What is the future of Cyanate Ester Resins Market? Know Covid Impact on Size, Share & Forecasts
July 03, 2020
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Cyanate Ester Resins Market.
It was estimated prior to this unanticipated outbreak that the Cyanate Ester Resins Market was expected to grow at a CAGR of 6.3% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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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.
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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 fast 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.
Key Players:
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.