Cyanate Ester Resins Market
This report, from Stratview Research, studies the cyanate ester resins market over the trend period of 2012 to 2017 and forecast period of 2018 to 2023. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
The Cyanate Ester Resins Market: Highlights
The global cyanate ester resins market is projected to grow at an impressive rate of 6.3% during the forecast period. Cyanate ester resin currently accounts for a minuscule share of the total composite resins market but is likely to witness a higher CAGR (6.3% vs 4.7%) over the next five years. Cyanate ester resins offer excellent strength and toughness, better electrical properties, high-temperature resistance, and lower moisture absorption. Their high-temperature-resistant properties are similar to BMI and polyimide resins when they are formulated correctly. They find use for a host of applications including antennae, radomes, wings, microelectronics and microwave products in the aerospace & defense and electrical & electronics industries. All these factors are proliferating the demand for cyanate ester resins in the global market.
Based on the end-use industry type, the cyanate ester resins market is segmented into Aerospace & Defense, Electrical & Electronics, and Others. Aerospace & Defense is expected to remain the largest consumer of cyanate ester resins during the forecast period. The industry is also likely to witness the highest growth during the same period. Cyanate ester resin is gaining grounds in manufacturing composite parts for aircraft and spacecraft, owing to its high-temperature resistance property. Spacecraft and missiles are the major users of cyanate esters in the aerospace & defense industry. The resin type is also finding usage in wings of military aircraft.
Based on the application type, the cyanate ester resins market is segmented into Composites, Adhesives, and Others. Composites accounted for the largest share of the global cyanate ester resin market in 2017 and will continue to surge ahead during the forecast period. Composites have been successful in marking their presence in most of the end-use industries in almost all types of applications including high-temperature-resistant applications. Various resins, such as cyanate esters, BMI, and polyimides, have been gaining market traction in high-temperature composite applications. Cyanate esters are increasingly used for the fabrication of structural applications of spacecraft and missiles.
Based on regions, North America is expected to remain the largest market for cyanate ester resins during the forecast period. The region is the world’s manufacturing capital of aerospace & defense industry with the presence of many large-to small-sized OEMs, tier players, cyanate ester resin suppliers, distributors, and raw material suppliers. The USA not only leads the cyanate ester resin market in North America, but also globally.
Asia-Pacific is a relatively small market but is estimated to be the fastest-growing one during the same period, primarily driven by China and Japan. Upcoming aircraft programs, such as COMAC C919 and Mitsubishi MRJ, increasing presence of major aircraft OEMs, such as Boeing and Airbus, and increasing demand for military aircraft are some of the factors driving the demand for composites including cyanate ester resins. The region is the manufacturing capital of electrical & electronics industry, owing to low-cost labor, excellent infrastructure, developed supply chain, and availability of low-cost materials. All these factors are contributing towards a significant growth of the cyanate ester resins' demand in the region.
The supply chain of this market comprises raw material suppliers, resin manufacturers, tier players, OEMs, and end-users. Major cyanate ester resin manufacturers are Lonza Group, Huntsman Corporation, Henkel AG & Company, Cytec Solvay Group, Hexcel Corporation, and TenCate Advanced Composites. New product development, regional expansion, and development of long-term relationships with tier players are some of the key strategies adopted by the major players to gain a competitive edge in the market. Most of the major players are developing low-temperature-resistant cyanate esters at a reduced cost targeting high-temperature composite applications, especially aerospace & defense industry.
Companies have resorted to strategies, such as mergers & acquisitions, to uplift their existing customer base in the market. Key companies functional in this market focus on providing tailor-made products and enhance their presence in emerging markets. Solvay S.A. successfully completed the acquisition of Cytec Industries in 2015. This acquisition strengthened Solvay's position in the advanced composites business. This also led to entry of the company in the cyanate ester resin market.
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 500 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We usually conduct more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The cyanate ester resins market is segmented into the following categories.
Global Cyanate Ester Resins Market by End-Use Industry Type:
Global Cyanate Ester Resins Market by Application Type:
Global Cyanate Ester Resins Market by Region:
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