Cyanate ester resin currently accounts for a minuscule share of the total composite resins market but is likely to witness a higher CAGR (6.3% vs 4.7%) over the next five years. Cyanate ester resins offer excellent strength and toughness, better electrical properties, high-temperature resistance, and lower moisture absorption. Their high-temperature-resistant properties are similar to BMI and polyimide resins when they are formulated correctly. They find a use for a host of applications including antennae, radomes, wings, microelectronics and microwave products in the aerospace & defense and electrical & electronics industries. All these factors are proliferating the demand for cyanate ester resins in the global market.
Cyanate Ester Resins Market - Insights by End-Use-Industry TypeBased on end-use industry type, the cyanate ester resins market is segmented into Aerospace & DOBBY Fabric Manufacturers Defense, Electrical & Electronics, and Others. Aerospace & Defense is expected to remain the largest consumer of cyanate ester resins during the forecast period. The industry is also likely to witness the highest growth during the same period. Cyanate esters are gaining grounds in manufacturing composite parts for aircraft and spacecraft, owing to their properties of high-temperature resistance. Spacecraft and missiles are the major users of cyanate esters in the aerospace & defense industry.
The resin type is also finding usage in wings of military aircraft.Cyanate Ester Resins Market - Insights by Application TypeBased on the application type, the cyanate ester resins market is segmented into Composites, Adhesives, and Others. Composites accounted for the largest share of the global cyanate ester resin market in 2017 and will continue to surge ahead during the forecast period. Composites have been successful in marking their presence in most of the end-use industries in almost all types of applications including high-temperature-resistant applications. Various resins, such as cyanate esters, BMI, and polyimides, have been gaining the market traction in high-temperature composite applications. Cyanate esters are increasingly used for the fabrication of structural applications of spacecraft and missiles.
Cyanate Ester Resins Market - Insights by RegionBased on the regions, North America is expected to remain the largest market for cyanate ester resins during the forecast period. The region is the world’s manufacturing capital of the aerospace & defense industry with the presence of many large-to small-sized OEMs, tier players, cyanate ester resin suppliers, distributors, and raw material suppliers. The USA not only leads the cyanate ester resin market in North America but also globally. Asia-Pacific is a relatively small market but is estimated to be the fastest-growing market during the same period, primarily driven by China and Japan. Upcoming aircraft programs, such as COMAC C919 and Mitsubishi MRJ; increasing presence of major aircraft OEMs, such as Boeing and Airbus, and increasing demand for military aircraft are some of the factors driving the demand for composites including cyanate ester resins.
The region is the manufacturing capital of electrical & electronics industry, owing to low-cost labor, excellent infrastructure, developed supply chain, and availability of low-cost materials. All these factors are contributing towards a significant growth of the cyanate ester resins market in the region.The supply chain of this market comprises raw material suppliers, resin manufacturers, tier players, OEMs, and end-users. The key cyanate ester resin manufacturers are Lonza Group, Huntsman Corporation, Henkel AG & Company, Cytec Solvay Group, Hexcel Corporation, and TenCate Advanced Composites. New product development, regional expansion, and the development of long-term relationships with tier players are some of the key strategies adopted by the major players to gain a competitive edge in the market.
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