Vinyl Ester Market By Product Type (Bisphenol A, Elastomers, Novolac, Brominated Fire Retardant), By End-Use Industry (Pipes & Tanks, Marine, Building & Construction, Land Transportation, FGD & Precipitators, Aerospace & Defense, Wind Energy) - Growth, Share, Opportunities & Competitive Analysis, 2018 – 2026
Industry Outlook
Vinyl Ester Market is expected to reach US$ 1312.8 Mn by 2026 with 5.6 % CAGR during the forecast period from 2018 to 2026. In 2017, Asia Pacific led the vinyl ester market. It is also estimated to be the fastest growing region between 2018 and 2026.
Vinyl esters are high performance unsaturated resins that are basically produced through esterification process of an epoxy resin combined with monocarboxylic acid. It is strengthen by the addition of epoxy resins and are designed specifically as they are hybrid form of polyester resins. However, vinyl esters resins have superior physical properties and remarkable corrosion resistance compared to conventional polyester resins. In addition, it also possesses high thermal stability and also has the capacity to absorb large impacts without damage. Vinyl ester is used in various applications that includes construction, pipes and tanks, transportation and paint and coatings industries among others. Hence it is considered as a preferred material over various other materials. In addition, vinyl ester oligomers forms an important matrix resin for thermosetting polymer composites when diluted with styrene. Vinyl ester resins are also compatible with carbon fiber, aramid fibers and glass fiber. In addition, these are also used for yachts, chemical resistant plastic tanks and production of wind turbine.
Trend shows that with the increase in environmental regulations and concerns on hazardous emissions, demand for flue gas desulfurization (FGD) installation is expected to rise which in turn is expected to boost the market demand. Vinyl ester resins mainly finds application in the FGD process which include stack liners and limestone slurry piping. These resins can be effectively used in in flake glass lining systems followed by retrofit and new FGD applications. In addition, growing demand for corrosion resistant materials are also expected to augment the market growth during the forecast period. Increasing demand in various end user industries that includes tanks, pipes, waste water treatment and chemical followed by increasing investments in infrastructures is also catapulting the market growth. Vinyl ester resins offer more benefits than epoxies and are considered stronger than polyesters which in turn makes it more preferable over similar products. Moreover, vinyl ester resins are also economical compared to polyester and epoxies. However, easy availability of substitutes followed by low shelf life is expected to hamper the growth of this market during the forecast period. Strict government regulations to reduce the VOC content of these resins is also expected to restrain the market growth. In addition, growing number of wind turbine installations worldwide followed by increasing applications of vinyl ester in mass transit buses and railways serves as opportunity in the global vinyl ester market during the forecast period.
Bisphenol A Propelling the Growth of Vinyl Ester Market
Currently, Bisphenol A is one of the leading product type both by volume and value, and expected to maintain its dominance with highest CAGR during the forecast period. It mainly finds application in spray-up, hand lay-up, filament winding, pultrusion processes and SMC where resistance to heat and chemical followed by mechanical properties are required. Hence, various chemical resistance properties of Bisphenol A at a low cost followed by mechanical properties are expected to augment the segment demand during the forecast period. In addition, owing to corrosion resistance property of Bisphenol A, it also finds application in FGD processes which is expected to spike the market demand for this segment. Bisphenol A vinyl ester resins are also used in the marine industry as gel coats, barrier coats and in various composite body parts of ships. In addition, toughness followed by superior elongation properties of Bisphenol A provides Fibre-reinforced plastic (FRP) equipment with less cracking and better impact resistance.
Manufacturers are also focusing on new product development as a key strategy to expand their Bisphenol A product portfolio to cater to the increasing demand of this segment during the forecast period. For example, in March 2017, AOC based in U.S, launched Vipel F013 Series under its Bisphenol A vinyl ester product portfolio. This new product is basically suitable for various moldings which are subjected to dynamic loads or high static applications that includes flooring, tanks, pipes and duct work among others. However, novolac product type segment is expected to be the fastest growing segment during the forecast period owing to its rising applications that mainly requires good resistance to better heat resistance, oxidizing acids and superior solvent resistance.
