Vinyl Ester Market - By Product (Bisphenol A, Novolac, Brominated Fire Retardant), By Application (Pipes & Tanks, Marine, Wind Energy, FGD & Precipitators, Pulp & Paper) & Forecast, 2021-2027

Vinyl Ester Market Size

Vinyl Ester Market size was USD 1.09 billion in 2020 and is estimated to exhibit a CAGR of over 6.7% from 2021 to 2027. Rapidly growing demand for pipes due to the increasing need for energy & water resources is anticipated to drive vinyl ester demand in the coming years. Also, growing demand for clean energy is likely to fuel product demand in wind turbines.
 

Vinyl ester resins are polymer resins prepared by the esterification of a liquid epoxy resin with unsaturated monocarboxylic acids and are used where improved strength & chemical resistance are required. The demand for vinyl ester-based high-quality fiberglass piping has been observing an upward trend in recent years. These pipes exhibit exceptional fatigue resistance, adhesion, impact strength, low shrinkage, and chemical resistance, which lead to their long-term performance.
 

The last decade observed a significant substitution of metals with vinyl ester as they tend to be about four times lighter than steel and five times lighter than ductile pipes. The livelihood of the future will entail smart buildings, smart energy, smart mobility, and smart pipe technology. This is likely to result in a robust demand for pipes every year, presenting significant potential for the vinyl ester market share by 2027.
 

Impact of COVID-19 pandemic

The COVID-19 pandemic has severely impacted the vinyl ester industry landscape. COVID-19 pandemic has limited the production and product supply & demand globally, thereby affecting production activities worldwide. 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.
 

Vinyl Ester Market Analysis

Bisphenol A was the largest product segment and accounted for nearly 60% of the market share in 2020 and is projected to grow at a CAGR of over 6.5% during the stipulated period. Bisphenol A type vinyl ester resin is manufactured from standard bisphenol A-based liquid epoxy resin. These vinyl esters exhibit superior physical performance and corrosion resistance in extremely challenging surroundings. They are highly resistant to alkalis & hydrogen peroxide and perform well in the various stages of hypochlorite & chlorine production. Bisphenol A-based vinyl ester resins will observe significant demand in the hand lay-up, spray-up, filament winding, SMC, and pultrusion processes. Bisphenol-based vinyl esters will observe a strong demand in a range of applications in the oil & gas sector including exploration, refinery piping, crude oil transmission, sub-sea piping, etc., during the forecast period.
 

The demand for vinyl esters in wind energy is expected to reach USD 141.3 million by 2027. Vinyl esters are used in bonding pastes for the manufacturing of rotor blades. With the use of vinyl ester, lightweight structures can be achieved to meet the challenges associated with the increasing size of wind turbine blades.
 

According to a report by WindEurope, in 2020, despite the COVID-19 pandemic, Europe installed a 14.7 GW new wind power capacity. Wind energy suffices around 16.4% of the total energy need in Europe and the region planned to install an additional 105 GW wind energy capacity over the next five years. This growth in the wind energy market is projected to drive the vinyl ester market demand in the next few years.
 

North America held around 25% revenue in 2020 and is likely to exhibit a 6.6% CAGR during the forecast period. The region will witness a substantial demand for leisure boats owing to a large number of recreational boating activities in the region. The recreational boating culture in North America is comparatively high, which in turn, will drive the vinyl ester market demand for these leisure boats by 2027. Some notable vinyl ester installations in North America are FIBREX’s vinyl ester-based fluid gas disposition system at a coal-fired power plant in the U.S. and FIBREX’s vinyl ester-based fiberglass bleach plant process piping at a pulp & paper company in the U.S.
 

The North America water and wastewater treatment market has been experiencing a resurgence. Market trends, such as water reuse, intensifying environmental demands with rising industrialization, adoption of membrane technologies, etc., will propel the wastewater treatment demand by 2027, thus presenting a potential for vinyl ester-based piping applications.
 

Vinyl Ester Market Share

Companies working in the vinyl ester industry are focusing on innovations to meet industry challenges. For instance, in August 2015, Showa Denko developed a normal-temperature-curing, non-styrene environmental-friendly chemical-resistant vinyl ester resin aqueous emulsion for lining applications. By introducing this product, the company is trying to increase its product range to cater to various end-use industries such as marine, tanks & pipes, wind energy, etc. Other major companies operating in the industry are:
 

• Ashland, Inc.
• Swancor Holding
• ALIANCYS AG
• Polynt-Reichhold Group
• Hexion
• DIC Corporation
• Interplastic Corporation
• AkzoNobel
• Nivitex Fibreglass and Resins
• SIR INDUSTRIALE S.p.A.
•  Scott Bader Company Ltd.
   

The vinyl ester market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Tons and revenue in USD Million from 2017 to 2027 for the following segments:

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By Product

• Bisphenol A
• Novolac
• Brominated Fire Retardant
• Other

By Application

• Pipes & Tanks
• Marine
• Wind Energy
• FGD & Precipitators
• Pulp & Paper
• Others

The above information is provided on a regional and country basis for the following:

By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Poland
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • Indonesia
  • Thailand
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE