Luton, Bedfordshire, United Kingdom, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Cyanate Ester Resin market.
The global cyanate ester resin market was valued to be at USD 273.13 million in 2021, which is expected to grow with a CAGR of 11.6% during the forecast period 2022-2029 and reach USD 733.45 million by 2029.
Epoxy resins, a long-used traditional material in applications such as adhesives, coatings, and composite materials, are expected to be replaced by cyanate ester resins, a new type of thermosetting resin. The main reasons for this shift are epoxies' low mechanical strength and the failure of epoxy resins above a certain degree of high temperature. As a result, new resin systems based on cyanate ester are being developed that outperform epoxies and can withstand temperatures of up to 200°C.
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Cyanate ester resins are getting popular in aerospace applications owing to their very low dielectric constant and low moisture uptake. Lower moisture uptake means it is subjected to lesser shrinkage during the curing process. This makes the resin suitable for use in aircraft structures, especially in primary and secondary structures of military aircrafts, such as in composite parts of Dassault Rafale fighter jet. Bisphenol derivatives of cyanate ester accounted for the largest market revenue share in the past and are expected to maintain the dominance over the forecast period.
Recent Developments
- August 11, 2022 - Argosy Japan Aerospace Materials Co., Ltd. Established in Nagoya, Japan
- Argosy Japan Aerospace Materials Co., Ltd., “Argosy Japan” was officially established this summer in Nagoya, Japan with two key business leaders, General Manager Akihiro “Hiro” Oda and Crash Test Barrier Sales Manager Osamu Kobayashi.
- Aug 19, 2020 - Novoset and Lonza Announce New Ultra-Low Dielectric Loss and Temperature Materials
- Novoset, LLC and Lonza Announce the Introduction of New, Ultra-Low Dielectric Loss and High-Temperature Materials for High- Speed Telecommunication Industries and Bendable Electronic Devices
North America is the largest and APAC is projected to be the fastest-growing cyanate ester resin market during the forecast period
North America is projected to be the largest market 33% for cyanate ester resins and is expected to grow at a high CAGR, in terms of value, during the forecast period. However, APAC is projected to be the fastest-growing cyanate ester resin market. Cyanate ester resins provide corrosion resistance, durability, good thermal insulation, and low maintenance.
| Report Attribute | Details |
| Market size value in 2021 | USD 273.13 million |
| Revenue forecast in 2029 | USD 733.45 million |
| Growth rate | CAGR of 11.6% from 2022 to 2029 |
| Base year for estimation | 2020 |
| Historical data | 2017 - 2021 |
| Forecast period | 2022 - 2029 |
| Quantitative units | Volume in kilo tons, revenue in USD million/billion, and CAGR from 2022 to 2029 |
| Report coverage | Volume forecast, revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Resin, application, region |
| Regional scope | North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
| Country scope | U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Russia & CIS Countries; Benelux; Turkey; Spain; Switzerland; Sweden; Poland; Austria; Norway; Denmark; Finland; Portugal; Czech Republic (CZ); Slovenia; China; India; Japan; Thailand; Brazil; Argentina; Saudi Arabia; South Africa |
| Key companies profiled | 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. |
| Customization scope | Report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
Cyanate Ester Resins Market Competitive Landscape
The companies have adopted various organic as well as inorganic growth strategies to enhance their regional presence and meet the growing demand for cyanate ester resin from emerging economies. 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. are major market players.
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Key Market Segments:
Cyanate Ester Resin Market by End User, 2022-2029, (USD Million)
- Aerospace & Defense
- Electrical & Electronics
- Others
Cyanate Ester Resin Market by Application, 2022-2029, (USD Million)
- Composites
- Adhesives
- Others
Global Market by Region, 2022-2029, (USD Million)
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Cyanate Ester Resins Market: Key Trends
The aerospace and defense industries are the primary end-user industries for cyanate ester resins. Cyanate ester resins are also widely used in the microelectronics and automotive industries. The increasing reliance on cyanate ester resins among these end-user industries may result in significant growth for the global market. Governments in various developing and developed economies are increasing their spending on advanced defense equipment in order to deter countries from attacking them. Because of their exceptional properties, cyanate ester resins are widely used in defense machinery and equipment. As a result, rising government investments in the defense sector in a variety of countries may propel the cyanate ester resins market forward.
Market Dynamics:
Drivers:
One of the major factors driving growth in the global cyanate ester resins market is the increasing use of cyanate ester resins in the aerospace and defense sectors. The product is primarily used in the aerospace and defense industries for antennae, wings, and radomes. The aerospace and defense industry are one of the fastest growing industries in the world, and rising demand for cyanate ester resins is one of the factors driving market growth. Major players in developing countries are rapidly increasing production capacity to meet international demand for cyanate resins, which is expected to generate revenue opportunities for these players.
Restraints:
High processing and manufacturing costs and issues related to recyclability are factors that could hamper growth of the global cyanate ester resins market.
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