According to a new research report by Global Market Insights Inc., the Vinyl Ester Market size is forecast to exceed USD 1.7 billion by 2027.
Vinyl ester resins exhibit unique physical characteristics along with quick hardness development for hand lay-up and spray-up applications of boat and pool manufacturing industries. The U.S. witnesses a substantial demand for leisure boats owing to a large number of recreational boating activities in the region.
Recreational Boating Statistical Abstract from a report by the National Marine Manufacturers Association (NMMA) presented that unit sales of new powerboats increased 5% in 2017, reaching 262,000. This was the highest level observed by the U.S. recreational boating business in the last decade. In the same year, the total marine expenditure including new boats, engines, trailers, accessories, and services were marked to be at USD 39 billion, which has been all-time high, up 7% from 2016. Jet boats, smaller fiberglass boats marked a sales increase of 8%; sales of new ski and wakeboard boats were up 8% in 2017 and new personal watercraft sales surged by 5%. Approximately 262,000 new powerboats were sold in 2017, an upsurge of 4.7% in contrast to 2016. Boat manufacturers have been expanding capacity to meet the increasing demand by increasing the production and building new plants, presenting brighter growth aspects for the vinyl ester market by 2027.
Browse key industry insights spread across 215 pages with 177 market data tables & 23 figures & charts from the report, “Vinyl Ester Market By Product (Bisphenol A, Novolac, Brominated Fire Retardant), By Application (Pipes & Tanks, Marine, Wind Energy, FGD & Precipitators, Pulp & Paper), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021-2027” in detail along with the table of contents:
Novolac demand is anticipated to grow with a CAGR of 6.8% during the forecast timespan
Novolac vinyl esters demand was valued at USD 208.8 million in 2020 and is likely to reach USD 329.4 million by 2027. They provide resistance to oxidizing acids and solvents. These have higher crosslinking density than bisphenol A vinyl esters. With crosslinking density higher than bisphenol A variant, Novolac type vinyl esters feature better resistance toward liquid environment and provide high resistance to the penetration of chemicals into the matrix.
Recreation boating demand is likely to grow with a healthy CAGR in the near future. The major companies operating in the vinyl ester market are investing heavily to attract new buyers across all segments, from small aluminum fishing boats to large cruising yachts. Novolac vinyl esters will observe a substantial demand in marine applications by 2027.
Asia Pacific led by China will remain the largest region throughout the forecast period
Asia Pacific was the largest region in the global market and will occupy over 50% volume share in 2027. The growing population and rising disposable income in the region are major driving factors in the expanding infrastructure projects including transportation, energy, social, etc. The China vinyl ester market witnessed strong growth in the past few years. Product demand in the country is driven by the largest tanks and pipes and marine industry across the region. The fast-economic growth is expected to continue to improve, providing an increasing number of opportunities to establish or improve the infrastructure of the country.
Manufacturers are increasing product prices owing to the increasing production cost
Companies, such as ALIANCYS, Ashland, etc., have increased vinyl ester prices in recent past. This can be attributed to the increasing production cost due to the COVID-19 pandemic. Many countries across the world have imposed strict nationwide lockdown owing to which raw materials production got hampered. In addition to this, transportation cost increased drastically in 2020 due to which many companies operating in the vinyl ester industry decided to increase their product price.