— Cyanate Ester Resins Market size is forecast to reach $423.33 million by 2026, after growing at a CAGR of 9.5% during 2021-2026. Cyanate ester is a chemical compound in which the hydrogen atom of the phenol OH group is replaced by the cyanide group. Cyanate ester resins offer good processing characteristics, high-temperature stability, excellent toughness, very low water absorption, and strength with improved electrical conductivity. Thus, due to these properties and the growing demand for high-temperature-resistant resins for manufacturing aerospace & defense and medical equipment is driving the market growth. As cyanate ester resins have utility in a variety of thermosetting polymers, composite plastics, and novolac derivatives. The developing transportation sector in the emerging nations is also driving the market growth.
Cyanate Ester Resins Market Segment Analysis - By Type
Bisphenol-Based Cyanate Ester Resin segment held the largest share of more than 35% in the Cyanate Ester Resins Market in 2020. The Bisphenol-grade Cyanate Ester Resin has properties like low viscosity, low moisture uptake, superior mechanical, excellent thermal stability, low water absorption, low dielectric constant, and dissipation factor. These properties of Bisphenol makes them suitable to use in spacecraft, aircraft, missiles, antennae, Radomes, microelectronics, and microwave products.
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Cyanate Ester Resins Market Segment Analysis - By Form
Liquid segment held the largest share of more than 40% in the Cyanate Ester Resins Market in 2020. Cyanate Ester Resins in liquid form have a relatively high glass transition temperature level of over 400-degree centigrade and have low viscosity compared to solid form. Hence, liquid forms are used in high-temperature applications like electronic chip adhesives, encapsulants, and thermal interface materials. Whereas, liquid form cyanate ester resins are also widely used for manufacturing industrial composites for telecommunication & appliances, industrial equipment & machinery, automobile parts, ballistics, aerospace, and oil and gas. Thus, any industrial growth is likely to drive market growth.
Cyanate Ester Resins Market Segment Analysis - By Application
Composite & Compound segment held the largest share of more than 40% in the Cyanate Ester Resins Market in 2020. The composites materials like carbon fiber and glass fiber are used in various applications from manufacturing aerospace components to automotive parts. Cyanate ester resins are used to enhance the properties of these composites-based products like low dielectric constant, high strength, easy processability, and enhance durability. Whereas, the uses of thermosetting polymer, composite plastics, and novolac derivatives also offer many structural and weight advantages over traditional steel and injection molded automotive parts.
Cyanate Ester Resins Market Segment Analysis - By End-Use Industry
The Defense & Aerospace segment is projected to witness a significant growth of 7.4% in the Cyanate Ester Resins Market during the forecast period. Cyanate ester resins are used as a functional material in the aerospace and defense industry. Cyanate Ester Resins are used in the internal and external parts of aircraft, missiles, rockets, and radars. Cyanate Ester Resins possess properties like lightweight, high strength, excellent performance in high temperature, and 3D moldability, that makes them highly suitable to use across various aerospace & defense application.
Cyanate Ester Resins Market Segment Analysis - By Geography
Asia-Pacific segment is projected to witness the highest CARG of 11.4% in the Cyanate Ester Resins Market during the forecast period. China, Japan, South Korea, and India are the major countries in the market. The increase in demand for electronic and energy needs and consumer applications are driving the market growth in this region.
Cyanate Ester Resins Market Drivers
Increasing Demand for Cyanate Ester Based Composite Material
Cyanate Ester Based Composite Material is excellent to work with, and are being widely used in several industry like aerospace, automotive, electric, and construction. Cyanate Ester Resins are used as additives to enhance the performance of composite plastic. Increasing demand for cyanate ester-based composite plastic across various industrial applications is driving the cyanate ester resin market. Cyanate Ester based composites have high strength, workability, better thermal conductivity & high-temperature resistance, better moldability, and resistance to chemicals, which makes them suitable to use in various applications like aerospace, defense hardware, satellites, space shuttles, automobile engine component, and wind turbines.
Superior properties of Cyanate ester resins and the growing demand for Light Weight Products drive the market growth
Cyanate ester resin provide good electric conductivity, provide high strength & high durability with lightweight and provide excellent strength. Due to these properties, Cyanate Ester Resins used for high-temperature composites plastic, thermosetting polymer, and novolac derivatives also drive the market growth and adhesive applications, which are lighter in weight but have high strength, and make them fuel efficient.
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Cyanate Ester Resins Market Challenges
Decline in the aviation industry and slow growth rate in automobile sales
The COVID-19 pandemic continues to unfold every day with a severe impact on people, communities, and businesses. The growth in several industries will be impacted significantly. The growing pandemic situation has led to the weakening demand for Cyanate Ester Resins due to a sharp decline in the aviation industry and slow growth rate in the automobile sales, which is hindering the growth of cyanate ester resin market.
Cyanate Ester Resins Market Landscape
Major players in the Cyanate Ester Resins Market are Tencate Advanced Composites, Zoltek, Argosy International Inc., Novoset, Esterline Technologies Corp., Lonza, Huntsman Corp., Cytec Solvay Group, Gurit Holding AG., Kuraray Co., Ltd., and among others.
In May 2020, Huntsman Corp. announced the acquisition of CVC Thermoset Specialties, a North American specialty chemical manufacturer serving the industrial composites, adhesives, and coatings markets. The acquisition will enhance Huntsman product portfolio of composite and adhesives used in a wide range of applications and markets.
Key Take away
North America is projected to witness the significant growth in the market due to the demand in aerospace and medical industry, especially in the United States.
Covid 19 has impacted the global aviation industry, which hampers the growth of Cyanate Ester Resins market.
The issue related to the recyclability, and re-moldability of cyanate ester resin is also deterring the market's growth.
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