by The global Cyanate Ester Resins Market is estimated to be valued at US$ 211.8 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cyanate ester resins are thermosetting polymers used in applications requiring high temperature resistance, low dielectric constant, and high tensile strength. They offer advantages over conventional thermosetting resins such as epoxy, phenolic and BMI resins. Compared to epoxy and phenolic resins, cyanate ester resins exhibit lower moisture absorption, higher glass transition temperature, higher service temperature and excellent adhesion to metals. Due to their high thermal stability and strength, cyanate ester resins find major applications in aerospace, electronics, military and spacecraft industries. They are used to produce printed circuit boards, radomes, fire walls and structural composites for defense and commercial aerospace applications.
Market Key Trends:
The growing aerospace industry is a major driver of the cyanate ester resins market. Cyanate ester resins are being increasingly used in aircraft structures, components and composites due to their high strength to weight ratio and ability to withstand harsh operating conditions. With the increasing air passenger traffic worldwide and rising demand for new aircrafts, consumption of cyanate ester resins is expected to surge significantly over the forecast period. In addition, rising investments by leading aircraft OEMs in development of lightweight yet durable materials is promoting adoption of cyanate ester resins. Growing electrical and electronics industry is also propelling the demand for cyanate ester resins as printed circuit boards, semi-conductors and other electronics require non-flammable, high temperature resistant insulation materials.
Porter’s Analysis
Threat of new entrants: Low-high capital requirements and technology know-how acts as a barrier for new players to enter the market.
Bargaining power of buyers: Moderate as large buyers can negotiate for discounts but cyanate ester resins have applications in high performance composites hence limited buyer options.
Bargaining power of suppliers: Low as resin manufacturers source raw materials like cyanate ester monomers from large international chemical companies.
Threat of new substitutes: Moderate threat as epoxy resins and polyester resins can be used as substitutes in some applications but cyanate esters have distinct advantages in high temperature performance.
Competitive rivalry: High as major players compete on pricing, new product development and expanding applications.
Key Takeaways
The Global Cyanate Ester Resins Market Size is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period, due to increasing demand from aerospace industry. These resins provide benefits like heat resistance and electrical properties required for aircraft components.
Regional analysis:
North America dominates the global cyanate ester resins market owing to large presence of aerospace and defense industry in the region. Asia Pacific is expected to witness fastest growth on account of increasing investments in aviation sector by countries like China and India. Countries like Japan, South Korea are also major consumers of cyanate ester resins.
Key players operating in the cyanate ester resins market are Huntsman, Lonza, Techia Corporation, TenCate, Cytec, Hexcel, Jiangdu Maida Group, Carbon Fibre Technology, Isola Group, Adeka, SGL Carbon, Gurit, Chongqing Guijie Technology, Shanghai Hunsman Material, Taixing Suning Chemical, Hengyu New Material, Natong Chemical, Kangda New Materials, Jiafu Technologh, Tianma Group. These players are focusing on new product launches to capture additional market share. For instance, in 2021, Isola Group launched Bismaleimide composite prepreg materials for airframe applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
