Vinyl ester market has lately been emerging as one of the most lucrative business spheres in the bulk and specialty chemicals industry owing to the increasing popularity of light weight and high strength polymeric materials over metals. Vinyl ester possesses lot more benefits such as non-corrosivity, chemically inertness, and design stability that has been prompting energy companies, non-metal product manufacturers, and shipbuilding firms to use it in various non-metal formulations.
The increasing popularity of green energy alternatives especially wind energy for curbing the carbon footprints is also proliferating the demand for vinyl ester on a large scale. Currently, with the rise in per capita income, most of the industry magnates have been investing in the development of private ferries for traveling through inland waterways. The substantial use of vinyl ester for building strong, lightweight, and comfortable ships will have a considerable influence on vinyl ester market.
With fiberglass fortification, vinyl esters have been fabricated into lightweight and corrosion-resistant piping, tanks, ductwork, hoods, scrubbers, etc. In addition to these characteristics, vinyl esters solutions cost less than stainless steel as well as exotic alloys in pipes & tanks applications. Unlike metals, the product is unaffected by crevice corrosion or chloride stress and are resistant to pH extremes at both ambient and elevated temperatures. Vinyl ester market will observe substantial growth in pipes & tanks applications for instance, fabrication of fiber-reinforced plastic storage tanks, ducts, vessels, on-site maintenance projects, etc. during forecast years.
The overall industry was led by bisphenol A vinyl esters in 2017 and will continue the similar trend. With crosslinking density higher than bisphenol A variant, Novolac type vinyl esters show better resistance towards liquid environment. Novolac segment will observe growth with CAGR more than 6% in the next seven years.
As compared to polyester, vinyl ester resins excel on various parameters; for instance, higher durability, superior heat resistance, low maintenance and high performance for extremely challenging environment. However, the overall market growth will be subjected to some restrains including high cost of production, lower shelf life of the product and regulations to lessen the VOC content of product, in the coming years.
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China itself accounted for more than 50% share of the APAC vinyl ester industry in 2017 and is expected to maintain its lead with the help of the booming chemical and petrochemical sectors. APAC is a major consumer of automobiles, electronics, plastic and other products which are some key applications of the petrochemical segment. In November this year DuPont had informed that it will build a new plant in China’s Jiangsu province, at the Yangtze River International Chemical Industrial Park and would commence operations in phases from 2020 to 2023. The company and its affiliates have reportedly accelerated their expansion efforts in the APAC as China, India and other countries have become significant industrial producers worldwide.
Asia Pacific led the overall vinyl ester market in 2017 and is expected to follow the similar trend by 2025. North America will observe growth with a CAGR close to 6%. Increasing disposable income on existing rich class individuals and increasing number of High Net Worth Individual (HNWI) will positively influence the demand for luxury goods in the region. Moreover, the recreational boating culture in the North American region is comparatively high which, in turn will drive the market demand for these marine applications in the region by 2025.
Key industry players in vinyl ester market consist of: Swancor Holding, Showa Denko, Sino Polymer Co., Ltd., Ashland, Interplastic Corporation, ALIANCYS AG, etc. Upsurge in raw material costs are likely to result in product price hikes, thereby depicting a highly competitive scenario in the future years.