Cyanate Ester Resin Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Cyanate Ester Resin Market Analysis
The market for cyanate ester resin is expected to grow at a CAGR greater than 5% globally during the forecast period. Growing demand for the composites from the aerospace & defense industry and superior characteristics compared to other resins are driving the market growth. On the flip side, higher production costs coupled with unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
- The cyanate ester resin market is expected to grow during the forecast period owing to the growing demand from the defense industry.
- Asia-Pacific region dominates the market across the globe with the largest consumption from countries such as India and China.
Cyanate Ester Resin Market Trends
This section covers the major market trends shaping the Cyanate Ester Resin Market according to our research experts:
Growing Demand from the Aerospace & Defense Industry
- Cyanate ester resin is widely used in manufacturing composites for the aerospace & defense industry and is expected to grow rapidly during the forecast period.
- Cyanate ester resin is a thermoset resin containing repeated -OCN groups and a three-dimensional network, manufactured from cyanic acid and bisphenol A. They have a very high glass transition temperature of about 400掳C. Because of their low dielectric constant and resistance to temperatures they are often used in printing circuit boards.
- Moreover, due to low moisture absorption than epoxies and flame retardant properties, they exhibit superior mechanical properties over a large temperature range and are suitable for a variety of composites in the aerospace & defense sector.
- In addition to that, cyanate ester resin possesses superior characteristics such as lightweight, high stability, high-temperature resistance, and excellent 3-D moldability which makes them more suitable for aerospace applications.
- The United States government has proposed USD 750 billion for defense spending as part of its budget for the year 2020. The growing defense investments are expected to drive the market for cyanate ester resin during the forecast period.
- The United States, aerospace & defense industry generated a revenue of about USD 929.5 billion through sales in 2018, thereby achieving a 4.17% growth from the previous year. The commercial aerospace segment has generated a revenue of about USD 318 billion. The growing demand from the Asia-Pacific region for the new aircrafts is driving the United States aerospace industry.
- The increase in demand for light-weight composites from the aerospace & defense industry drives the growth of the cyanate ester resin market during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for cyanate ester resin during the forecast period as a result of the increase in demand from transportation, aerospace & defense industries in countries like India and China.
- The increasing use of light-weight composites in aerospace and defense aircraft is expected to drive the market for cyanate ester resin because of their excellent strength, durability, stiffness, and resistance to heat and high temperatures.
- China has allocated about USD 177.5 billion for the defense sector for the financial year 2019-20. However, the Stockholm International Peace Research Institute (SIPRI) estimates that original China defense funding is around USD 250 million. Moreover, China's defense budget constitutes to about 48% of total Asia's expenditure in defense.
- In the union budget 2019-20, India allocated about USD 61.96 billion for the developments in the defense sector. The increase in investments in the defense sector from India and China is expected to drive market growth during the forecast period.
- Additionally, cyanate ester resins are used in manufacturing of structural and semi-structural composites in transportation industry. With China and India being leading manufactures of automotives with a total production of about 30.2 million vehicles for the year 2019, with a decrease of 7.5% and 12% in production respectively. However, the growing green initiatives combined with the success of electrical and hybrid vehicles is expected to drive the market.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for the cyanate ester resin market during the forecast period.
Cyanate Ester Resin Industry Overview
The global cyanate ester resin market is partially fragmented with players accounting for a marginal share of the market. Few companies include Huntsman International LLC, Hexcel Corporation, INC., Solvay, Toray Advanced Composites, and MITSUBISHI GAS CHEMICAL COMPANY, INC.
Cyanate Ester Resin Market Leaders
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Huntsman International LLC
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Hexcel Corporation
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Solvay
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Toray Advanced Composites
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MITSUBISHI GAS CHEMICAL COMPANY, INC
*Disclaimer: Major Players sorted in no particular order
Cyanate Ester Resin Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Drivers
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4.1.1 Growing Demand for the Composites From the Aerospace & Defense Industry
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4.1.2 Superior Characteristics Compared to Other Resins
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4.2 Restraints
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4.2.1 High Production Costs
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4.2.2 Unfavorable Conditions Arising Due to the COVID-19 Outbreak
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4.3 Industry Value Chain Analysis
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4.4 Porters Five Forces Analysis
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4.4.1 Bargaining Power of Suppliers
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4.4.2 Bargaining Power of Consumers
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4.4.3 Threat of New Entrants
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4.4.4 Threat of Substitute Products and Services
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4.4.5 Degree of Competition
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5. MARKET SEGMENTATION
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5.1 End-user Industry
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5.1.1 Aerospace & Defense
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5.1.2 Electrical & Electronics
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5.1.3 Automobiles
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5.1.4 Others (Medical, Industrial Composites, etc.,)
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5.2 Geography
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5.2.1 Asia-Pacific
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5.2.1.1 China
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5.2.1.2 India
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5.2.1.3 Japan
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5.2.1.4 South Korea
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5.2.1.5 Rest of Asia-Pacific
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5.2.2 North America
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5.2.2.1 United States
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5.2.2.2 Canada
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5.2.2.3 Mexico
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5.2.3 Europe
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5.2.3.1 Germany
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5.2.3.2 United Kingdom
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5.2.3.3 Italy
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5.2.3.4 France
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5.2.3.5 Rest of Europe
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5.2.4 South America
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5.2.4.1 Brazil
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5.2.4.2 Argentina
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5.2.4.3 Rest of South America
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5.2.5 Middle-East and Africa
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5.2.5.1 Saudi Arabia
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5.2.5.2 South Africa
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5.2.5.3 Rest of Middle-East and Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Market Share Analysis/Ranking Analysis**
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6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
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6.4.1 Carbon, Inc
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6.4.2 Gurit
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6.4.3 Hexcel Corporation
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6.4.4 Huntsman International LLC
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6.4.5 Lonza
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6.4.6 MITSUBISHI GAS CHEMICAL COMPANY, INC
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6.4.7 NOVOSET
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6.4.8 Renegade Materials Corporation (TEIJIN LIMITED)
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6.4.9 Sculpteo
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6.4.10 Solvay
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6.4.11 Toray Advanced Composites
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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7.1 Growing Demand from the Emerging Economies
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Cyanate Ester Resin Industry Segmentation
The Cyanate Ester Resin Market report include:
| End-user Industry | |
| Aerospace & Defense | |
| Electrical & Electronics | |
| Automobiles | |
| Others (Medical, Industrial Composites, etc.,) |
| Geography | |||||||
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Cyanate Ester Resin Market Research FAQs
What is the current Cyanate Ester Resin Market size?
The Cyanate Ester Resin Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Cyanate Ester Resin Market?
Huntsman International LLC, Hexcel Corporation, Solvay, Toray Advanced Composites and MITSUBISHI GAS CHEMICAL COMPANY, INC are the major companies operating in the Cyanate Ester Resin Market.
Which is the fastest growing region in Cyanate Ester Resin Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Cyanate Ester Resin Market?
In 2024, the North America accounts for the largest market share in Cyanate Ester Resin Market.
What years does this Cyanate Ester Resin Market cover?
The report covers the Cyanate Ester Resin Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Cyanate Ester Resin Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Cyanate Ester Resin Industry Report
Statistics for the 2024 Cyanate Ester Resin market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Cyanate Ester Resin analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
