The Vinyl Ester Resin market is forecasted to grow at a high rate owing to the accelerating demand from marine industry.
The Global Vinyl Ester Resin Market was valued at US$ 894.0 Mn in 2020 and is expected to reach US$ 1,330.2 Mn by 2027, with a growing CAGR of 6.0 % during the forecast period (2021-2027).
The major factors driving the Vinyl Ester Resin Market growth are
Vinyl ester resins are also widely utilised in the construction of boats and other composite parts, as well as in the production of shipping tanks. Vinyl ester resins have minimal water, alkali, and other organic solvent adsorption, as well as outstanding physical qualities, making them ideal for use in construction of boats and cargo tanks. The marine sector is also growing as a result of expanding consumer demand around the world. New consumer classes have emerged as a result of changing global demographics, population growth, and economic growth in emerging economies. The consumer market is projected to benefit from this in the long run. Aside from that, the marine industry is seeing an increase in the number of people working in it.
In addition to this, the establishment of new chemical plants and the expansion of the currently existing plants are some of key factors that will lead to an increase in demand for FRP tanks, which in turn, will accentuate the demand for vinyl ester resins during the forecast period. For instance, in June 2019, Idemitsu has announced that it will be opening a new lubricant production plant in China, which will begin operations by 2020. The vinyl ester resin market for FDG & precipitator was valued at US$ 118.1 Mn in the year 2018 and is expected to reach US$ 179.9 Mn by 2027, with a CAGR of 5.8% during the forecast period. FGD systems use vinyl ester resin to clean flue gas, by removing fly ash and sulfur dioxide from the system. The FGD systems market is growing at a rate of 5.3% during the forecast period, owing to the imposition of stringent federal laws and regulations that make it mandatory for industries emitting SOx to install air purification equipment at their manufacturing plants. This in turn, will further accelerate the demand for vinyl ester resin during the forecast period. Moreover, various laws have been passed by the governments of countries such as U.S, U.K, Germany, China, India, Japan, and others, to protect the environment from hazardous emissions. For instance, the government of India is focusing on the reduction of emissions from coal-based thermal
plants in relation to the Intended Nationally Determined Contributions (INDCs) submitted to the United Nations Framework Convention on Climate Change (UNFCCC), which has committed to reduce emission intensity of the Indian economy by 30% to 35% by the year 2030.
Companies are launching new products for this end-use industry. For instance, in 2017, Interplastic Corporation launched its new CoREZYN vinyl ester resin, which is approved for use in potable water pipes and tanks.
Global Vinyl Ester Resin Market by Region Outlook (Revenue, USD Million, 2021-2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
In terms of geography, the Asia Pacific is the fastest growing region for Vinyl Ester Resin market solutions. Increasing investments in construction, industrial and building, followed by the growing demand for corrosion resistant pipes and tanks are the main factors in augmenting the growth of this market in the Asia-Pacific region.
The Global Vinyl Ester Resin Industry Segmentation:
Global Vinyl Ester Resin Market by Product Type (Revenue, USD Million, 2021-2027)
- Bisphenol A
- Brominated Fire Retardant
- Elastomer Modified
Global Vinyl Ester Resin Market by End-Use (Revenue, USD Million, 2021-2027)
- Pipes & Tanks
- Wind Energy
- FGD & Precipitators
- Building & Construction
- Aerospace & Defense
- Based on the product type, the Novolac segment held the largest market share in 2020
- Based on end-use, Pipes & Tanks accounted for a market share of 22.2% in 2020 followed by marine
- Based on regions, the Asia Pacific region is anticipated to hold a market share of 31.2% in the year 2020 in the Vinyl Ester Resin Market analysis
Company Profiles and Competitive Intelligence
The key players operating in the market are:
- Ashland Global Holdings Inc.
- Interplastic Corporation
- Reinchhold LLC 2
- Sino Polymer Co., Ltd.
- AOC, LLC
- Showa Denko K.K.
- Changzhou Tianma Group
- In March 2019, Swancor expanded their overseas market by setting up a production facility in Malaysia. This production facility is the first ever site outside the Greater China area. The facility is of 8,000 sq. mtr. & is mainly dedicated to the production of vinyl ester resins.
- In January 2017, Dong Energy and Macquire Capital signed an agreement for acquiring 35% and 50% ownership interest in Formosa I wind farm project, which has a total capacity of 128MW. In this strategic agreement, Dong Energy will provide advisory services, Swancor will manage the construction and site development of the project, and Macquire will work closely with Dong & Swancor to finish the project.