Cyanate Ester Resins Market Size & Share, by Type (Bisphenol-based, Novolac-based); Application (Composite, Adhesives); End-user (Airplanes & Defense, Automotive, Electronics) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4407
  • Published Date: Apr 13, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Cyanate Ester Resins Market size is estimated to cross USD 500 Million by the end of 2035, growing at a CAGR of 11% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of cyanate ester resins was over USD 340 Million. The rising utilization of cyanate ester resins and different types of polymers in several end-user industries owing to their excellent thermal resistance properties, dielectric properties, and good flame retardancy is the major factor in the robust growth of the market during the assessment period.

Properties of cyanate ester resins such as excellent strength, lower moisture absorption, and enhanced electrical properties as compared with other resins are the major factor for their high utilization rate in various end-use industries.

Furthermore, it has other advantages such as high resistance power against heat and harsh reactions along with flexibility and robustness which makes it a preferred option for electronics and automobiles that require strong materials for smooth and effective operation for years. All these properties & advantages are creating numerous expansion opportunities for the market.


Cyanate Ester Resins Market
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Cyanate Ester Resins Sector: Growth Drivers and Challenges

Growth Drivers

  • Increasing Demand and Production of Vehicles – As economies grow, so does the demand for lightweight, fuel-efficient vehicles. According to the International Organization of Motor Vehicle Manufacturers (OICA), global vehicle sales increased to 56 million in 2021 from 53 million in 2020. In contrast, global vehicle production reached 57 million in 2021. Cyanate ester resin, a versatile component with many added benefits such as high mechanical strength, increased durability, and resistance to harsh conditions, is used in many automotive components such as race car exhausts, brakes, and others. As a result, rising vehicle demand and production are expected to boost the utilization rate of cyanate ester resins in the automotive sector over the next few years.
  • Growth in the Electronics Sector – Since cyanate ester resins are good electrical conductors and increase the durability of the products, they are frequently used in the production of electrical goods and electronics. As a result, the rapid growth of the electronics industry and the high demand for electronic goods among the world's population are anticipated to have a positive impact on the expansion of the global market. 

Challenges

  • High Processing and Manufacturing Costs – Cyanate ester resins are unique and distinct from other types of resins available in the market. As a result, the cyanate ester resin manufacturing process necessitates significant investment, raising manufacturing costs.  The finished product's price rises, making it less affordable to industries with limited financial resources. Over the forecast period, these factors are expected to stifle market growth.
  • Fluctuation in Prices of Raw Materials
  • Issues Related to Reusability and Recyclability

Cyanate Ester Resins Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~11%

Base Year Market Size (2022)

~ USD 340 Million

Forecast Year Market Size (2035)

~ USD 500 Million

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Cyanate Ester Resins Segmentation

End-Use Industry (Airplanes & Defense, Automotive, Electrical & Electronics)

The automotive segment is poised to hold 38% share of the cyanate ester resins market by the year 2035. The prospering automotive industry along with the rising preference for connected vehicles and autonomous cars and the rising demand for cyanate ester resins for efficient vehicles is predicted to bolster the segment value. It was estimated by 2025, there will be almost 470 million connected cars on the roads of the world.

As the usage of cyanate ester resins helps in reducing the overall weight of the vehicle and increasing the durability as compared with steel, the recent high demand for automobiles is anticipated to increase the demand for cyanate ester resins to provide extra protective layers to new vehicles.

Application (Composite, Adhesives)

The adhesives segment in the cyanate ester resins market is set to generate the largest revenue share of 45% in the year 2035. The primary reason for segment growth is the high versatility of ester resins in adhesives applications. It is used for a variety of applications including space crafts, aircraft, missiles, antennae, radomes, microelectronics, and microwave products.

Moreover, adhesives have been highly used in electronic products owing to their advantages which are considered to be another growth factor for segment expansion during the projected years.

Our in-depth analysis of the global market includes the following segments:

           Type

  • Bisphenol-based
  • Novolac-based

           Application

  • Composite
  • Adhesives

          End Use Industry

  • Airplanes & Defense
  • Automotive
  • Electrical & Electronics

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Cyanate Ester Resins Industry - Regional Synopsis

North American Market Forecast

The cyanate ester resins market in North America is poised to account for the largest share of 35% by the end of 2035 as a result of the growth of the chemical industry in countries such as the United States, which is a positive indicator of the increased production rate of cyanate ester resins in the upcoming years with their growing applications in spacecraft, aircraft, and missiles. According to recent reports, the chemical industry generated nearly USD 550 billion in revenue in the United States in 2019.

APAC Market Statistics

The Asia Pacific cyanate ester resins market is estimated to be the second largest, registering a share of about 24% by the end of 2035, owing to the increased investment in research and development activities to introduce high-quality cyanate ester resins in emerging nations such as China. Also, the rising favorable government initiatives encouraging major key players in the region to produce advanced materials such as ester resins with its rapidly augmenting demand in the various end-use industries in the region including chemical, and automotive, is anticipated to bring lucrative growth opportunities for the market shortly.

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Cyanate Ester Resins Market Size
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Companies Dominating the Cyanate Ester Resins Landscape

top-features-companies
    • Lonza Group Ltd.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Hexcel Corporation
    • Henkel AG & Co. KGaA
    • Argosy International Inc.
    • Huntsman International LLC
    • Mitsubishi Gas Chemical Company Inc.
    • Toray TCAC Holding B.V
    • Solvay Group

In-the-news

In The News

  • Hexcel Corporation along with Spirit AeroSystems Europe has entered into a collaboration at its Aerospace Innovation Centre (AIC) to enhance aircraft manufacturing technologies for future aircraft production.
  • Lonza Group Ltd. has joined hands with Adva Biotechnology Ltd. which will enable the expansion of automated bioreactors globally.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 4407
  • Published Date: Apr 13, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The expanding cyanate ester uses in several end-use industries and elevating demand for cyanate ester composites for high-temperature structural applications are the major factors driving the growth of the market.

The market size of cyanate ester resins is anticipated to attain a CAGR of 11% over the forecast period, i.e., 2023-2035.

The major players in the market are Lonza Group Ltd., Hexcel Corporation, Henkel AG & Co. KGaA, Argosy International Inc., Huntsman International LLC, Mitsubishi Gas Chemical Company Inc., Toray TCAC Holding B.V, Solvay Group, Novoset, LLC, TenCate Protective Fabrics.

The automotive segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
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