Vinyl Ester Market

Vinyl Ester Market

The global vinyl ester market is valued at USD 1.04 billion in 2024 and is projected to reach USD 1.29 billion by 2029, growing at 4.4% cagr from 2024 to 2029. Pipes & tanks, marine, and wind energy sectors are driving the growth in the vinyl ester market. In industrial applications, they ensure high-performance material for excellent tensile strength and enhanced chemical resistance. The pipes & tanks sector benefits from high-performance bisphenol A vinyl ester. In the marine sector, vinyl ester enables the development of lightweight, durable, and corrosion-resistance materials, supporting the rise of composite materials.

Attractive Opportunities in Vinyl Ester Market

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Vinyl Ester Market Dynamics

Driver: Superior chemical resistance

The superior chemical resistance properties of vinyl ester resins make them ideal for applications involving resistance to corrosion, temperature, and durability in several industries. This is critical for industries such as infrastructure, where materials are exposed to the harsh environment for an extended time. Vinyl esters also have applications in chemical processing and marine industries. They are distinguished by distinct molecular structures comprising an unsaturated carboxylic acid backbone supported by epoxy. A polymer with higher resistance to various chemicals, such as acids, alkalis, solvents, and other corrosive substances, is produced because of this combination. Since vinyl ester resists much more than ordinary polyester resins, it is an ideal choice for several industries.

Restraints: Low shelf life of vinyl ester

When exposed to air, vinyl esters form a gel faster than unsaturated polyester resins, which makes their storage difficult, leading to a shorter shelf life. According to Trojan Fiberglass, vinyl ester products typically have a four-to-six-month shelf life. Shelf life is to give a reasonable expectation of usable life; however, they exceed these time frames. Additives such as promoters and inhibitors are added to vinyl ester resins to increase their shelf life. This must be carefully monitored to ensure that any beneficial properties are not diminished. The low shelf life of vinyl ester resins imposes significant constraints on the supply chain and inventory management. Manufacturers and distributors need to maintain stringent control over storage conditions, including temperature and humidity, to prevent resin degradation. Additionally, end users, particularly in industries such as chemical processing, marine, and construction, need to plan their procurement and usage schedules precisely to ensure that the resin is utilized within its usable life. Difficulties in storing combined with the short shelf life are the major factors inhibiting growth in the market.

Opportunity: Increasing installation of wind turbines

The wind energy sector keeps outgrowing itself, with ever-growing investments in renewable energy and government incentives to reduce carbon emissions. Indeed, wind turbines and sub-components will experience an increase in demand as more countries set ambitious renewable energy targets. The increasing wind energy projects worldwide open a wide window for vinyl esters. These are used to manufacture turbine blades because they bear fatigue and improve the reliability and lifespan of turbines. Growing demand for renewable energy sources accelerates the need for vinyl ester resins in manufacturing turbine blades. High strength-to-weight and superior fatigue make these products suitable for this application. The booming wind energy sector has led to increased demand for sustainable materials. Vinyl esters are being utilized in manufacturing these components, which prove to be an important opportunity for market players.

Challenge: Fluctuation in raw material prices

One of the major factors affecting the vinyl ester market is raw material price volatility. The prices of materials directly affect production costs and profit margins. Key raw materials in vinyl ester manufacturing are derived from epoxy resins, methacrylic acid, and styrene monomer, whose prices fluctuate. They are derivatives of petrochemicals; thus, their prices have a strong correlation with the global oil market and are subject to rapid and unpredictable changes. Unexpected rises in the prices of raw materials cause manufacturers to produce at high costs, which are sometimes difficult to pass on to customers, especially in very competitive markets. This depresses profit margins, creating financial pressure on companies, most of which are normally a part of small players and may have less financial flexibility to absorb these costs. Given the unpredictable nature of raw material prices, long-term planning and innovation investment are difficult to achieve. Even in cases where the costs are unstable, companies may be unwilling to commit resources.

Vinyl Ester Market: Ecosystem

Prominent companies in this market include well-established and financially stable manufacturers of vinyl ester market. These companies have been operating in the market for several years and possess a diversified product portfolio and strong global sales and marketing networks. Prominent companies in this market include INEOS Composites (US), Interplastic Corporation (US), Reichhold LLC (US), Sino Polymer Co. (China), and Swancor Holding Co., Ltd. (Taiwan).

The Bisphenol A segment, by product type, is estimated to account for the highest CAGR during the forecast period.

