Jan 28, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Vinyl Ester Resin Market.
It was estimated prior to this unanticipated outbreak that the Vinyl Ester Resin Market is likely to witness a healthy CAGR of 7.1% during the forecast period. Vinyl ester resin is widely used in the fabrication of composite parts for a wide array of industries such as transportation, marine, buildings & construction, pipe & tanks, wind energy, and aerospace & defense. The chemical-resistant property of vinyl ester resins in corrosive aqueous areas is superior to that of other thermosets; hence, preferably used in the fabrication of pipes, tanks, structural boat parts, wind turbine spar caps, etc. Higher-strength and durability of vinyl ester composites in comparison to polyester composites further give an impetus to their growing acceptance in the transportation, building & construction, wind energy, and aerospace & defense industries.
In 2020, the rapid spread of COVID-19 has completely shaken the global economy, causing supply chain disruption, production halts, reduced demand, and employee layoffs. The vinyl ester resin market in the composites industry was no exception and suffered a huge decline of over 10% in 2020. The market started showing signs of recovery from the 3rd quarter of 2020 with ease in lockdown in different parts of the world.
Based on type, we have classified the market as Bisphenol A-based and Novolac-based vinyl ester resin. Bisphenol-A-based vinyl ester resin is likely to hold the throne in the market till 2026, whereas Novolac-based is expected to heal at a faster rate during the forecast period. Better mechanical and chemical-resistant properties of bisphenol-A-based vinyl ester resin are the major reasons behind its dominance in the market.
Based on the end-use industry type, Stratview research has segmented the market as pipes & tanks, building & construction, marine, wind energy, transportation, and others. Despite the current glum scenario, the pipes & tanks application is expected to maintain its dominance in the market by 2026. Increasing acceptance of FRP pipes & tanks in wastewater/water, chemical, oil & gas, and industrial applications with vinyl ester as the preferred choice for resin will keep driving the demand for vinyl esters in the pipe & tanks segment.
In terms of regions, all regions are expected to suffer from an enormous decline in 2020. In spite of the grave downturn, Asia-Pacific is projected to remain the largest market for vinyl ester resins during the forecast period. The region’s dominance is attributed to several factors including the growing disposable income of consumers, growing infrastructure projects, rapid urbanization, and increasing investment towards renewable energy. North America and Europe are also expected to offer substantial growth opportunities with significant demand for vinyl ester resins, especially from the marine and pipe & tank industries.
The key players in the market are:
- Ineos Composites
- AOC Aliancys
- Polynt-Reichhold Group
- Eternal Materials Co., Ltd.
- Interplastic Corporation
- SIR Industriale S.p.A.
- Sino Polymers.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Vinyl Ester Resin analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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