According to a recent report by Reports and Data, the global market for cyanate ester resins is projected to reach USD 616.2 million by 2028. These resins are produced using bisphenol or novolac derivatives and find applications in industries such as aerospace defense, automotive, electrical electronics, and marine.
Cyanate ester resins possess desirable properties like high-temperature resistance, excellent strength and toughness, better electrical properties, and lower moisture absorption. The demand for these resins is driven by the aerospace defense and electrical electronics industries for applications like antennae, wings, radomes, microelectronics, and microwave products.
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Despite the growth opportunities, the market is hindered by factors like high manufacturing costs, issues related to recyclability and testing of cyanate ester resins. The Asia Pacific region is expected to be a key player in the cyanate ester resins market due to the high demand for military aircraft from countries such as China, Japan, and India, leading to a rise in defense expenditure by governments.
Bisphenol-based cyanate ester resin holds the largest market share of 53.4% in 2018 due to its enhanced properties and easier curing process than epoxy resins. The composite segment is projected to grow at the highest CAGR of 11.8% during the forecast period, majorly driven by the automobile and aerospace defense industries.
Aerospace defense is the largest end-use industry for cyanate ester resin with a market share of 56.4% in 2018, as these resins are extensively used in the manufacturing of composite parts for spacecraft and aircraft due to their high-temperature resistance property.
The key players in the market are Argosy International, Novoset, Tencate Advanced Composites, Hexcel Corporation, Cytec Solvay Group, Henkel, Huntsman Corporation, Lonza, Koninklijke Ten Cate BV, and Mitsubishi Gas Chemical Company, among others.
The report segments the market based on product type, application, end-use industries, and region. The product type segment includes bisphenol-based and novolac-based cyanate ester resins, while the application segment includes composites, adhesives, and others. The end-use industry segment includes aerospace defense, automotive, electrical electronics, and others. The regional outlook covers North America, Europe, Asia Pacific, MEA, and Latin America.
Cyanate Ester Resins Market: Drive Factors
The cyanate ester resins market is expected to reach USD 616.2 million by 2028, with the aerospace defense and electrical electronics industries driving demand for applications such as antennae, wings, radomes, microelectronics, and microwave products. Bisphenol-based cyanate ester resin holds a larger market share of 53.4% due to its enhanced properties and easier curing process compared to epoxy resins. The composite segment is projected to grow with the highest CAGR of 11.8% during the forecast period, especially in the automobile and aerospace defense industries. Asia Pacific is expected to have the highest CAGR of 11.9%, with major aircraft OEMs in China and Japan and increasing demand for military aircraft driving the market. However, factors such as high manufacturing costs and issues related to recyclability and testing of cyanate ester resins may limit market growth.
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