Cyanate Ester Resins Market Size Forecast to Reach $423.33 Million by 2026
Increasing Demand for Cyanate Ester-based Composite Plastic Across Various Industrial Applications Is Driving the Cyanate Ester Resin Market.
(EMAILWIRE.COM, October 19, 2021 ) Cyanate Ester Resins Market size is forecast to reach $423.33 million by 2026, after growing at a CAGR of 9.5% during 2021-2026. Cyanate ester is a chemical compound in which the hydrogen atom of the phenol OH group is replaced by the cyanide group. Cyanate ester resins offer good processing characteristics, high-temperature stability, excellent toughness, very low water absorption, and strength with improved electrical conductivity. Thus, due to these properties and the growing demand for high-temperature-resistant resins for manufacturing aerospace & defense and medical equipment is driving the market growth. As cyanate ester resins have utility in a variety of thermosetting polymers, composite plastics, and novolac derivatives. The developing transportation sector in the emerging nations is also driving the market growth.
Cyanate Ester Resins Market Segment Analysis - By Type
Bisphenol-Based Cyanate Ester Resin segment held the largest share of more than 35% in the Cyanate Ester Resins Market in 2020. The Bisphenol-grade Cyanate Ester Resin has properties like low viscosity, low moisture uptake, superior mechanical, excellent thermal stability, low water absorption, low dielectric constant, and dissipation factor. These properties of Bisphenol makes them suitable to use in spacecraft, aircraft, missiles, antennae, Radomes, microelectronics, and microwave products. The Bisphenol Based Cyanate Ester Resin has a peculiarly low viscosity at room temperature, 0.09–0.12 Pa·s, and has a high Tg, 274 °C. The Bisphenol Based cyanate ester is obtained in high yield from bisphenol A by using cyanogens chloride and base.
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Cyanate Ester Resins Market Segment Analysis - By Form
Liquid segment held the largest share of more than 40% in the Cyanate Ester Resins Market in 2020. Cyanate Ester Resins in liquid form have a relatively high glass transition temperature level of over 400-degree centigrade and have low viscosity compared to solid form. Hence, liquid forms are used in high-temperature applications like electronic chip adhesives, encapsulants, and thermal interface materials. Whereas, liquid form cyanate ester resins are also widely used for manufacturing industrial composites for telecommunication & appliances, industrial equipment & machinery, automobile parts, ballistics, aerospace, and oil and gas. Thus, any industrial growth is likely to drive market growth. For instance, as per the Indian Brand Equity Foundation (IBEF) report in October 2020, the Indian automotive industry (including component manufacturing) is expected to reach Rs 16.16-18.18 trillion (around US$ 251.4–282.8 billion) by 2026. The growing uses of thermosetting polymer, composite plastics, and novolac derivatives also drive market growth.
Cyanate Ester Resins Market Segment Analysis - By Application
Composite & Compound segment held the largest share of more than 40% in the Cyanate Ester Resins Market in 2020. The composites materials like carbon fiber and glass fiber are used in various applications from manufacturing aerospace components to automotive parts. Cyanate ester resins are used to enhance the properties of these composites-based products like low dielectric constant, high strength, easy processability, and enhance durability. Whereas, the uses of thermosetting polymer, composite plastics, and novolac derivatives also offer many structural and weight advantages over traditional steel and injection molded automotive parts. Such as cost advantage, high-temperature resistance, excellent mechanical properties & weight reduction, hence these composites are majorly used in aerospace & defense, and automotive industries. Furthermore, any increase in demand for the aerospace components will boost the demand for such cyanate ester-based composite and in return will drive the cyanate ester resin market growth. For instance, according to Aerospace Industries Association (AIA) report released in 2020, the sale of American aerospace & defense equipment was $909 billion in 2019. Thus, the growth in the aerospace sector will further boost the growth of the cyanate ester resin market.
Cyanate Ester Resins Market Segment Analysis - By End-Use Industry
The Defense & Aerospace segment is projected to witness a significant growth of 7.4% in the Cyanate Ester Resins Market during the forecast period. Cyanate ester resins are used as a functional material in the aerospace and defense industry. Cyanate Ester Resins are used in the internal and external parts of aircraft, missiles, rockets, and radars. Cyanate Ester Resins possess properties like lightweight, high strength, excellent performance in high temperature, and 3D moldability, that makes them highly suitable to use across various aerospace & defense application. As per the Government of India (GOI), the defense sector in India has grown at a CAGR of 9.7% and is estimated to be $42.83 billion for 2017-2018, and the aerospace & defense industry is expected to reach around $70 billion by 2030. Therefore, growth in the aerospace & defense sector will further boost the cyanate ester resin market.
