According to the report, the global vinyl ester industry generated $1.1 billion in 2020, and is anticipated to generate $2.1 billion by 2030, witnessing a CAGR of 6.5% from 2021 to 2030.
Prime determinants of growth
Increase in demand for flue gas desulfurization installation and rise in demand from corrosion-resistant pipes and storage tanks drive the growth of the global vinyl ester market. However, shortage of skilled labor and lack of standards hinder the market growth. On the other hand, Implementation of stringent environmental regulations presents new opportunities in the coming years.
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- The outbreak of the Covid-19 pandemic has had a negative impact on the global vinyl ester market, owing to temporary closure to all manufacturing facilities and production hubs.
- The pandemic also disrupted the supply chain across the globe, which in turn, led to difficulties for the key players and vendors to supply raw materials.
The DGEBA segment to maintain its leadership status throughout the forecast period
Based on type, the Bisphenol A Diglycidyl Ether (DGEBA) segment held the highest market share in 2020, accounting for more than half of the global vinyl ester market, and is estimated to maintain its leadership status throughout the forecast period. This is due to its superior physical performance and corrosion resistance. However, the brominated fire retardant segment is projected to manifest the highest CAGR of 7.2% from 2021 to 2030, owing to its application in various applications.
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The pipes and tanks segment to maintain its lead position during the forecast period
Based on application, the pipes and tanks segment accounted for the largest share in 2020, contributing half of the global vinyl ester market, and is projected to maintain its lead position during the forecast period. This is because they reduce long-term maintenance and pump operating costs. Moreover, the pulp and paper segment is expected to portray the largest CAGR of 7.5% from 2021 to 2030. In the pulp and paper industry, processing wood & paper require the use of highly corrosive chemicals such as acids, alkalis, bleaches, and salt. Specially-designed processing equipment are used to withstand a variety of harsh chemical environments throughout the mill,. These requirements have pushed the pulp and paper industry to adopt epoxy vinyl ester resin-based FRP pipes.
Asia-Pacific, followed by Europe and North America to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by Europe and North America held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global vinyl ester market. This is due to the high demand from the various industries in China, such as water & wastewater treatment, chemical, pharmaceutical, food processing, and transportation. However, the LAMEA region is expected to witness the fastest CAGR of 7.7% from 2021 to 2030, owing to economic development in this region.
Leading Market Players:-
- AOC, LLC
- Ashland Global Holdings Inc.
- DIC CORPORATION
- Interplastic Corporation
- Reinchhold LLC 2
- SHOWA DENKO K.K.
- Sino Polymer Co., Ltd.
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