Vinyl Ester Market is Expected to Reach $2.1 Billion by 2030

According to a new report published by Allied Market Research, titled," vinyl ester market by type and application: global opportunity analysis and industry forecast, 2021-2030," the global vinyl ester market size was valued at $1.1 billion in 2020, and is projected to reach $2.1 billion by 2030, growing at a CAGR of 6.5% from 2021 to 2030.

Vinyl esters are high-performance unsaturated resins made by combining an epoxy resin with monocarboxylic acid during the esterification process. Epoxy resins are added to strengthen it, and they are designed specifically because they are a hybrid form of polyester resin. Vinyl ester resins, on the other hand, outperform standard polyester resins in terms of physical qualities and corrosion resistance. It also has excellent thermal stability and the ability to absorb big blows without causing harm. Vinyl ester is utilized in a variety of industries, including construction, pipes & tanks, transportation, and paint & coatings. Hence, it is considered as a preferred material over various other materials.

The trend demonstrates that as environmental restrictions and worries about hazardous emissions become more prevalent, demand for flue gas desulfurization (FGD) systems is likely to rise, boosting the market demand. Vinyl ester resin is mostly used in FGD processes, such as stack liners and limestone slurry pipelines. Flake glass lining systems, as well as retrofit and new FGD applications, can benefit from these resins. Moreover, increase in demand for corrosion-resistant materials is likely to boost market growth during the forecast period. Increase in demand in various end-user industries, including tanks, pipes, wastewater treatment, and chemicals, followed by increased investments in infrastructure, is also catapulting the growth of the market. However, the immediate availability of substitutes, followed by a short shelf life, is expected to inhibit the growth of this market during the forecast period.

The vinyl ester market is segmented into type, application, and region. On the basis of type, the market is fragmented into bisphenol A diglycidyl ether (DGEBA), epoxy phenol novolac (EPN), brominated fire retardant, and others. The bisphenol A diglycidyl ether (DGEBA) segment is expected to hold the largest market share during the forecast period. It also finds application in FGD processes owing to corrosion resistance property of Bisphenol A which is expected to boost the market demand for this segment.

By application, the market is categorized into pipes & tanks, paints & coatings, transportation, pulp & paper, and others. The pipes & tanks segment dominated the global market owing to its increase in applications in high temperature formulations, such as chemical reactors and chemical storage vessels.

Region-wise, Asia-Pacific is projected to witness fastest growth as well as held the largest market share both in terms of value and volume during the forecast period. Increase in investment in construction, industrial, and building followed by surge in demand for corrosion resistance pipe and tanks are the main factors augmenting the growth of the market in the Asia Pacific region.

The major companies profiled in this report include Polynt, Ashland Global Holdings Inc., INEOS, DIC CORPORATION, Interplastic Corporation, SHOWA DENKO K.K., Swancor, Reinchhold LLC 2, Sino Polymer Co., Ltd., and AOC, LLC. These players have adopted strategies such as product launch and business expansion to sustain the competition and to strengthen their foothold in the market.

Key findings of the study

• Region wise, Asia-Pacific is projected to grow at the highest CAGR of nearly 6.1%, in terms of revenue, during the forecast period.
• On the basis of application, the pipes & tanks segment accounted for the largest market share in 2020.
• Depending on type, the bisphenol A diglycidyl ether (DGEBA) segment garnered the highest share in 2020.

Impact of COVID-19 on the global vinyl ester market

• COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from humans to humans. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.

The disruption caused by the COVID-19 pandemic has already resulted in reduced output either from international or local players in the vinyl ester market. For instance, the transportation cost has increased, and shipping was delayed due to much fewer flights. A similar cost trend is witnessed in all major regions due to the lower number of flights and closing of international borders. Lower-income countries/markets faced multiple challenges including the shortage of labor and discrete supply of products.