FELTON, California, October 24, 2018 /PRNewswire/ --
The global cyanate ester resin market is anticipated to reach a value of USD 535.28 million by 2025. Unique properties of the product such as low moisture uptake and high thermal efficiency to boost the scope of application in electronics, aerospace, industrial, automotive, and other industries. This factor is projected to propel market growth over the forecast period.
Epoxy resins, a traditional material long used in various applications, such as adhesives, coatings and composite materials, is expected to be replaced with a new type of thermosetting resin, cyanate ester resins. The main reasons for this shift include low mechanical strength exhibited by epoxies and failure of epoxy resins above certain degree of high temperature. Hence, new resin system based on range of cyanate ester are being developed that are superior to epoxies and can withstand a temperature up to 200°C.
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.
Aerospace is anticipated to continue being the largest consumer and fastest-growing application in near future. For instance, the International Thermonuclear Experimental Reactor (ITER) thermonuclear synthesis reactor uses cyanate ester casing. The structure that holds NASA's James Webb Space Telescope instrument is designed by a unique cyanate ester. Furthermore, cyanate ester composites have also been used in the science decks on the Mars Phoenix lander. Electronics is another lucrative industry for cyanate ester resins owing to growing demand of Printed Circuit Boards (PCBs). Furthermore, adhesives of cyanate ester are also gaining traction in the electronic applications.
They are also used in high speed motorbikes in muffler systems and racing cars, such as Formula One. The market for cyanates ester resins is in its nascent stage. While its applications are increasing in aerospace, automotive, and electronics sectors, the high end-use cost associated with the product is expected to restraint market growth. The market is prevalent in North America, Europe, and Asia Pacific owing to the presence of key domestic companies. Furthermore, growing aerospace industry in these regions is expected to uplift the demand in the forthcoming years.
Browse full research report with TOC on "Cyanate Ester Resin Market Size and Forecast, By Derivative (Bisphenol-based, Novolac-based), By Application (Aerospace, Automotive, Electronics, Industrial), And Trend Analysis, 2015 - 2025" at: https://www.hexaresearch.com/research-report/cyanate-ester-resin-market
In terms of key country market, U.S. accounted for a major market revenue share in the past. U.S. is one of the largest consumers of prepregs and resins, such as for military jets, civil aircrafts, helicopters, aero-engines, launchers, and space satellites. Presence of major companies and consumers, such as Boeing, Lockheed Martin, and United Technologies, in the country are driving the market. China is one of the fastest-growing country markets owing to huge domestic market of thermosetting resins.
Companies engaged in aerospace, automotive, and marine fields are the major consumers of cyanate ester resins. For instance, Hexcel's commercial aerospace segment sales for the year 2017 accounted for nearly 64% of their total sales. Key companies in the global cyanate ester resin market are Lonza Group; TenCate; Cytec Industries, Inc.; Mitsubishi Gas Chemical Company, Inc.; Huntsman Corp.; Hexcel Corp.; and Novoset LLC.
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Hexa Research has segmented the global cyanate ester resin market report based on derivatives, application and region:-
- Segmentation by Derivatives
- Segmentation by Application
- Segmentation by Region
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
- Key players analyzed:
• Cytec Industries Incorporated (Solvay S.A.)
• Mitsubishi Gas Chemical, Inc.
• Carbon, Inc.
• Future Carbon GmbH.
• Novoset, LLC
• Yangzhou Chemicals
About Hexa Research
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SOURCE Hexa Research