polyester & vinyl ester resins market Report Overview
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The global polyester & vinyl ester resins market size was USD 917.5 million in 2022 and the market is projected to touch USD 1294.1 million by 2032 at a CAGR of 3.5% during the forecast period.
Polyester and vinyl ester resins are synthetic polymers used extensively in various industries. Polyester resins, derived from unsaturated polyester and styrene, are renowned for their affordability, ease of use, and resistance to corrosion, making them ideal for applications like boat construction, automotive parts, and architectural elements. On the other hand, vinyl ester resins, a hybrid of epoxy and polyester resins, excel in chemical resistance and are employed in demanding environments such as chemical storage tanks, pipelines, and offshore oil platforms. Their versatility and durability have cemented their role in modern manufacturing processes, making them indispensable materials in numerous applications worldwide.
The market size is witnessing robust growth due to several key factors. Firstly, the rising emphasis on lightweight and high-performance materials in industries like automotive, aerospace, and construction has fueled demand for these resins. Secondly, the need for corrosion-resistant solutions in infrastructure development, particularly in coastal regions, has driven their adoption. Additionally, the increasing awareness of environmental sustainability has spurred innovation in the sector, resulting in eco-friendly resin formulations. Furthermore, the growth of emerging economies, coupled with expanding industrial sectors, has created a substantial market for these versatile resins, underpinning their increasing demand and market expansion.
COVID-19 Impact: Lockdowns and Restrictions Disrupt Supply Chains And Decrease Demand In The Market
The COVID-19 pandemic has been unprecedented and staggering, with polyester & vinyl ester resins market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels once the pandemic is over.
The COVID-19 pandemic had a mixed impact on the market. Initially, the market experienced disruptions in supply chains due to lockdowns and restrictions, affecting production and distribution. Many end-user industries, such as automotive and construction, temporarily slowed down or halted operations, leading to decreased demand. However, as the pandemic progressed, the market witnessed a resurgence driven by the need for materials in critical applications like healthcare equipment, personal protective equipment (PPE), and sanitization products. The adaptability of polyester and vinyl ester resins for manufacturing essential medical equipment and durable protective gear played a pivotal role in the market's recovery. Overall, while the pandemic posed challenges, the versatility and resilience of these resins helped mitigate the impact and enabled a rebound in demand.
Latest Trends
"Growing Emphasis on Sustainable and Eco-Friendly Formulations: A Notable Trend In The Market"
One notable trend in the market is the growing emphasis on sustainable and eco-friendly formulations. As environmental concerns gain prominence, leading players in the industry are investing in research and development to introduce greener alternatives. These new products feature reduced emissions, lower toxicity, and enhanced recyclability. Additionally, biodegradable polyester resins are being developed to address sustainability challenges further. Prominent companies like Ashland Global Holdings and INEOS Composites have been at the forefront of these innovations, aligning their strategies with eco-conscious consumer demands. This trend reflects a broader shift in the industry towards responsible and environmentally friendly solutions, ensuring its continued relevance and growth in a changing market landscape.
polyester & vinyl ester resins market SEGMENTATION
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- By type
Depending on market given are types: Standard Bisphenol An Epoxy Vinyl Ester, Flame Retardant Epoxy Vinyl Ester, Phenolic Epoxy Vinyl Ester, High Crosslinking Density Epoxy Vinyl Ester, Flexible Epoxy Vinyl Ester, PU Modified Epoxy Vinyl Ester & Others.
The Standard Bisphenol An Epoxy Vinyl Ester type will capture the maximum market share through 2032.
- By Application
The market is divided into FRP Products, Anticorrosive Coatings, Concrete Lining, Binder & Others based on application.
The market players in cover segment like FRP Products will dominate the market share during 2022-2032.