Cyanate Ester Resins Market Segment Analysis - By Geography
Asia-Pacific segment is projected to witness the highest CARG of 11.4% in the Cyanate Ester Resins Market during the forecast period. China, Japan, South Korea, and India are the major countries in the market. The increase in demand for electronic and energy needs and consumer applications are driving the market growth in this region. Cyanate Ester Resins have very good processing characteristics, high-temperature stability, and very low water absorption as compared to epoxies and bismaleimides, and can be used as composites for encapsulants for microelectronics and printed circuit boards. Additionally, it also offers excellent strength and better electrical properties. Thus, the growth in the consumer electronics industry further drives the growth of this market in the APAC region. As per the Indian Brand Equity Foundation (IBEF) report in 2020, the Indian appliance and consumer electronics (ACE) market was Rs 76,400 crore (around US$ 10.93 billion) in 2019 and is expected to reach Rs 1.48 lakh crore (around US$ 21.18 billion) by 2025, which will provide a significant boost to the Cyanate Ester Resins Market in APAC the region during the forecasted period.
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Cyanate Ester Resins Market Drivers
Increasing Demand for Cyanate Ester Based Composite Material
Cyanate Ester Based Composite Material is excellent to work with, and are being widely used in several industry like aerospace, automotive, electric, and construction. Cyanate Ester Resins are used as additives to enhance the performance of composite plastic. Increasing demand for cyanate ester-based composite plastic across various industrial applications is driving the cyanate ester resin market. Cyanate Ester based composites have high strength, workability, better thermal conductivity & high-temperature resistance, better moldability, and resistance to chemicals, which makes them suitable to use in various applications like aerospace, defense hardware, satellites, space shuttles, automobile engine component, and wind turbines. According to Space Foundation, a Non-Profit Organization report released in 2020, the global space industry valued at $423.8 billion in 2019, which was an increase of $9 billion from the previous year, which estimated to be $414.75 billion in 2018. Such, growth in the global Space industry will boost the demand for Cyanate Ester Resin Market.
Superior properties of Cyanate ester resins and the growing demand for Light Weight Products drive the market growth
Cyanate ester resin provide good electric conductivity, provide high strength & high durability with lightweight and provide excellent strength. Due to these properties, Cyanate Ester Resins used for high-temperature composites plastic, thermosetting polymer, and novolac derivatives also drive the market growth and adhesive applications, which are lighter in weight but have high strength, and make them fuel efficient. These products are typically used in aerospace and space applications, automobiles, high-speed circuit boards, electronic chip adhesives and encapsulants, and syntactic foams. Whereas, the depletion of natural resources such as crude oil have forced the manufacturer to develop more energy efficient vehicles. Thus, the growing demand for lighter fuel-efficient and environment friendly vehicles are also driving the market growth. As per International Energy Agency report in 2020 (IEA), the sales of electric cars were 2.1 million units globally in 2019, an increase of 6% sales from 2018, and is expected to reach sales by 44 million vehicles per year by 2030. Thus, the growth in the electric vehicle market will provide a significant boost to the cyanate ester resin market.
Cyanate Ester Resins Market Challenges
Decline in the aviation industry and slow growth rate in automobile sales
The COVID-19 pandemic continues to unfold every day with a severe impact on people, communities, and businesses. The growth in several industries will be impacted significantly. The growing pandemic situation has led to the weakening demand for Cyanate Ester Resins due to a sharp decline in the aviation industry and slow growth rate in the automobile sales, which is hindering the growth of cyanate ester resin market. Furthermore, the disruption of the global supply chain, lack of manpower, and lack availability of the other resources including in the manufacturing process further acts as a challenging factor to the growth of this market.
Cyanate Ester Resins Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Cyanate Ester Resins Market. Major players in the Cyanate Ester Resins Market are Tencate Advanced Composites, Zoltek, Argosy International Inc., Novoset, Esterline Technologies Corp., Lonza, Huntsman Corp., Cytec Solvay Group, Gurit Holding AG., Kuraray Co., Ltd., and among others.
Acquisitions/Technology Launches
In May 2020, Huntsman Corp. announced the acquisition of CVC Thermoset Specialties, a North American specialty chemical manufacturer serving the industrial composites, adhesives, and coatings markets. The acquisition will enhance Huntsman product portfolio of composite and adhesives used in a wide range of applications and markets.
Key Take away
North America is projected to witness the significant growth in the market due to the demand in aerospace and medical industry, especially in the United States.
Covid 19 has impacted the global aviation industry, which hampers the growth of Cyanate Ester Resins market.