Pipes & Tanks Identified as the Dominant End-use Industry Segment in 2017
Pipes and tanks segment dominated the global market owing to its increasing applications in high temperature formulations, such as chemical reactors and chemical storage vessels. In addition, it also finds application in topcoats used for metal containers and electro refining tanks. Companies are continuously focusing on developing new products for pipe and tanks application with an objective to expand their product portfolio. For example, with the addition of Vipel L085-PPA, AOC, based in U.S, expanded its cured-in-place pipe (CIPP) resins product portfolio. This product is mainly designed for applications that need resistance to high heat and aggressive chemical solutions. In addition, this new product also aims to provide durability, corrosion resistance and toughness in various formulation packages that are designed for CIPP processing. In addition, Chemco International Ltd, based in U.K, deals with various products such as Chem-glass 200 Series that are basically designed for tank lining solutions. This product deals with conductive, putty grades, laminating, primer, topcoat and for other specialist applications. Increasing demand for corrosion resistance and lightweight pipe and tank products in various infrastructure rehabilitation projects are other factors boosting the demand of this segment during the forecast period.
Asia Pacific is the Largest Region in the Global Vinyl Ester Market
Asia-Pacific is projected to witness fastest growth as well as held the largest market share both in terms of value and volume during the forecast period from 2018 to 2026. Increasing investment in construction, industrial and building followed by growing demand for corrosion resistance pipe and tanks are the main factors augmenting the growth of this market in Asia Pacific region. Japan, India and China are the major countries owing to the increasing investment in wind energy and oil & gas sectors. In addition, increasing demand for FGD systems in this region owing to the various environmental regulations on harmful emissions has resulted in increasing demand of vinyl ester linings thereby protecting these systems from corrosion. North America followed Asia Pacific in the global vinyl ester market. U.S held the largest market share in this region both in terms of value and volume and growth of this market is mainly attributed to the increasing demand of vinyl ester in the marine industry in this region. In addition, vinyl ester mainly prevents water entry into the yachts and ships and since there has been increasing production of ships and yachts in North America region, the market for it is expected to grow during the forecast period.
Business Expansion Followed by Mergers and Acquisitions are the Key Strategies Adopted by the Key Players
Key notable players operating in the global vinyl ester market includes Ashland Inc., Reichhold, Swancor Holding, Showa Denko, Aliancys, Interplastic Corporation, Sino Polymer Co., AOC, Polynt and Scott Bader Company among others. In August 2015, Ashland Performance Materials announced that it has nominated GRP Solutions Ltd. as a distributor of its products in Ireland and U.K. The distribution agreement aims at expansion of products of Ashland Performance Materials in U.K and Ireland to cater to the growing demand of vinyl ester in these countries. The various products included under the distribution agreement includes epoxy vinyl ester resins, polyester resin and gel coat among others. In May 2017, Polynt and Reichhold merged to form Polynt-Reichhold. This merger was aimed at expanding the vinyl ester product portfolio across North America, Europe and Asia thereby making it the world’s second largest player in this market.
Historical & Forecast Period
Historical Year - 2016
Base Year - 2017
Forecast Period - 2018-2026
This research considers 2017 as the base year and presents analysis of segments from 2016 to 2026. In addition, forecast period from 2018 to 2026 is considered for Compounded Annual Growth Rate (CAGR) calculation for each respective segment.
Key questions answered in this report
- Who are the distributors, traders and dealers of Vinyl Ester market?
- What are expected largest product type and end-use segments in the market during the forecast period from 2018 to 2026?
- What are the fastest growing segments in the market for the forecast period?
- What are the current market trends in the vinyl ester market and valuable opportunities for the players?
- How the regulatory framework affects the global as well as the regional markets?
- Which are the key players operating in the global market and what are the strategies adopted by them?
- What are sales, revenue, business strategy and product portfolio of top manufacturers of Vinyl Ester market?
- What is the market size and trend in emerging and developed markets?