Bisphenol A is one of the most versatile vinyl esters available for marine and industrial applications. The product of the reaction of Bisphenol A and vinyl acetate, highly cross-linked, thermosetting resin, possesses superior strength, excellent durability, and chemical, abrasion, and hydrolysis resistance. Bisphenol A vinyl ester is normally used in the fabrication of hulls, decks, and superstructures of marine applications and in industries where the application is made onto pipes, tanks, and coatings. Bisphenol A vinyl ester contributes to the service life and performance of the structure with its mechanical properties and corrosion resistance. As the demand for composite materials continues to grow, the use of bisphenol A in the vinyl ester market is expected to increase, contributing to the development of advanced and reliable composite materials. The demand for bisphenol A is expected to rise further due to the expanding needs in the marine industry and automotive parts.

The pipes & tanks segment, by end-use industry, is estimated to account for the highest CAGR during the forecast period.

The demand for vinyl esters is primarily driven by the pipes & tanks end-use industry, which is expected to be the largest segment during the forecast period. Vinyl ester pipes are ideal for handling and transporting aggressive chemicals in the most corrosive of environments and applications, including chemical processing, wastewater treatment, and oil & gas production. Vinyl ester tanks are commonly used to store hazardous materials, corrosive liquids, and other substances that require strong and leakage-proof containment vessels. Strength, chemical resistance, and durability make vinyl ester for pipes & tanks an ideal material in demanding industrial applications. Hence, the growing demand for vinyl ester in the pipes & tanks industry is likely to drive the segment in the coming time.

Asia Pacific is estimated to account for the highest CAGR during the forecast period.

The demand for vinyl ester is also high in the Asia Pacific because of rapid industrialization, infrastructure development, and unmet demand for durable and anti-corrosive materials. China, India, and South Korea significantly contribute to the regional market, while the focus on application sectors such as marine, chemical processing, oil & gas, and infrastructure is growing. The growing shipbuilding industry in this region and the demand for chemical plants to have high-performance materials, even in wastewater treatment, created a surge in the demand for vinyl ester resins. The increasing awareness of the long-term benefits of vinyl ester also drives its consumption in various industries across the region. Thus, the Asia Pacific holds the highest CAGR in the vinyl ester market during the forecast period.

Source: Secondary Research, Interviews with Experts, and MarketsandMarkets Analysis

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Vinyl Ester Market Players

Major companies in the vinyl ester market include INEOS Composites (US), Polynt S.p.A. (Italy), SWANCOR (Taiwan), Interplastic Corporation (US), AOC (US), Sino Polymer Co., Ltd. (China), Resonac Holdings Corporation (Japan), Reichhold LLC (US), BUFA Composites (Germany), Allnex GmbH (Germany), Scott Bader Company Ltd. (UK), Hexion Inc. (US), DIC Corporation (Japan), Poliya (Turkey), and Nivitex Fibreglass & Resins (South Africa), among others. A total of 15 major players have been covered. These players have adopted agreements, partnerships, investments, acquisitions, and expansions as the major strategies to consolidate their position in the market.

Vinyl Ester Market Report Scope

This research report categorizes the Vinyl ester market based on Source, Battery Chemistry, Recycling Process, Battery Component, and Region.

Based on Product Type, the Vinyl ester market has been segmented as follows:

• Bisphenol A
• Novolac
• Brominate Fire Retardant
• Elastomer Modified
• Others

Based on End-Use, the Vinyl ester market has been segmented as follows:

• Pipes & Tanks
• Marine
• Wind Energy
• FGD & Percipitators
• Building & Construction
• Land Transportation
• Aerospace & Defence
• Others

Based on region, the Vinyl ester market has been segmented as follows:

• Asia Pacific
• Europe
• North America
• South America
• Middle East & Africa

Recent Developments

• In April 2023, AOC and BÜFA Composite Systems signed an agreement that targeted to expand their distribution in Southeast Europe through Büfa Composites Austria. Customers in the region will receive better service with various high-quality formulations, gelcoats, and auxiliary materials.
• In April 2023, BÜFA Composite Systems acquired the composite division from Joh. Klinglhuber & Söhne Handelsgesellschaft mbH. This constituted a strategic purchase by Büfa Composites to significantly raise its presence and visibility throughout the Austrian domestic market and wider Eastern Europe.
• In December 2023, Scott Bader Company Ltd and Bodotex entered into an agreement giving Bodotex the right and authority to control different product lines of distribution processes, composite materials, functional polymer solutions, and structural adhesive products. Geographically, this agreement is targeted at two different regions, South Africa and Denmark.
• In June 2024, Scott Bader established a fully independent operational presence in Brazil. This will come a decade after a long, ongoing joint venture with NOVAPOL PLÁSTICOS LTDA, a subsidiary operating under the umbrella of GRUPO IMSA S.A.
• In March 2022, The Mahad plant remained the only production facility that supplied to manufacturing units of Allnex GmbH. The company acquired the Coating Resins Business from D.R. Coats Ink & Resins Pvt. Ltd.

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