, Wind Energy, Oil & Gas, Aerospace, and Construction), by Region till 2023. The polyester resin is strengthened by the addition of epoxy resin. These resins are resistant to chemical and thermal aggressive environments and prevent water absorption as well it prevents corrosion. Thus, it is used in the oil and gas industry.
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Furthermore, Vinyl Ester has high resistance to vibrational forces. Moreover, increasing application of Vinyl Ester in lining flue gas desulphurization add fuel to the growth of the market. Owing to the chemical and thermal resistance characteristics of Vinyl Ester resin, it is used in the manufacturing of pipes and tanks, blades of a wind turbine, and yacht manufacturing. It further reduces the maintenance cost using composites to replace other materials. Growing adoption of wind energy is being adopted as an important source of green energy by many developing countries, which is likely to boost the market growth over the review period.
The global aerospace & defense market is growing at highest CAGR on account of increasing demand for petroleum products in oil & gas industry. This is expected to continue throughout the forecast period to propel the growth of the Global Vinyl Ester Market. Additionally, they are free from volatile organic compounds (VOC’s). However, high cost may slow the growth of the global market.
Some of the leading players in the Global Vinyl Ester Market are Ashland Global Holdings Inc. (U.S.), Interplastic Corporation (U.S.), Reinhold GmbH (Germany), Sino Polymer New Materials Co., Ltd. (China), Swancor Holding Co., Ltd. (China), AOC, LLC (U.S.), Showa Denko K.K. (Japan), Polynt S.p.A. (Italy), Scott Bader Company Ltd. (U.K), and allnex group (Germany).
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The Global Vinyl Ester Market is segmented on the basis of product type, end use industry, and region. Based on the fiber type, the market is segmented into bisphenol a, brominated vinyl ester, vinyl ester modified, and others. On the basis of the end use industry the Global Vinyl Ester Market is segmented onto pipes & tanks, marine, wind energy, oil & gas, aerospace, construction, and others. Geographically, the markets is divided into five key regions namely Asia Pacific, North America, Europe, Latin America, and Middle East & Africa.
Asia Pacific is the largest market owing to the growth of the oil & gas and wind industry. India, Japan and China are the major markets in this region on accounts of an increasing investment in oil & gas and wind energy sectors. The U.S. is the largest market in this region owing to the presence of well-established end use industries such as the marine industry. Increasing production of yachts and ships drive the growth of the marine industry in this region.
Since Vinyl Ester is more resistant to water degradation, it prevents the entry of water into the ships and yachts. This, in turn, is expected favor the demand for vinyl ester composite in this region. The U.K, France, Germany, and Italy are major contributor to the market growth.
The aerospace and automotive industries in Europe are the major consumers of vinyl ester, which is used in the manufacturing of reinforced fiber glass in this region. Latin America is witnessing a steady growth in countries namely Brazil and Argentina. In the coming years, the opportunities for Vinyl Ester material are expected to boost the growth of the Middle East & African market due to rising end use industries namely building & construction which would help propel the growth of the regional market.
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