Chapter 1 Preface 12
1.1 Report Scope and Description 12
1.1.1 Study Purpose 12
1.1.2 Target Audience 12
1.1.3 USP and Key Offerings 12
1.2 Research Scope 13
1.3 Research Methodology 14
1.3.1 Phase I – Secondary Research 14
1.3.2 Phase II – Primary Research 15
1.3.3 Phase III – Expert Panel Review 15
1.3.4 Approach Adopted 15
1.3.5 Top-Down Approach 16
1.3.6 Bottom-Up Approach 16
1.3.7 Assumptions 17
1.4 Market Segmentation 17
Chapter 2 Executive Summary 18
2.1 Market Snapshot: Global Vinyl Ester Market 19
2.1.1 Global Vinyl Ester Market, by Product Type, 2017 (Tons) (US$ Mn) 20
2.1.2 Global Vinyl Ester Market, by End-use Industry, 2017 (Tons) (US$ Mn) 21
2.1.3 Global Vinyl Ester Market, by Geography, 2017 (Tons) (US$ Mn) 21
Chapter 3 Market Dynamics 22
3.1 Introduction 22
3.2 Market Dynamics 23
3.2.1 Market Drivers 23
3.2.1.1 Rise in demand for flue gas desulfurization (FGD) 23
3.2.1.2 Driver 2 24
3.2.2 Market Restraints 25
3.2.2.1 Low Shelf Life 25
3.2.2.2 Restraint 2 26
3.2.3 Market Opportunities 27
3.2.3.1 Growth Number of Wind Turbine Installations 27
3.2.3.2 Opportunity 2 28
3.3 Attractive Investment Proposition, by Geography, 2017 29
3.4 Market Positioning of Key Players, 2017 30
Chapter 4 Global Vinyl Ester Market, by Product Type 31
4.1 Overview 31
4.1.1 Global Vinyl Ester Market Value Share, by Product Type, 2017 & 2026 (Value, %) 32
4.1.2 Global Vinyl Ester Market, by Product Type, 2016 – 2026 (Tons) (US$ Mn) 32
4.2 Bisphenol A 33
4.2.1 Global Bisphenol A Vinyl Ester Market, 2016 – 2026 (Tons) (US$ Mn) 34
4.3 Elastomers 35
4.3.1 Global Elastomers Vinyl Ester Market, 2016 – 2026 (Tons) (US$ Mn) 35
4.4 Novolac 36
4.4.1 Global Novolac Vinyl Ester Market, 2016 – 2026 (Tons) (US$ Mn) 36
4.5 Brominated Fire Retardant 37
4.5.1 Global Brominated Fire Retardant Vinyl Ester Market, 2016 – 2026 (Tons) (US$ Mn) 37
Chapter 5 Global Vinyl Ester Market, by End-use Industry 38
5.1 Overview 38
5.1.1 Global Vinyl Ester Market Value Share, by End-use Industry, 2017 & 2026 (Value, %) 39
5.1.2 Global Vinyl Ester Market, by End-use Industry, 2016 – 2026 (Tons) (US$ Mn) 39
5.2 Pipes & Tanks 40
5.2.1 Global Vinyl Ester Market, by Pipes & Tanks, 2016 – 2026 (Tons) (US$ Mn) 41
5.3 Marine 42
5.3.1 Global Vinyl Ester Market, by Marine, 2016 – 2026 (Tons) (US$ Mn) 42
5.4 Building & Construction 43
5.4.1 Global Vinyl Ester Market, by Building & Construction, 2016 – 2026 (Tons) (US$ Mn) 43
5.5 Land Transportation 44
5.5.1 Global Vinyl Ester Market, by Land Transportation, 2016 – 2026 (Tons) (US$ Mn) 44
5.6 FGD & Precipitators 45
5.6.1 Global Vinyl Ester Market, by FGD & Precipitators, 2016 – 2026 (Tons) (US$ Mn) 45
5.7 Aerospace & Defense 46
5.7.1 Global Vinyl Ester Market, by Aerospace & Defence, 2016 – 2026 (Tons) (US$ Mn) 46
5.8 Wind Energy 47
5.8.1 Global Vinyl Ester Market, by Wind Energy, 2016 – 2026 (Tons) (US$ Mn) 47
Chapter 6 Global Vinyl Ester Market, by Geography 48
6.1 Overview 48
6.1.1 Global Vinyl Ester Market Value Share, by Geography, 2017 & 2026 (Value %) 49
6.1.2 Global Vinyl Ester Market, by Geography 2016 – 2026 (Tons) (US$ Mn) 49
6.2 North America 50
6.2.1 North America Vinyl Ester Market, by Product Type 2016 – 2026 (Tons) (US$ Mn) 51
6.2.2 North America Vinyl Ester Market, by End-use Industry, 2016 – 2026 (Tons) (US$ Mn) 52
6.2.3 North America Vinyl Ester Market, by Country (Tons) (US$ Mn) 53
6.3 Europe 54
6.3.1 Europe Vinyl Ester Market, by Product Type 2016 – 2026 (Tons) (US$ Mn) 54
6.3.2 Europe Vinyl Ester Market, by End-use Industry 2016 – 2026 (Tons) (US$ Mn) 56
