The market for Vinyl Ester is expected to grow at a CAGR of over 3% during the forecast period. Major factors driving the market studied growing application in the manufacture of fiber reinforced plastic tanks and increasing application in making corrosion resistant equipment.Lower shell life of vinyl ester is expected to hinder the growth of the market studied.
- Application in the manufacture of FRP tanks and other chemical processing equipment dominated the market and is expected to grow during the forecast period owing to the increasing demand from chemical industries.
- In chemical industry equipment like tanks, vessels and pipes made of vinyl ester are used to resist corrosion thereby increasing the span of equipment.
- Asia-Pacific region dominated the market for vinyl ester with India, China, Japan as major countries in consumption.
Key Market Trends
Increasing Application in Chemical Process Equipment
- Vinyl ester is a resin produced by esterification of an epoxy resin with acrylic or methacrylic acids. This thermoset material is used as an alternative to polyester and epoxy materials as a thermoset polymer matrix in composite materials, It is majorly classified into two types Bisphenol A Diglycidyl Ether (DGEBA) and Epoxy Phenol Novolac (EPN).
- Vinyl ester is used in the manufacture of FRP tanks, vessels, pipes and other chemical processing and storage equipment. Its application has been increasing rapidly in automotive, effluent treatment plants and other downstream industries where corrosion resistant equipment is required.
- Vinyl ester is used for high-temperature formulations in chemical and pharmaceutical industries where the reaction rate is very vital and also to store such chemicals under non-corrosive environment.
- Vinyl Ester has low resin viscosity compared to polyester and is self-abled to withstand water absorption due to which it has high demand applications in chemical industries.
- Chemical industry leads in the utilization of vinyl ester with China, India, Japan playing a major role in this market.
Asia-Pacific Region to Dominate the Market
- Asia Pacific region is expected to dominate the market for vinyl ester during the forecast period. In countries like China, India because of the high demand applications in various chemical and other processing industries like wastewater treatment, pharmaceutical, food processing, and transportation, the market for vinyl ester has been increasing.
- The largest producers of vinyl ester are located in Asia. Some of the leading companies in the production of vinyl ester are Polynt, Sino Polymer Co. Ltd, Swancor, DIC CORPORATION,Bkdj Polymers India, etc.,
- About 296 new projects in downstream processing industry have been approved in India as on May 2019 creating a scope for vinyl ester market.
- Environmental regulations on harmful emissions have also increased the demand for FGD systems, which use vinyl ester linings for protection from corrosion. This is expected to increase the demand for vinyl ester in the coming years.
- The application of vinyl ester in corrosion resistant equipment is increasing the demand for vinyl ester from all the chemical industries where corrosion resistant equipment is used.
- The aforementioned factors coupled with government support are contributing to the increasing demand for vinyl ester market during the forecast period.
The global vinyl ester market is fragmented with players accounting for a marginal share of the market. Some of the major players include Polynt, Sino Polymer Co. Ltd, Swancor. DIC CORPORATION, Bkdj Polymers India.
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