The issue related to the recyclability, and re-moldability of cyanate ester resin is also deterring the market's growth.
Related Reports:
A. Acrylic Resins Market
https://www.industryarc.com/Report/15330/acrylic-resin-market.html
B. Cellulose Esters Market
https://www.industryarc.com/Research/Cellulose-Esters-Market-Research-500194
For more Chemicals and Materials Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.
Cyanate Ester Resins Market Segment Analysis - By Type
Bisphenol-Based Cyanate Ester Resin segment held the largest share of more than 35% in the Cyanate Ester Resins Market in 2020. The Bisphenol-grade Cyanate Ester Resin has properties like low viscosity, low moisture uptake, superior mechanical, excellent thermal stability, low water absorption, low dielectric constant, and dissipation factor. These properties of Bisphenol makes them suitable to use in spacecraft, aircraft, missiles, antennae, Radomes, microelectronics, and microwave products. The Bisphenol Based Cyanate Ester Resin has a peculiarly low viscosity at room temperature, 0.09–0.12 Pa·s, and has a high Tg, 274 °C. The Bisphenol Based cyanate ester is obtained in high yield from bisphenol A by using cyanogens chloride and base.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=500462
Report Price: $ 4500 (Single User License)
Cyanate Ester Resins Market Segment Analysis - By Form
Liquid segment held the largest share of more than 40% in the Cyanate Ester Resins Market in 2020. Cyanate Ester Resins in liquid form have a relatively high glass transition temperature level of over 400-degree centigrade and have low viscosity compared to solid form. Hence, liquid forms are used in high-temperature applications like electronic chip adhesives, encapsulants, and thermal interface materials. Whereas, liquid form cyanate ester resins are also widely used for manufacturing industrial composites for telecommunication & appliances, industrial equipment & machinery, automobile parts, ballistics, aerospace, and oil and gas. Thus, any industrial growth is likely to drive market growth. For instance, as per the Indian Brand Equity Foundation (IBEF) report in October 2020, the Indian automotive industry (including component manufacturing) is expected to reach Rs 16.16-18.18 trillion (around US$ 251.4–282.8 billion) by 2026. The growing uses of thermosetting polymer, composite plastics, and novolac derivatives also drive market growth.
Cyanate Ester Resins Market Segment Analysis - By Application
Composite & Compound segment held the largest share of more than 40% in the Cyanate Ester Resins Market in 2020. The composites materials like carbon fiber and glass fiber are used in various applications from manufacturing aerospace components to automotive parts. Cyanate ester resins are used to enhance the properties of these composites-based products like low dielectric constant, high strength, easy processability, and enhance durability. Whereas, the uses of thermosetting polymer, composite plastics, and novolac derivatives also offer many structural and weight advantages over traditional steel and injection molded automotive parts. Such as cost advantage, high-temperature resistance, excellent mechanical properties & weight reduction, hence these composites are majorly used in aerospace & defense, and automotive industries. Furthermore, any increase in demand for the aerospace components will boost the demand for such cyanate ester-based composite and in return will drive the cyanate ester resin market growth. For instance, according to Aerospace Industries Association (AIA) report released in 2020, the sale of American aerospace & defense equipment was $909 billion in 2019. Thus, the growth in the aerospace sector will further boost the growth of the cyanate ester resin market.
Cyanate Ester Resins Market Segment Analysis - By End-Use Industry
The Defense & Aerospace segment is projected to witness a significant growth of 7.4% in the Cyanate Ester Resins Market during the forecast period. Cyanate ester resins are used as a functional material in the aerospace and defense industry. Cyanate Ester Resins are used in the internal and external parts of aircraft, missiles, rockets, and radars. Cyanate Ester Resins possess properties like lightweight, high strength, excellent performance in high temperature, and 3D moldability, that makes them highly suitable to use across various aerospace & defense application. As per the Government of India (GOI), the defense sector in India has grown at a CAGR of 9.7% and is estimated to be $42.83 billion for 2017-2018, and the aerospace & defense industry is expected to reach around $70 billion by 2030. Therefore, growth in the aerospace & defense sector will further boost the cyanate ester resin market.