6.3.3 Europe Vinyl Ester Market, by Country (Tons) (US$ Mn) 57
6.4 Asia Pacific 57
6.4.1 Asia Pacific Vinyl Ester Market, by Product Type 2016 – 2026 (Tons) (US$ Mn) 58
6.4.2 Asia Pacific Vinyl Ester Market, by End-use Industry 2016 – 2026 (Tons) (US$ Mn) 59
6.4.3 Asia Pacific Vinyl Ester Market, by Country (Tons) (US$ Mn) 60
6.5 Latin America 60
6.5.1 Latin America Vinyl Ester Market, by Product Type 2016 – 2026 (Tons) (US$ Mn) 61
6.5.2 Latin America Vinyl Ester Market, by End-use Industry 2016 – 2026 (Tons) (US$ Mn) 62
6.5.3 Latin America Vinyl Ester Market, by Country (Tons) (US$ Mn) 63
6.6 Middle East & Africa 63
6.6.1 Middle East & Africa Vinyl Ester Market, by Product Type 2016 – 2026 (Tons) (US$ Mn) 64
6.6.2 Middle East & Africa Vinyl Ester Market, by End-use Industry 2016 – 2026 (Tons) (US$ Mn) 65
6.6.3 Middle East & Africa Vinyl Ester Market, by Region (Tons) (US$ Mn) 66
Chapter 7 Company Profiles 67
7.1 Ashland Global Holdings Inc. 67
7.2 Reichhold 69
7.3 Swancor Holding 70
7.4 Showa Denko 71
7.5 Aliancys 72
7.6 Interplastic Corporation 73
7.7 Sino Polymer Co. 74
7.8 AOC 75
7.9 Polynt 76
7.10 Scott Bader Company 77
7.11 DIC Material 78
TABLE 1 Market Snapshot: Global Vinyl Ester Market Volume 19
TABLE 2 Market Snapshot: Global Vinyl Ester Market Value 19
TABLE 3 Global Vinyl Ester Market, by Product Type, 2016 – 2026 (Tons) 32
TABLE 4 Global Vinyl Ester Market, by Product Type 2016 – 2026 (US$ Mn) 33
TABLE 5 Global Vinyl Ester Market, by Product Type, 2016 – 2026 (Tons) 39
TABLE 6 Global Vinyl Ester Market, by Product Type 2016 – 2026 (US$ Mn) 40
TABLE 7 Global Vinyl Ester Market, by Geography 2016 – 2026 (Tons) 49
TABLE 8 Global Vinyl Ester Market, by Geography 2016 – 2026 (US$ Mn) 50
TABLE 9 North America Vinyl Ester Market, by Product Type 2016 – 2026 (Tons) 51
TABLE 10 North America Vinyl Ester Market, by Product Type 2016 – 2026 (US$ Mn) 51
TABLE 11 North America Vinyl Ester Market, by End-use Industry 2016 – 2026 (Tons) 52
TABLE 12 North America Vinyl Ester Market, by End-use Industry 2016 – 2026 (US$ Mn) 52
TABLE 13 North America Vinyl Ester Market, by Country 2016 – 2026 (Tons) 53
TABLE 14 North America Vinyl Ester Market, by Country 2016 – 2026 (US$ Mn) 53
TABLE 15 Europe Vinyl Ester Market, by Product Type 2016 – 2026 (Tons) 54
TABLE 16 Europe Vinyl Ester Market, by Product Type 2016 – 2026 (US$ Mn) 55
TABLE 17 Europe Vinyl Ester Market, by End-use Industry 2016 – 2026 (Tons) 56
TABLE 18 Europe Vinyl Ester Market, by End-use Industry 2016 – 2026 (US$ Mn) 56
TABLE 19 Europe Vinyl Ester Market, by Country 2016 – 2026 (Tons) 57
TABLE 20 Europe Vinyl Ester Market, by Country 2016 – 2026 (US$ Mn) 57
TABLE 21 Asia Pacific Vinyl Ester Market, by Product Type 2016 – 2026 (Tons) 58
TABLE 22 Asia Pacific Vinyl Ester Market, by Product Type 2016 – 2026 (US$ Mn) 58
TABLE 23 Asia Pacific Vinyl Ester Market, by End-use Industry 2016 – 2026 (Tons) 59
TABLE 24 Asia Pacific Vinyl Ester Market, by End-use Industry 2016 – 2026 (US$ Mn) 59
TABLE 25 Asia Pacific Vinyl Ester Market, by Country 2016 – 2026 (Tons) 60
TABLE 26 Asia Pacific Vinyl Ester Market, by Country 2016 – 2026 (US$ Mn) 60
TABLE 27 Latin America Vinyl Ester Market, by Product Type 2016 – 2026 (Tons) 61
TABLE 28 Latin America Vinyl Ester Market, by Product Type 2016 – 2026 (US$ Mn) 61
TABLE 29 Latin America Vinyl Ester Market, by End-use Industry 2016 – 2026 (Tons) 62
TABLE 30 Latin America Vinyl Ester Market, by End-use Industry 2016 – 2026 (US$ Mn) 62
