Cyanate Ester Resins Market

Cyanate Ester Resins Market Size (2023-2028):

The cyanate ester resins market is predicted to grow from USD 195.6 million in 2022 to USD 338.4 million by 2028, with a CAGR of 11.2% between 2023-2028

The growing call for resins for the aerospace and defense industry is a major market driver for cyanate ester resins. This growing call is due to its use in various structural thermosetting composite parts employed in Boing and Airbus aircraft and the escalating call for fuel-efficient vehicles. Cyanate ester resins provide exceptional hardness and strength with enhanced electrical features. Cyanate ester resins provide high performance even at high temperatures. Its performance is often compared to that of bismaleimide and polyimide resins. Cyanate ester resins are employed in a wide range of applications, including aircraft, spacecraft, antennas, missiles, microwave products, and microelectronics. Cyanate esters are formed by reacting hydrocyanic acid and bisphenol esters. This reaction forms cyclotrimerization to produce more triazine rings during a second cure. Cyanate ester resins are preferred because they harden more easily during a reaction than other epoxies. Several characteristics of cyanate ester resins, such as heat resistance, high impact resistance, hot moisture property, and good dielectric properties, are preserved in composites made from cyanate ester resins.

Worldwide, the worldwide market for cyanate ester resins is predicted to register robust expansion on the predicted path. North America is predicted to have a dominant share of the worldwide market for cyanate ester resins. Escalating R&D investments in the aerospace and defense industry to develop various innovative and advanced materials to reduce overall weight and increase aircraft and spacecraft's thermal stability.

Cyanate Ester Resins Market Drivers:

Automobile production has escalated by 15% since 2010. The focus on reducing vehicle weight to reduce CO2 emissions has been a key trend in the industry. Automakers and OEMs are constantly looking for innovative materials to reduce vehicle weight and meet fuel efficiency and carbon emissions targets by implementing strict environmental standards and government regulations. Worldwide light vehicle production escalated to 50 million in 2015, from around 35 million in 2010, significantly driving the development and consumption of advanced materials such as composites to partially replace traditional materials such as steel. Cyanate ester resins are thermosetting resins that are employed to make composites. These compounds offer several structural and weight advantages over traditional steel and injection-molded automotive parts. They are employed as raw materials to manufacture various structural components, interior, exterior, and other automotive components, aircraft components, etc. Therefore, they are preferred by component manufacturers. Therefore, the escalating call for composite materials in various end-use industries is predicted to drive the market for cyanate ester resins.

Cyanate Ester Resins Market Restraints:

Problems relating to recyclability, moldability, and testing of cyanate ester resins and the high-making cost are restraining the call in mass production uses like in automotive and wind energy businesses. 

Opportunities in the Cyanate Ester Resins Market:

The growing call for high-temperature resins from the aerospace and defense industry is a major factor driving the cyanate ester resin market expansion. This can be attributed to using these resins in various pieces of structural thermosetting composite material. Cyanate esters have the property of resisting high temperatures. The resin type is also employed in the wings of military aircraft. The escalating call for cyanate ester resins from composite materials for the manufacture of parts and components of aircraft, missiles, spacecraft, microelectronics, and antennas, among others, has dramatically driven the expansion of the market around the world.

Challenges in the Cyanate Ester Resins Market:

High R&D costs and reduced curing time when making composites are some of the market challenges.

CYANATE ESTER RESINS MARKET REPORT COVERAGE:

Cyanate Ester Resins Market Segmentation:

Cyanate Ester Resins Market - By End-Use:

• Aerospace & Defense

• Electrical & electronics

Based on the end-use industry, the aerospace and defense segment is predicted to experience the highest CAGR expansion between 2021 and 2026. Cyanate ester resins are employed as a functional material in random applications in the aerospace industry. They are also employed in other internal and external parts of airplanes. 

Cyanate Ester Resins Market - By Application:

• Composites

• Adhesives

In 2021, the composite applications segment accounted for most of the worldwide market for cyanate ester resins and is predicted to continue to dominate over the foreseen period. With the growing call for composites in various applications in aerospace, defense, automotive, electronics, and other industries, the call for cyanate ester resins in the composites segment is likely to increase considerably in the coming years.

Cyanate Ester Resins Market - By Region:

 The Cyanate Ester Resins Report includes the segmentation of Regions

•  North America 

•  Europe 

•  Asia Pacific 

•  Latin America 

•  Middle East & Africa 

North America is expected to have the highest shares of the market. Currently, the United States is the largest market for cyanate ester resins in North America and is predicted to continue to dominate through 2026. In this region, the call for cyanate ester resins is predicted to increase due to the large aerospace and defense industry's escalated use of cyanate ester resins in high-end applications and economic expansion. The use of cyanate ester resins is growing in the aerospace and defense industry because they offer more structural strength than metal alloys when employed as composites with other materials, have a low dielectric constant, and are also lightweight.

The rapid expansion of defense and aerospace vessel safety in countries such as the United States and Canada is one of the main drivers of worldwide market call expansion for cyanate ester resins. North America is predicted to be the largest market for cyanate ester resins and is predicted to grow at a high CAGR, in value terms, during the foreseen period. However, APAC is predicted to be the fastest-growing market for cyanate ester resins. Rapid population expansion and escalated defense spending are driving the aerospace and defense industry in the APAC region, which is predicted to drive the market for cyanate ester resins during the period.

Impact of Covid-19 on Cyanate Ester Resins Market:

COVID-19 is a deadly disease that disrupted the global economy. The novel coronavirus disease has spread around 203 countries where it is declared a pandemic by WHO. Governments have imposed lockdown restrictions to curb the transmission of the disease. Due to these guidelines, all the companies were closed, which impacted market shares negatively. All the shares declined during this period. However, the market shares are going to fall into the previous state as all the activities resumed in the last months of 2020. The cyanate ester resins market shares are deemed to have significant growth opportunities in the coming years. 

Recent Developments:

In 2020, Formlabs introduced a family of hard resins and introduced two new resins. One of its greatest strengths is stereolithography (SLA) 3D printing's ability to support a wide range of materials. As Formlabs adds more and more resins to our library, the number of applications and use cases increases.

Cyanate Ester Resins Market Key Players:

The major players covered in the cyanate ester resins market report are 

1. NOVOSET
2. ARGOSY INTERNATIONAL
3. Composite Technology Development, Inc
4. Associate Industries Inc.
5. CRG.
6. DeltaWing Manufacturing
7. Royal Adhesives & Sealants
8. InnoMat GmbH
9. Technology Marketing Inc.
10. Tango Engineering, Solvay
11. NanoSperse
12. Moldex Composites Pvt Ltd
13. JFC Technologies LLC