Cyanate Ester Resin Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for cyanate ester resin is expected to grow at a CAGR greater than 5% globally during the forecast period. Growing demand for the composites from the aerospace & defense industry and superior characteristics compared to other resins are driving the market growth. On the flip side, higher production costs coupled with unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.

Key Highlights

• The cyanate ester resin market is expected to grow during the forecast period owing to the growing demand from the defense industry.
• Asia-Pacific region dominates the market across the globe with the largest consumption from countries such as India and China.

Key Market Trends

Growing Demand from the Aerospace & Defense Industry

• Cyanate ester resin is widely used in manufacturing composites for the aerospace & defense industry and is expected to grow rapidly during the forecast period.
• Cyanate ester resin is a thermoset resin containing repeated -OCN groups and a three-dimensional network, manufactured from cyanic acid and bisphenol A. They have a very high glass transition temperature of about 400°C. Because of their low dielectric constant and resistance to temperatures they are often used in printing circuit boards.
• Moreover, due to low moisture absorption than epoxies and flame retardant properties, they exhibit superior mechanical properties over a large temperature range and are suitable for a variety of composites in the aerospace & defense sector.
• In addition to that, cyanate ester resin possesses superior characteristics such as lightweight, high stability, high-temperature resistance, and excellent 3-D moldability which makes them more suitable for aerospace applications.
• The United States government has proposed USD 750 billion for defense spending as part of its budget for the year 2020. The growing defense investments are expected to drive the market for cyanate ester resin during the forecast period.
• The United States, aerospace & defense industry generated a revenue of about USD 929.5 billion through sales in 2018, thereby achieving a 4.17% growth from the previous year. The commercial aerospace segment has generated a revenue of about USD 318 billion. The growing demand from the Asia-Pacific region for the new aircrafts is driving the United States aerospace industry.
• The increase in demand for light-weight composites from the aerospace & defense industry drives the growth of the cyanate ester resin market during the forecast period.

Asia-Pacific Region to Dominate the Market

• Asia-Pacific region is expected to dominate the market for cyanate ester resin during the forecast period as a result of the increase in demand from transportation, aerospace & defense industries in countries like India and China.
• The increasing use of light-weight composites in aerospace and defense aircraft is expected to drive the market for cyanate ester resin because of their excellent strength, durability, stiffness, and resistance to heat and high temperatures.
• China has allocated about USD 177.5 billion for the defense sector for the financial year 2019-20. However, the Stockholm International Peace Research Institute (SIPRI) estimates that original China defense funding is around USD 250 million. Moreover, China’s defense budget constitutes to about 48% of total Asia’s expenditure in defense.
• In the union budget 2019-20, India allocated about USD 61.96 billion for the developments in the defense sector. The increase in investments in the defense sector from India and China is expected to drive market growth during the forecast period.
• Additionally, cyanate ester resins are used in manufacturing of structural and semi-structural composites in transportation industry. With China and India being leading manufactures of automotives with a total production of about 30.2 million vehicles for the year 2019, with a decrease of 7.5% and 12% in production respectively. However, the growing green initiatives combined with the success of electrical and hybrid vehicles is expected to drive the market.
• The aforementioned factors, coupled with government support, are contributing to the increasing demand for the cyanate ester resin market during the forecast period.

Competitive Landscape

The global cyanate ester resin market is partially fragmented with players accounting for a marginal share of the market. Few companies include Huntsman International LLC, Hexcel Corporation, INC., Solvay, Toray Advanced Composites, and MITSUBISHI GAS CHEMICAL COMPANY, INC.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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