TABLE 31 Latin America Vinyl Ester Market, by Country 2016 – 2026 (Tons) 63
TABLE 32 Latin America Vinyl Ester Market, by Country 2016 – 2026 (US$ Mn) 63
TABLE 33 Middle East & Africa Vinyl Ester Market, by Product Type 2016 – 2026 (Tons) 64
TABLE 34 Middle East & Africa Vinyl Ester Market, by Product Type 2016 – 2026 (US$ Mn) 64
TABLE 35 Middle East & Africa Vinyl Ester Market, by End-use Industry 2016 – 2026 (Tons) 65
TABLE 36 Middle East & Africa Vinyl Ester Market, by End-use Industry 2016 – 2026 (US$ Mn) 65
TABLE 37 Middle East & Africa Vinyl Ester Market, by Region 2016 – 2026 (Tons) 66
TABLE 38 Middle East & Africa Vinyl Ester Market, by Region 2016 – 2026 (US$ Mn) 66
TABLE 39 Ashland Global Holdings Inc.: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development) 67
TABLE 40 Reichhold: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development) 69
TABLE 41 Swancor Holding: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development) 70
TABLE 42 Showa Denko: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development) 71
TABLE 43 Aliancys: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development) 72
TABLE 44 Interplastic Corporation: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development) 73
TABLE 45 Sino Polymer Co.: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development) 74
TABLE 46 AOC: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development) 75
TABLE 47 Polynt: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development) 76
TABLE 48 Scott Bader Company: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development) 77
TABLE 49 DIC Material: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development) 78
FIG. 1 Global Vinyl Ester Market: Research Methodology 14
FIG. 2 Market Size Estimation – Top Down & Bottom up Approach 16
FIG. 3 Global Vinyl Ester Market Segmentation 17
FIG. 4 Global Vinyl Ester Market, by Product Type, 2017 (Tons) (US$ Mn) 20
FIG. 5 Global Vinyl Ester Market, by End-use Industry, 2017 (Tons) (US$ Mn) 21
FIG. 6 Global Vinyl Ester Market, by Geography, 2017 (Tons) (US$ Mn) 21
FIG. 7 Attractive Investment Proposition, by Geography, 2017 29
FIG. 8 Global Market Positioning of Key Vinyl Ester Manufacturers, 2017 30
FIG. 9 Global Vinyl Ester Market Value Share, by Product Type, 2017 & 2026 (Value, %) 32
FIG. 10 Global Bisphenol A Vinyl Ester Market, 2016 – 2026 (Tons) (US$ Mn) 34
FIG. 11 Global Elastomers Vinyl Ester Market, 2016 – 2026 (Tons) (US$ Mn) 35
FIG. 12 Global Novolac Vinyl Ester Market, 2016 – 2026 (Tons) (US$ Mn) 36
FIG. 13 Global Brominated Fire Retardant Vinyl Ester Market, 2016 – 2026 (Tons) (US$ Mn) 37
FIG. 14 Global Vinyl Ester Market Value Share, by End-use Industry, 2017 & 2026 (Value, %) 39
FIG. 15 Global Vinyl Ester Market, by Pipes & Tanks, 2016 – 2026 (Tons) (US$ Mn) 41
FIG. 16 Global Vinyl Ester Market, by Marine, 2016 – 2026 (Tons) (US$ Mn) 42
FIG. 17 Global Vinyl Ester Market, by Building & Construction, 2016 – 2026 (Tons) (US$ Mn) 43
FIG. 18 Global Vinyl Ester Market, by Land Transportation, 2016 – 2026 (Tons) (US$ Mn) 44
FIG. 19 Global Vinyl Ester Market, by FGD & Precipitators, 2016 – 2026 (Tons) (US$ Mn) 45
FIG. 20 Global Vinyl Ester Market, by Aerospace & Defence, 2016 – 2026 (Tons) (US$ Mn) 46
FIG. 21 Global Vinyl Ester Market, by Wind Energy, 2016 – 2026 (Tons) (US$ Mn) 47
FIG. 22 Global Vinyl Ester Market Value Share, by Geography, 2017 & 2026 (Value %) 49
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