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Glass Reinforced Vinyl Ester Market Segmented by Type such as Polyester, Vinyl Ester, Epoxy, Polyurethane and Peek Resin having Wind Energy, Transportation, Marine, Pipe & Tanks, FGD & Precipitators, FRP Products, Binders, Concrete Lining, Anti-corrosive Coatings as Application
According to a recent study, the glass reinforced vinyl ester market is projected to grow at a CAGR of 4% to 6% during the forecast period 2021-2031. Vinyl ester resin is manufactured by the esterification process of epoxy resins in the presence of monocarboxylic acid. They comprise a base of polyester resin strengthened with epoxy molecules in the backbone of the molecular chain.
They are designed much more specifically as they are a hybrid form of polyester resins that have been strengthened by the addition of Epoxy Resins. Vinyl ester resins are relative viscous low-molecular-weight prepolymers. To make them more workable, they are typically dissolved in a vinyl monomer together with an appropriate organic peroxide.
The global vinyl ester resins market is predicted to grow substantially over the coming years, supported by a plethora of market growth-inducing factors. Owing to their exclusive features, such as robust chemical, mechanical, and heat resistance, vinyl ester resins find widespread application in a broad spectrum of industries, including marine, construction, automotive, and aviation industries.
In airplanes, vinyl ester fiberglass-reinforced structures are used to build the Glasair and Glastar kit planes. Vinyl ester resins are extensively used in the marine industry, owing to their high corrosion and water absorption resistance.
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The widespread use of vinyl ester resins in making pipes & tanks and paints & coatings for the oil & gas and chemicals industries, their extensive use in the marine industry as gel coats and barrier coats, and their growing use in the production of ships, boats, yachts, naval ships, and commercial aircraft are some of the key parameters accountable for the steady growth of the global market.
Vinyl ester resins find significant use in flue gas desulfurization (FGD) processes, especially in limestone slurry piping and stack liners, owing to their corrosion resistance properties.
Hence, the surging demand for FGD installations due to several environmental concerns and stringent regulations on harmful emissions is further boosting the demand for vinyl ester resins, thereby propelling the global glass reinforced vinyl ester market growth.
In the wind energy sector, these resins are used to make bonding pastes for rotor blades. It is consumed in the production of fiber-reinforced plastics and filled plastic .It also finds extensive applications in building and construction industries due to their weathering resistance.
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Get a Customized VersionRise in demand for flue gas desulfurization (FGD) installation owing to the increase in environmental concerns and regulations on harmful emissions and growth in demand for corrosion-resistant materials are factors driving the vinyl ester resin market.
The major applications of vinyl ester resins in the FGD process include limestone slurry piping and stack liners. These resins can be used in new and retrofit FGD applications and in flake glass lining systems.
Within glass fiber reinforced plastic market, transportation will remain the largest market by value and volume and it is also expected to witness in the highest growth over the forecast period. Government regulations, such as CAFE Standards in the US and carbon emission targets in Europe, are putting pressure on OEMs to incorporate lightweight materials to curb the overall vehicle weight, and this is the key driver for glass fiber in the transportation industry.
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The Asia Pacific region is poised to emerge as a significant market for glass reinforced vinyl ester over the forecast duration. The rapidly growing industrial sector, increased demand for raw materials, burgeoning demand for corrosion-resistant pipes & tanks, expanding construction sector, and robust urbanization are the key propellers for the regional market growth.
China and South Korea are the leading countries in this region to be witnessing a significant boom in the shipbuilding industry and the marine sector. Therefore, the countries act as the key growth engines for the Asia Pacific vinyl ester resins market.
Some of the leading manufacturers and suppliers of Glass Reinforced Vinyl Ester include
One of the key components of the latest study is its focus on the COVID-19 impact on the global vinyl ester resins market. The current market scenario has significantly hampered the demand for vinyl ester resins across numerous industries, especially the oil & gas, marine, and construction industries worst-hit during the pandemic.
Therefore, it can be inferred that COVID-19 has had an unprecedented impact on global market growth. Key manufacturers of Glass reinforced vinyl ester are focusing on tapping new opportunity markets to continue bring back growth momentum.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
