New York, United States, Jan. 29, 2024 (GLOBE NEWSWIRE) -- Fiberglass refers to fiberglass-reinforced polymer (FRP), a plastic component with a high-strength material matrix. Tough silicate fiber-reinforced textiles are joined together with a liquid polymer, such as vinyl ester resin, to give the material its stiffness and provide the component its distinct corrosion, heat, and abrasion-resistant properties. In addition to being more heat resistant, the vinyl ester is also incredibly resilient against dangerous compounds, pollution, and structural distortion. Through esterification employing acidic catalysts, epoxy resins can be converted to vinyl ester resin, an intermediate material with mechanical qualities that are lower than polyester but greater than epoxy resins.
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Growing Application in the Manufacture of Fiber Reinforced Plastic Tanks and Vessels Drives the Global Market
According to Straits Research, “The global vinyl ester market size was valued at USD 990.50 million in 2022. It is projected to reach USD 1,516.95 million by 2031, growing at a CAGR of 4.85% during the forecast period (2023-2031).” Storage containers for fiber-reinforced plastic are usually referred to as fiberglass tanks and containers. When FRP containment units come into contact with damp, chemically active agricultural soils, they won't rust. Facilities for storing waste and drinkable water underground offer this superior capability. The finest element is that underground storage of biofuels and ethanol mixtures prevents contamination of sunk fiberglass vessels. A few advantages of FRP tanks are corrosion resistance, maintenance-free operation, a long service life of over 50 years without replacement or upkeep, environmental safety, lightweight for easier handling, and a smooth inner surface for less sludge formation. Potable water, acids, caustics, alcohol, gasoline, fire-protection water, septic water, and wastewater are among the items that can be stored in FRP above-ground or underground storage tanks.
Rising Use of Corrosion-Resistant Fabrics Creates Tremendous Opportunities.
To meet the needs of most general-purpose applications, they are available in various materials, such as painted steel, glass containers, stainless steel objects, and a wide range of plastics. More specialized materials are required in more challenging circumstances, such as exposure to seawater, higher temperatures, abrasive settings, pressure/vacuum, or highly corrosive chemicals. One material that offers greatly more excellent resistance to attack, including different kinds of acids and caustic chemicals, is FRP, made of vinyl ester resin. As a result, vinyl esters are frequently employed in developing industrial machinery and structures, such as absorption towers, process vessels, storage tanks, pipelines, hoods, ducts, and exhaust stacks.
Regional Analysis
Asia-Pacific's vinyl ester market share is anticipated to exhibit a CAGR of 5.10% over the projection period. In terms of GDP, China has the largest economy in the Asia-Pacific region. The nation's GDP increased by about 6.1% in 2019 despite the trade interruptions brought on by its trade conflict with the United States. China was the first country to encounter COVID-19 and the subsequent lockdown and the first country to come out of the lockdown. However, COVID-19 outbreaks have been frequent in the nation and have periodically necessitated brief lockdowns. The GDP shrank by 6.8% in Q1 2020, a minor percentage fall in years due to a significant decline in the country's manufacturing sector. The government has concentrated on several efforts, such as tax reductions and other incentives, to foster economic recovery. In Q2 2020, China's GDP increased by 3.2%, indicating a V-shaped recovery.
Europe is anticipated to grow at a CAGR of 4.75% during the forecast period. The largest economy in Europe and the fifth largest in the world is that of Germany. In 2019, the German economy grew by about 0.5%, which was the slowest pace of growth in the preceding five years. The country's economic growth was impacted by many factors, including trade disputes that limited exports and current government policies on debt and budgetary adjustments. The nation intends to announce soon the availability of funds (totaling over USD 600 billion) to ensure growth and smooth operation in various public sectors to stop the economic decline brought on by the COVID-19 impact. Germany has done better in the outbreak than other European countries, recording fewer COVID-19 fatalities.
Key Highlights
- Based on types, the global vinyl ester market is bifurcated into Bisphenol A diglycidyl Ether (DGEBA), Epoxy Phenol Novolac (EPN), and Others. The Bisphenol A diglycidyl Ether (DGEBA) segment is the major contributor to the market and is estimated to exhibit a CAGR of 4.90% during the forecast period.
- Based on application, the global vinyl ester market is bifurcated into pipes and tanks, paints and coatings, transportation, and others. The transportation segment is the major contributor to the market and is estimated to exhibit a CAGR of 4.80% during the forecast period.
- Asia-Pacific is the most significant revenue contributor and is expected to exhibit a CAGR of 5.10% during the forecast period.
Competitive Players
The global vinyl ester market’s major companies are Bkdj Polymers India, Dic Corporation, INEOS, Interplastic Corporation, Poliya, Polynt, Scott Bader Company Ltd, and Showa Denko K.K.
Market News
- In November 2021, Interplastic Corporation said it would increase the cost of vinyl ester resins under the CoREZYN brand by up to USD 0.10 per pound. The price of raw materials keeps rising because of supply and demand issues. To guarantee a steady supply of goods, Interplastic keeps collaborating with our suppliers.
- In October 2021, Lone Star finished buying the shares of AOC from CVC Capital Partners. AOC is a top producer of unsaturated polyester resins, vinyl ester resins, and other materials used in adhesives, traditional composite resins, colorants, visual effects, coatings, and protective barriers.
Global Vinyl Ester Market: Segmentation
By Type
- Bisphenol A diglycidyl Ether (DGEBA)
- Epoxy Phenol Novolac (EPN)
- Other Types
By Applications
- Pipes and Tanks
- Paints and Coatings
- Transportation
- Other Applications
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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