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 (2020-2027).
Vinyl ester resins are extensively used in industries that require low permeability and superior chemical resistance. One of the most important applications of vinyl ester resins is the fabrication of FRP storage tanks. FRP is also known as fiber reinforced plastic and is extensively used for the construction of chemical plant equipment such as tanks and vessels. FRP tanks are also used in water & wastewater and oil & gas end-use industries. 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 the Global Vinyl Ester Resin Market 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. Around the same time, the construction of a large integrated complex for natural gas processing and liquefaction in St. Petersburg, Russia, was announced. This project is expected to be completed by 2024. There are many other such upcoming projects that will drive the demand for FRP tanks and thereby, the demand for vinyl ester resins.
Additionally, Vinyl ester resins are also being extensively used for the manufacturing of boats or other composite parts, as well as for manufacturing shipping tanks. Vinyl ester resins posses properties such as low adsorption of water, alkalis, and other organic solvents, along with excellent physical properties, which make them suitable for use in the manufacturing of boats and shipping tanks. The marine industry is also witnessing growth due to the rising consumers across the globe. The shifting global demographics, population growth, and economic growth in emerging economies have led to the development of new consumer classes. This is expected to create long-term growth opportunities for the consumer market. Apart from this, the marine industry is also witnessing growth in the number of larger ships. All these factors will lead to the increasing demand for boats and ships, thereby driving the growth of the vinyl ester resin market. Moreover, across the globe, there has been increasing need to reduce fossil fuel dependency and expand the renewable energy sector. In order to achieve this, governments and private organizations across the globe are increasingly investing in order to harness wind energy. This will drive the demand for vinyl ester resins for this end-user segment.
By Product Type
By End-Use
The unique insights provided by this report also includes the following:
Based on Product Type, the Novolac Product Type segment is expanding at a growth rate of 6.4% during the period 2020-2027.
Based on the product type, the vinyl ester resin market is categorized as bisphenol-A, novolac, brominated fire retardant, elastomer modified, and others. Among the product types, bisphenol-A held a significant market share in the year 2020 and is expected to witness similar trends during the forecast period. The global demand for wind energy as an eco-friendly alternative energy source is increasing the use of bisphenol-A in wind turbines. In addition to this, the demand for brominated flame retardant vinyl ester resin is expected to witness a significant growth during the forecast period, owing to the rising use of plastic in end-use industries, such as building and development materials, electronic housing, transportation, and others. Novolac is widely used in applications that require heat resistance, chemical resistance, and others.
Moreover, the brominated fire retardant vinyl ester resin market was valued at US$ 176.2 Mn in the year 2020 and is expected to reach US$ 265.9 Mn by 2027, growing at a CAGR of 6.2% during the forecast period. Brominated vinyl ester resin provides high temperature resistance, along with chemical resistance and mechanical strength. The addition of antimony compound to brominated vinyl ester resin provides optimum ignition resistance. It has applications in pipes and cables for natural gas, electric boxes, cable TV, kitchen countertops, multi-layer PCB board, chipboard, wood, paper and textile industry, High Impact Polystyrene Sheet (HIPS), and others.
Based on the End-Use, the Pipes & Tanks accounted for a 22.2% share in the overall Vinyl Ester Resin market size, followed by marine.
Pipes & tanks dominated the market in the year 2020 with a market share of 22.2%, owing to the increasing use of vinyl ester resin in automotive, fiber reinforced plastic tanks, chemical industries, and others. The growing use of vinyl ester resin in aerospace and defense is expected to accelerate the market demand during the forecast period. The rising investment and spending on aerospace and defense is generating the demand for vinyl ester resin. In addition to these, wind energy is one of the major users of vinyl ester resin, to strengthen and improve the overall performance of wind turbines.
Based on regions, the market for Vinyl Ester Resin in Asia-Pacific accounted for the largest share in 2020, followed by North America.
Based on regions, the Global Vinyl Ester Resin Market has been segmented as: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific was dominating the Global Vinyl Ester Resin Market and is expected to hold 31.2% of market share in 2020, followed by North America with a 28.7% market share in the year 2020. The Asia-Pacific region is expected to follow a similar trend over the forecast period. The market in Asia Pacific is witnessing growth due to the emergence of China and South Korea as the foremost force in the shipbuilding industry. This has been a key driver for increasing vinyl ester resin demand from the marine sector in Asia Pacific.
Increasing tourism activities in the Southeast Asian countries such as Indonesia, Malaysia, Thailand, etc., are expected to propel the regional marine industry size by 2027. Such trends present brighter scope for the vinyl ester resin market in Asia Pacific over the forecast period.
The key players operating in the Global Vinyl Ester Resin Market are:
The report also provides in-depth analysis of Vinyl Ester Resin market dynamics such as drivers, restraints and opportunities
Drivers
Restraints
Opportunitiese of vinyl ester resins for wind blade composites
The impact of COVID-19 has greatly affected the market of the Global Vinyl Ester Resin industry. The momentum dropped globally, and then also it did regain the pace as they were also used in manufacturing industries which falls under essential category.
The report also provides in-depth analysis of key trends in the Global Vinyl Ester Resin Market
The report also provides in-depth analysis of recent news developments and investments
Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.
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