by Cyanate ester resins offer properties like high heat resistance, good moisture resistance and excellent dielectric properties which make them suitable for use in applications like radomes, airframe structures and electronic circuit boards in aircrafts. Cyanate ester resins are thermosetting polymers that cure at high temperatures to form a hard plastic. They have high glass transition temperature which makes them suitable for use even in severe operating conditions like high-speed aircrafts and space vehicles. The resins exhibit properties like excellent dimensional stability, good mechanical strength and electrical properties. They do not soften or deform when exposed to high temperature.
The global Cyanate Ester Resins Market is estimated to be valued at US$ 600 million in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights. The increasing demand for civilian and military aircrafts across regions like Asia Pacific, North America and Europe is driving the demand for cyanate ester resins in aerospace industry. They are used to make radome, airframe components, electronic circuit boards and other structural parts of aircrafts where lightweight, high strength and withstand extreme temperatures are key requirements.
Market key trends:
One of the major trends in Cyanate Ester Resins Market Demand is the adoption of the resins in wind energy industry. Cyanate ester resins are gaining popularity in manufacturing wind turbine blades as they offer properties like high mechanical strength, heat resistance and good dielectric strength. The increasing installation of wind turbines across regions is fueling the demand for large composite wind turbine blades. cyanate ester resins provide enhanced fatigue resistance and strength to the blades, allowing them to withstand high wind speeds and wide temperature variations over long usage periods. This is expected to boost the consumption of cyanate ester resins in wind energy applications over the forecast period.
Porter’s Analysis
Threat of new entrants: Low-moderate as it requires high capital investment to set up new manufacturing facilities.
Bargaining power of buyers: Low due to presence of established players like Huntsman Corporation and Lonza. Additionally, suppliers have control over pricing and product differentiation.
Bargaining power of suppliers: Moderate as a few large suppliers dominate the market. Buyers can choose from different raw materials.
Threat of new substitutes: Low as cyanate ester resins have properties superior to epoxies and polyesters in high temperature applications.
Competitive rivalry: High due to presence of global players and developing Asia Pacific region attracting new entrants. Players focus on new product development and offshore expansion.
Key Takeaways
The Global Cyanate Ester Resins Market is expected to witness high growth over the forecast period.
Regional analysis indicates that the Asia Pacific region dominates the market and is expected to grow at the fastest rate due to increasing demand from the aerospace and defense industries in countries like China and India.
Key players operating in the cyanate ester resins market are Huntsman Corporation, Lonza, Henkel AG & Co. KGaA, and Hexcel Corporation. Huntsman Corporation is a leading manufacturer and provider of cyanate ester resin and prepregs for aerospace composites globally. Lonza supplies Derakane resins for demanding aerospace and industrial applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
