Market will be owned by Tobacco and Pharma
Pharma and Tobacco may have both been involved in buying out (or "lobbying" as they call it to cover the corruption) the FDA to get these regulations in place, but that is probably where Pharma and Tobacco part ways on their plans for the vape industry in my opinion. Tobacco will possibly want to exploit the vaping market to claw back some of their lost revenues, afterall, their so-called vape products are awful but they're better than cigarettes and won't have any competition. Also, not all US vapers would go back to smoking when vaping is effectively banned in 2 years time.
Pharma, however, are a far more evil entity. They want and need people to be smoking, vaping's no good as it's just not carcinogenic enough. Never mind NRT products, they're small-fry for profit, the real money is in people getting cancer. Less smoking = cancer rates dropping = less extraordinarily expensive cancer treatments being needed. Aggressive cancers are the best (like many forms of lung cancer), especially those affecting sites in the body (like the lungs) which allow the cancer to spread easily to other organs and systems, as they need lots more chemotherapy treatments than those boring non-smoking related cancers.
Killing the vape industry will ensure more of the current population, plus all potential smokers from now on, will only have cigarettes as a nicotine delivery system. In turn, there will be no shortage of need for cardiac condition medication, lung disease medication, and lots and lots of lovely expensive chemotherapy drugs for years to come!
More worrying still is the fact that if the FDA are successful in their plans, our good old corrupt friends involved in EU legislation will no doubt try the same.