Cyanate Ester Resin Market Projected to Reach 338.8 Million USD by 2022
According to the market research report "Cyanate Ester Resins Market by End-Use Industry (Aerospace & Defense, Electrical & Electronics), Application (Composites, Adhesives), and Region (North America, Europe, APAC, MEA, and South America) - Global Forecast to 2022", The global cyanate ester resin market is estimated at USD 195.2 Million in 2017 and is projected to reach USD 338.8 Million by 2022, at a CAGR of 11.7% from 2017 to 2022.
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Cyanate ester resins are used across various end-use industries. They have various applications, such as rubber compounding, glass & ceramics, and pharmaceuticals, due to their excellent properties such as high heat resistance, high strength-to-weight ratio, durability, low shrinkage, flame resistance, low smoke generation, UV stable, and corrosion and chemical resistance.
Aerospace & defense is estimated to be the largest end-use segment of the global cyanate ester resins market between 2017 and 2022.
Among various end-use industries, aerospace & defense is estimated to be the largest end-use industry of the global cyanate ester resin market. Cyanate ester resins are extensively used in the radome application in the aerospace & defense industry. They are also used in manufacturing of air ducts, racing cars, and some critical electrical components close to automobile engines.
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Composites is projected to be the largest and fastest-growing application segment in the global cyanate ester resin market.
Composites application segment is projected to be the fastest-growing segment of the cyanate ester resin market between 2017 and 2022. In a composite part, resins bind fibers together, allowing loads to be transferred between the fibers and preventing adverse effects caused by extreme weather conditions, water, or chemicals. Cyanate ester composites have various uses in aerospace & defense aircraft internal and structures, electronic components, and automotive parts. Increasing use of composites in aircraft manufacturing to reduce overall weight of aircraft is expected to drive the cyanate ester resin market for composites application.
Rising demand for cyanate ester resins in North America contributes to the high growth of this market.
In 2016, North America accounted for the largest share of the global cyanate ester resins market and is expected to grow at the highest CAGR between 2017 and 2022, in terms of value. Currently, the US is the largest market for cyanate ester resins in North America and is expected to continue to lead till 2022. In the US, the demand for cyanate ester resins is expected to increase due to the large aerospace & defense industry, growing use of cyanate ester resins in high end applications, and economic growth. The use of cyanate ester resins is increasing in the aerospace & defense end-use industry because they provide more structural strength than the metallic alloys when used as composite with other materials, low dielectric constant, and are also light in weight. This leads to improved fuel efficiency and performance of aircraft. Cyanate ester resins are commonly used in aerospace radomes.
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Key companies profiled in the global cyanate ester resins market research report include Lonza (Switzerland), Huntsman (US), Cytec Solvay Group (US), Henkel (Germany), Tencate Advanced Composites (Netherlands), and others
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