Cyanate Ester Resins Market Segment Analysis - By Geography
Asia-Pacific segment is projected to witness the highest CARG of 11.4% in the Cyanate Ester Resins Market during the forecast period. China, Japan, South Korea, and India are the major countries in the market. The increase in demand for electronic and energy needs and consumer applications are driving the market growth in this region. Cyanate Ester Resins have very good processing characteristics, high-temperature stability, and very low water absorption as compared to epoxies and bismaleimides, and can be used as composites for encapsulants for microelectronics and printed circuit boards. Additionally, it also offers excellent strength and better electrical properties. Thus, the growth in the consumer electronics industry further drives the growth of this market in the APAC region. As per the Indian Brand Equity Foundation (IBEF) report in 2020, the Indian appliance and consumer electronics (ACE) market was Rs 76,400 crore (around US$ 10.93 billion) in 2019 and is expected to reach Rs 1.48 lakh crore (around US$ 21.18 billion) by 2025, which will provide a significant boost to the Cyanate Ester Resins Market in APAC the region during the forecasted period.
Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=500462
Cyanate Ester Resins Market Drivers
Increasing Demand for Cyanate Ester Based Composite Material
Cyanate Ester Based Composite Material is excellent to work with, and are being widely used in several industry like aerospace, automotive, electric, and construction. Cyanate Ester Resins are used as additives to enhance the performance of composite plastic. Increasing demand for cyanate ester-based composite plastic across various industrial applications is driving the cyanate ester resin market. Cyanate Ester based composites have high strength, workability, better thermal conductivity & high-temperature resistance, better moldability, and resistance to chemicals, which makes them suitable to use in various applications like aerospace, defense hardware, satellites, space shuttles, automobile engine component, and wind turbines. According to Space Foundation, a Non-Profit Organization report released in 2020, the global space industry valued at $423.8 billion in 2019, which was an increase of $9 billion from the previous year, which estimated to be $414.75 billion in 2018. Such, growth in the global Space industry will boost the demand for Cyanate Ester Resin Market.
Superior properties of Cyanate ester resins and the growing demand for Light Weight Products drive the market growth
Cyanate ester resin provide good electric conductivity, provide high strength & high durability with lightweight and provide excellent strength. Due to these properties, Cyanate Ester Resins used for high-temperature composites plastic, thermosetting polymer, and novolac derivatives also drive the market growth and adhesive applications, which are lighter in weight but have high strength, and make them fuel efficient. These products are typically used in aerospace and space applications, automobiles, high-speed circuit boards, electronic chip adhesives and encapsulants, and syntactic foams. Whereas, the depletion of natural resources such as crude oil have forced the manufacturer to develop more energy efficient vehicles. Thus, the growing demand for lighter fuel-efficient and environment friendly vehicles are also driving the market growth. As per International Energy Agency report in 2020 (IEA), the sales of electric cars were 2.1 million units globally in 2019, an increase of 6% sales from 2018, and is expected to reach sales by 44 million vehicles per year by 2030. Thus, the growth in the electric vehicle market will provide a significant boost to the cyanate ester resin market.
Cyanate Ester Resins Market Challenges
Decline in the aviation industry and slow growth rate in automobile sales
The COVID-19 pandemic continues to unfold every day with a severe impact on people, communities, and businesses. The growth in several industries will be impacted significantly. The growing pandemic situation has led to the weakening demand for Cyanate Ester Resins due to a sharp decline in the aviation industry and slow growth rate in the automobile sales, which is hindering the growth of cyanate ester resin market. Furthermore, the disruption of the global supply chain, lack of manpower, and lack availability of the other resources including in the manufacturing process further acts as a challenging factor to the growth of this market.
Cyanate Ester Resins Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Cyanate Ester Resins Market. Major players in the Cyanate Ester Resins Market are Tencate Advanced Composites, Zoltek, Argosy International Inc., Novoset, Esterline Technologies Corp., Lonza, Huntsman Corp., Cytec Solvay Group, Gurit Holding AG., Kuraray Co., Ltd., and among others.
Acquisitions/Technology Launches
In May 2020, Huntsman Corp. announced the acquisition of CVC Thermoset Specialties, a North American specialty chemical manufacturer serving the industrial composites, adhesives, and coatings markets. The acquisition will enhance Huntsman product portfolio of composite and adhesives used in a wide range of applications and markets.
Key Take away
North America is projected to witness the significant growth in the market due to the demand in aerospace and medical industry, especially in the United States.
Covid 19 has impacted the global aviation industry, which hampers the growth of Cyanate Ester Resins market.
The issue related to the recyclability, and re-moldability of cyanate ester resin is also deterring the market's growth.
Related Reports:
A. Acrylic Resins Market
https://www.industryarc.com/Report/15330/acrylic-resin-market.html
B. Cellulose Esters Market
https://www.industryarc.com/Research/Cellulose-Esters-Market-Research-500194
For more Chemicals and Materials Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.
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IndustryARC
Venkat Reddy
Tel: (+1) 970-236-3677
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results