According to ChemAnalyst report, “Vinyl Ester Resin (VER) Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2035”, The Vinyl Ester Resin market witnessed significant growth by reaching 2.45 million tonnes in 2020 and is expected to achieve an impressive CAGR of 6.30 % in the span of the next ten years. The rapidly increasing demand for Vinyl Ester Resin (VER) from the major end-use industries, including pipes and tanks, building and construction, transportation, paint and coatings, and others, is likely to boost the Vinyl Ester Resin market around the world in the upcoming years.
Vinyl Ester or Vinyl Ester Resin (VER) is a polyester molecule with an epoxy component. VER is synthesized by the esterification of an epoxy resin with acrylic or methacrylic acids which acts as a crosslinking agent. Vinyl Ester Resins are highly reliable and possess excellent properties, including greater strength, low permeability, robust mechanical properties, and abrasion resistance. It has numerous demanding applications and is used as an alternative to Polyester and epoxy materials as the thermoset polymer matrix in composite materials. VER is usually expansive than Polyester and epoxy. Due to its high mechanical strength, VER is widely used in repair materials and laminating. In homebuilt airplanes, the Glasair and Glastar kits are made by Vinyl ester fiberglass-reinforced structures. Marine industries have made extensive use of Vinyl Ester Resins due to their corrosion resistance properties and ability to withstand water absorption. VER also finds its utilization in the production of FRP tanks and vessels as per BS4994.
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The Vinyl Ester Resin Market is segmented on the basis of grade, end-use, sales channel, and region. Based on grades, the market is divided into Bisphenol A based VER, Bisphenol F based VER, and Novolac F Based VER. Bisphenol A segment holds the major share in the VER market across the world owing to its usage in several chemical applications and flue gas desulfurization (FGD) processes. Bisphenol A grade is broadly utilized in the marine industry as gel coats and barrier coats. Its growing consumption in the manufacturing of ships, boats, yachts, naval ships, etc., is anticipated to boost the VER market in the future.
On the basis of end-use industries, the VER market is segmented into pipes and tanks, paint & coatings, transportation, building & construction, aerospace, FGD & precipitators, and others. The pipes and tanks segment is dominating the Vinyl Ester Resin market due to its utilization in chemical storage vessels, chemical reactors, electro-refining tanks, etc. continuously growing demand for FGD installations worldwide due to several environmental concerns and stringent regulations on harmful gas emissions is likely to drive the demand for VER, thereby augmenting its market growth in the next few years. Huge demand for VER from the downstream building and construction industry due to rising infrastructural activities is one of the major factors driving the VER market around the world. Emissions of Volatile Organic Compounds (VOCs) by the Vinyl Ester Resin can alter the market growth in the future.
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Due to the spread of COVID-19 In 2020, the Vinyl Ester Resin market was severely affected around the world. The government authorities in various countries imposed nationwide lockdowns, which caused the temporary closure of all industrial and commercial operations worldwide. Many end-use industries, including transportation, building and construction, oil and gas, and others, witnessed an unprecedented downfall due to the spread of the deadly virus. However, with the gradual reopening of the market, the VER industry is anticipated to showcase significant growth in the upcoming year.
Among different regions, the Asia Pacific region accounts for the major share in the Vinyl Ester Resin market across the globe and is likely to maintain its dominance in the forecast period as well. The growing infrastructural investments, along with the rising demand for VER in the downstream pipes and tanks industry, are driving the market across the Asia Pacific region.
Vinyl Ester Resin Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating in Vinyl Ester Resin market include Ashland Global Holdings Inc., Interplastic Corporation, AOC Aliancys, Sino Polymer Co., Ltd., Swancor Holding Company Limited, Showa Denko K.K., Polynt-Reichhold, INEOS, and Others.
“Rapidly increasing demand for Vinyl Ester Resin from major end-use is expected to boost the market in the forecast period. Rising consumer demand from the marine industry for Vinyl Ester Resins in the manufacturing of ships, boats, yachts, naval ships due to its excellent properties is further contributing to the increased usage of VER; thereby, driving the VER market in the upcoming years. “said Mr. Karan Chechi, Research Director with TechSci Research a research-based management consulting firm promoting ChemAnalyst worldwide.
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