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Asia Pacific Vinyl Ester Market – How the Business Will Grow in 2025?

Author : Ronak Bora | Published Date : 2019-05-22 

Asia Pacific led the overall vinyl ester market in 2017 and is expected to follow the similar trend by 2025.  Asia Pacific had the massive market share with estimated gains close to 7% CAGR by 2025. Emergence of South Korea and China as leading forces in shipbuilding sector will be a significant factor encouraging demand for vinyl ester in marine applications by 2025. 

North America will observe growth with a CAGR close to 6%. Increasing disposable income on existing rich class individuals and increasing number of High Net Worth Individual (HNWI) will positively influence the demand for luxury goods in the region. Moreover, the recreational boating culture in the North American region is comparatively high which, in turn will drive the market demand for these marine applications in the region by 2025.

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Vinyl ester market has lately been emerging as one of the most lucrative business spheres in the bulk and specialty chemicals industry owing to the increasing popularity of light weight and high strength polymeric materials over metals. Vinyl ester possesses lot more benefits such as non-corrosivity, chemically inertness, and design stability that has been prompting energy companies, non-metal product manufacturers, and shipbuilding firms to use it in various non-metal formulations. Vinyl Ester Market will surpass USD 1.7 billion by 2025; according to a new research report.

Growth trends in the shipbuilding sector will support the vinyl ester market growth in the next seven years. The product has a higher resistance to corrosive environments and chemicals than the unsaturated polyesters. Thus, vinyl ester resins and vinyl ester blended with polyester have been extensively used in the marine applications for producing efficient water-resistant barrier for boat hulls and other parts. The increasing mega-ship building projects present brighter outlook for the product demand in marine applications.

The increasing popularity of green energy alternatives especially wind energy for curbing the carbon footprints is also proliferating the demand for vinyl ester on a large scale. Currently, with the rise in per capita income, most of the industry magnates have been investing in the development of private ferries for traveling through inland waterways. The substantial use of vinyl ester for building strong, lightweight, and comfortable ships will have a considerable influence on vinyl ester market.

Corrosion resistant materials are widely used for manufacturing glass containers, painted steel, stainless steel components, and other varieties of general purpose products. Among those, vinyl ester is generally a more preferred material owing to its capability to stand humid and harsh environmental conditions such as high pressure, high temperature, and highly saline water. Vinyl ester resin is also used to manufacture fiber reinforced plastics (FRP), used as an alternative over exotic metal hybrid products. The material is also used for fabricating industrial equipment and structures including process vessels, pipes, absorption towers, storage tanks, ducts, hoods, and exhaust stacks. Reportedly, in 2017, pipes and tanks held a major proportion of vinyl ester market share.

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With fiberglass fortification, vinyl esters have been fabricated into lightweight and corrosion-resistant piping, tanks, ductwork, hoods, scrubbers, etc. In addition to these characteristics, vinyl esters solutions cost less than stainless steel as well as exotic alloys in pipes & tanks applications. Unlike metals, the product is unaffected by crevice corrosion or chloride stress and are resistant to pH extremes at both ambient and elevated temperatures. Vinyl ester market will observe substantial growth in pipes & tanks applications for instance, fabrication of fiber-reinforced plastic storage tanks, ducts, vessels, on-site maintenance projects, etc. during forecast years.

In 2017, pipes & tanks accounted for highest share more than 40% in vinyl ester market. The product will mark a steady demand for its use in electro-refining tanks, in the topcoats for the metal containers, in chemical reactors and storage vessels. The escalating demand for corrosion resistant pipes & tanks will bolster market during the forecast years.

The escalations in wind energy sector will support the vinyl ester market growth in coming years. As per a 2017 publication by WindEurope, Europe marked a surge of 25% in wind power capacity annual installations in contrast to the same in year 2016. Wind energy was observed to be the second largest form of power generation in Europe, surpassing coal, in 2016.

Key industry players in vinyl ester market consist of: Swancor Holding, Showa Denko, Sino Polymer Co., Ltd., Ashland, Interplastic Corporation, ALIANCYS AG, etc. Upsurge in raw material costs are likely to result in product price hikes, thereby depicting a highly competitive scenario in the future years.

 

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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