Vinyl ester market to cross 1.7 billion by 2025, key players are Swancor Holding, Mechemco, Nivitex, ALIANCYS AG, Showa Denko, Hexion, DIC Material
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Rapid expansion of shipbuilding sector will positively support vinyl ester market growth in the upcoming future, owing to high demand for several vessels such as tankers, bulkers and mid-range ships and boats. The shipbuilding industry will look to incentivize the anti-corrosion nature of the product. Vinyl ester resins find widespread utilization in marine applications for manufacturing waterproof barriers for boat hulls and other vulnerable components. Surging global trade, coupled with increasing demand for mega-ships is likely to encourage product penetration across the marine applications, thus accelerating vinyl ester market trends.
Growing shift toward renewable energy generation coupled with favorable wind speeds at the ocean coasts has been fostering the deployment of offshore wind farms. These energy generation establishments are constantly exposed to the corrosive ocean water, which will fuel the acceptance of Vinyl ester resins in order to offer protection to the structures and components immersed in the water.
The robust development of wind energy sector is anticipated to positively impact the vinyl ester market share in coming years. For instance, as per WindEurope, wind power capacity annual installations witnessed a significant rise of 25% during 2016-2017.
Major key players in the market are Swancor Holding, Mechemco, Nivitex, ALIANCYS AG, Polynt-Reichhold Group, Ashland, Interplastic Corporation, Sino Polymer Co. Ltd, Showa Denko, Scott Bader Company, Hexion, DIC Material.
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Based on product, Novolac type vinyl ester market is expected to record 6% CAGR in the forthcoming years. The product has better density than bisphenol A variant and offers better resistance towards liquid environment.
Nations worldwide are actively aligning their focus toward the deployment of wind energy systems for fulfilling their energy need. This trend has in turn supported the growth of vinyl ester market. In 2017, Europe marked a growth of 25% in the wind power plant capacity annual installation as compared to 2016. Whereas wind energy was the second-largest source of power generation power in the year 2016 in Europe.
Meanwhile, Asia Pacific vinyl ester market is expected to record 7% CAGR by 2025. The thriving shipbuilding sector in China and Europe have stimulated the demand for vinyl ester in the marine applications.
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