Driving Factors
"Increasing Demand from The Wind Energy Sector to Drives Growth In The Market"
One significant driving factor for the polyester & vinyl ester resins market growth is the increasing demand from the wind energy sector. As the world seeks cleaner and more sustainable energy sources, wind power generation has gained momentum. Polyester and vinyl ester resins are essential components in the production of wind turbine blades, providing the necessary strength, durability, and lightweight properties required for efficient energy capture. With the global expansion of wind energy projects and the push for renewable energy sources, the market for these resins has experienced substantial growth. This trend is expected to persist as the renewable energy sector continues to expand, further bolstering the market's prospects.
"Increasing Demand for Corrosion-Resistant Materials in The Chemical Processing Industry Drives Growth In The Market"
Another key driver of growth in the industry is the increasing demand for corrosion-resistant materials in the chemical processing industry. These resins are known for their exceptional chemical resistance properties, making them ideal for use in the construction of tanks, pipes, and other equipment used to handle corrosive chemicals. With industries such as petrochemicals, pharmaceuticals, and specialty chemicals expanding globally, the need for reliable corrosion-resistant materials has surged. Polyester and vinyl ester resins provide a cost-effective solution to protect infrastructure and equipment from degradation and ensure the safety and longevity of critical processes. As this demand continues to rise, it propels the market forward.
Restraining Factors
"Volatility in Raw Material Prices to Pose A Significant Restraint In The Market"
One significant restraining factor for the resins market is the volatility in raw material prices. These resins are derived from petrochemical feedstocks, and fluctuations in oil and gas prices can directly impact production costs. When raw material prices surge, it can lead to higher manufacturing expenses, making the resins less competitive in price-sensitive markets. Additionally, supply chain disruptions, geopolitical tensions, or natural disasters can disrupt the availability of raw materials, further challenging the industry's stability. Manufacturers often need to navigate these uncertainties, which can affect their profitability and the overall growth of the market.
polyester & vinyl ester resins market Regional Insights
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"North America's Emphasis on Renewable Energy and Infrastructure Development to drive the Market Demand"
The leading region in the polyester and vinyl ester resins industry is North America. It has emerged as a dominant player due to several factors. The region's robust manufacturing base, particularly in the United States, and its extensive applications across industries such as automotive, construction, and marine, have contributed to its prominent position. Furthermore, stringent regulations on emissions and environmental standards have led to the development of eco-friendly formulations, aligning with the region's sustainability goals. With a growing focus on renewable energy sources and infrastructure development, North America is witnessing increased demand for these resins, driving its polyester & vinyl ester resins market share. The region is poised to maintain its prominence in the foreseeable future.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- Polynt-Reichhold (Italy)
- INEOS (U.K)
- Aliancys (Switzerland)
- SWANCOR (Taiwan)
- Sino Polymer Co., Ltd. (Taiwan)
- Fuchem (South Korea)
- Showa Denko (Japan)
- Jiangsu Fullmark Chemicals Co.,Ltd. (China)
- Interplastic Corporation (U.S.)
- Changzhou Tianma Group (China)
- Nord Composites (France)
- Hexion (U.S.)
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 917.5 Million in 2022 |
Market Size Value By |
US$ 1294.1 Million by 2032 |
Growth Rate |
CAGR of 3.5% from 2022 to 2032 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered | |
By Type
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By Application
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Frequently Asked Questions
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What value is the polyester & vinyl ester resins market expected to touch by 2032?
The global polyester & vinyl ester resins market size is expected to reach USD 1294.1 million by 2032.
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What CAGR is the polyester & vinyl ester resins market expected to exhibit by 2032?
The polyester & vinyl ester resins market is expected to exhibit a CAGR of 3.5% by 2032.
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Which are the driving factors of the polyester & vinyl ester resins market?
The driving factors of the polyester & vinyl ester resins market are increasing demand from the wind energy sector and increasing demand for corrosion-resistant materials in the chemical processing industry.
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Which are the key players or most dominating companies functioning in the polyester & vinyl ester resins market?
The dominating companies in the polyester & vinyl ester resins market are Polynt-Reichhold, INEOS and Aliancys.