Vinyl Ester Market Analysis

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.