PUNE, India, June 29, 2018 /PRNewswire/ --
The report "High Temperature Composite Resin Market by Resin Type (Phenolic, Epoxy, Thermoplastic, Polyimide, Cyanate Ester), Manufacturing Process, End-use Industry (Aerospace & Defense, Transportation, Electrical & Electronics), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the High Temperature Composite Resin Market is estimated at USD 753.5 million in 2018 and is projected to reach USD 1,180.8 million by 2023, at a CAGR of 9.4% between 2018 and 2023.
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The High Temperature Composite Resin Market is driven by the increasing demand for high temperature composites from industries such as aerospace & defense, transportation, and electrical & electronics. In addition, the introduction of stringent safety standards in public transportation, CAFE norms, and increasing demand for thermal- and FST-resistant composite resins from rail & aircraft interiors and aircraft and automobile engines is also driving the demand for these resins.
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Lay-up was the largest manufacturing process of the market in 2018.
The lay-up process includes hand lay-up, spray-up, automated tape laying, and automated fiber placement processes, and is the leading manufacturing process for high temperature composite resins in terms of value, owing to the developed aerospace & defense industry and recovery of the marine industry globally. This process is used for designing simple enclosures and lightly loaded structural panels because it provides orientation of fibers that can be controlled as needed so that they can absorb maximum stresses to which they are subjected.
Aerospace & defense is estimated to be the largest end-use industry segment of the High Temperature Composite Resin Market in 2018.
The demand for lightweight and thermal resistant parts has given an edge to high temperature composite resins due to its improved properties and reduced curing time. The increased use of high temperature composite components in interiors, engine parts, and outer structures of aircraft, missiles, and satellites is driving the growth of the High Temperature Composite Resin Market. The use of high temperature composite resin composite resin in interior components of aircraft leads to the production of lightweight aircraft with improved engine efficiency, reduction in CO2 emissions, and superior performance. It also enables aircraft manufacturers to meet public safety norms.
North America is estimated to be the largest market for high temperature composite resin in 2018.
The North American region is expected to be the fastest-growing market for high temperature composite resins globally between 2018 and 2023 due to the increased demand from aerospace & defense and transportation industries. Stringent safety regulations in this region, especially in the US, have helped the High Temperature Composite Resin Market to grow in the transportation and aerospace & defense application segment. The demand for high temperature composite resins in aerospace & defense is high owing to the presence of the largest aircraft manufacturers Boeing and Lockheed Martin in the country. The use of high temperature composite resins in fighter jets is rising significantly in the region owing to the high defense budget of the US.
Some of the key players operating in the High Temperature Composite Resin Market include Huntsman International (US), Hexion (US), Hexcel Corporation (US), Royal TenCate (Netherlands), Sumitomo Bakelite (Japan), and Arkema (France). These players have adopted various organic and inorganic strategies over the last five years to achieve growth in the High Temperature Composite Resin Market.
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