The global Cyanate Ester Resins Market is forecast to reach USD 616.2 Million by 2028, according to a new report by Reports and Data. Cyanate esters based on a bisphenol or novolac derivative are used in the production of resins. Cyanate ester resins have various applications in end-use industries such as aerospace & defense, automotive, electrical & electronics, and marine industries. These resins possess properties such as excellent strength and toughness, high-temperature resistance, better electrical properties, and lower moisture absorption.
The market for cyanate ester resins is influenced by the rising demand from the aerospace & defense and electrical & electronics industries for application in antennae, wings, radomes, microelectronics, and microwave products.
The above-mentioned factors collectively create opportunities for the market growth while factors such as high manufacturing costs and issues related to recyclability, and testing of cyanate ester resins pose limitations in the market. However, each factor would have a definite impact on the market during the forecast period. Consistent advancements in the cyanate ester resins market owing to innovative efforts have enhanced the efficiency of resins.
The Asia Pacific is a key region for the cyanate ester resins market during the forecast period. High demand for military aircrafts from countries like China, Japan and India and rise in defense expenditure from the governments are driving the aerospace & defense industries in the region hence boosting the growth of cyanate resin market.
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Key participants Argosy International, Novoset, Tencate Advanced Composites, Hexcel Corporation, Cytec Solvay Group, Henkel, Huntsman Corporation, Lonza, Koninklijke Ten Cate BV., and MITSUBISHI GAS CHEMICAL COMPANY, INC. among others.
Further key findings from the report suggest
Bisphenol-based cyanate ester resin held a larger market share of 53.4% in the year 2018. Cyanate ester resins developed from bisphenol possess enhanced properties and are tougher in comparison to epoxy resins. Moreover, the curing process of bisphenol-based cyanate ester resin is easier than epoxy resins.
The composite segment is forecasted to grow with the highest CAGR of 11.8% during the forecast period. The growth is attributed to the usage of composites majorly in automobile, and aerospace & defense industries.
Aerospace & defense held the largest market share of 56.4% in the year 2018. Cyanate ester resin is extensively used in manufacturing composite parts for spacecraft and aircrafts because of its high-temperature resistance property. Spacecraft, missiles, and wings of military aircrafts are the major users of this product in the aerospace and defense industry.
Asia Pacific is forecasted to grow with the highest CAGR of 11.9% during the forecast period. The increasing presence of major aircraft original equipment manufacturers (OEMs) in China and Japan and increasing demand for military aircrafts are fueling the market for cyanate ester resins market in the region.
For the purpose of this report, Reports and Data have segmented into the global Cyanate Ester Resins market on the basis of product type, application, end-use industries, and region:
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Product Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
Bisphenol-based
Novolac-based
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
Composites
Adhesives
Others
End-Use Industry Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
Aerospace & Defense
Automotive
Electrical & Electronics
Others
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Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
North America
Europe
Asia Pacific
MEA
Latin America
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