Vinyl Ester Market Trends

Growth Drivers

• Rising Marine Industry – Approximately 80% of all products traded internationally are transported by sea, and this proportion is significantly larger for the majority of developing nations. Owing to the exceptional properties of vinyl ester including great adhesion, high chemical resistance, and superior anti-corrosion properties makes it the perfect choice for manufacturing marine equipment. Moreover, the rapid expansion of the marine industry across the globe is anticipated to boost market growth.

• Growing Paint and Coating Consumption – Vinyl ester provides a chemical coating and solvent resistance. Thus, they are ideal for corrosion control containment application which is necessary for paints and coatings. Therefore, as a result of the high consumption of paint and coating, the utilization rate of the vinyl ester is also estimated to increase in the assessment period. It was found that nearly 860 million gallons of paint were consumed in the United States in total in 2020 and more than 350 million gallons of architectural paint were consumed in the United States by the DIY ('do it yourself') segment.

• Increasing Paper Usage – Currently, Americans use more than 31 million tons of writing and printing paper annually, or nearly 661 pounds per person.

• High Demand for Mining Equipment – In 2019, India imported mining equipment worth USD 189 million.

• Growing Import-Export of Chemicals – It was noted that exports of chemicals from the EU outpaced imports by a sizeable margin from USD 242.03 billion in 2010 to USD 411.05 billion in 2020 and over this time, exports grew by 5% a year on average.

Challenges

• High Cost of Vinyl Ester – Although vinyl ester has a wide range of applications in numerous industries, the high cost of the vinyl ester is anticipated to lower the adoption rate in the next years.

• Easy Availability of Substitutes – With the recent developments, various alternative substitutes are now available in the market. Polyurethane composites are one such effective replacement for vinyl ester. Advantages such as superior tensile strength, greater impact resistance, and enhanced abrasion resistance as compared with vinyl ester. This trend is estimated to pose a challenge to market growth.

• Higher Toxicity Level