Cyanate Ester Resins Market - Forecast(2024 - 2030)

Report Code: CMR 27558 Report Format: PDF + Excel

Cyanate Ester Resins Market Overview

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 Report Coverage

The report: “Cyanate Ester Resins Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Cyanate Ester Resins Industry.

By Type: Bisphenol-Based (Bisphenol A Dicyanate, Bisphenol E Dicyanate, and Tetramethyl Bisphenol F Dicyanate), Novolac-Based, and Others.
By Form: Solid, Liquid, and Others.
By Application: Composite & Compounds (Glass Fiber, Carbon Fiber, and Others), Adhesives (Films, Paste, and Others), Polymer & Plastic, and Others.
By End-Use Industry: Transportation (Automotive, Locomotive, Marine, and Aviation), Energy (Solar, Wind, and Nuclear), Oil & Gas, Electric & Electronic, Defense, Pharmaceutical & Medical, Telecommunication, and Others.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Spain, Netherlands, Russia, Belgium, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia & New Zealand, Indonesia, Taiwan, Malaysia, and Rest of Asia Pacific), South America (Brazil, Argentina, Colombia, Chile, and the rest of South America), and RoW (Middle East and Africa)

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.

Figure: APAC Cyanate Ester Resins Market Revenue, 2020-2026 (US$ Million)

Cyanate Ester Resins Market

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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. The Bisphenol Based Cyanate Ester Resin has a peculiarly low viscosity at room temperature, 0.09–0.12 Pa·s, and has a high Tg, 274 °C. The Bisphenol Based cyanate ester is obtained in high yield from bisphenol A by using cyanogens chloride and base.

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. For instance, as per the Indian Brand Equity Foundation (IBEF) report in October 2020, the Indian automotive industry (including component manufacturing) is expected to reach Rs 16.16-18.18 trillion (around US$ 251.4–282.8 billion) by 2026. The growing uses of thermosetting polymer, composite plastics, and novolac derivatives also 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. Such as cost advantage, high-temperature resistance, excellent mechanical properties & weight reduction, hence these composites are majorly used in aerospace & defense, and automotive industries. Furthermore, any increase in demand for the aerospace components will boost the demand for such cyanate ester-based composite and in return will drive the cyanate ester resin market growth. For instance, according to Aerospace Industries Association (AIA) report released in 2020, the sale of American aerospace & defense equipment was $909 billion in 2019. Thus, the growth in the aerospace sector will further boost the growth of the cyanate ester resin market.

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. As per the Government of India (GOI), the defense sector in India has grown at a CAGR of 9.7% and is estimated to be $42.83 billion for 2017-2018, and the aerospace & defense industry is expected to reach around $70 billion by 2030. Therefore, growth in the aerospace & defense sector will further boost the cyanate ester resin market.

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 have very good processing characteristics, high-temperature stability, and very low water absorption as compared to epoxies and bismaleimides, and can be used as composites for encapsulants for microelectronics and printed circuit boards. Additionally, it also offers excellent strength and better electrical properties. Thus, the growth in the consumer electronics industry further drives the growth of this market in the APAC region. As per the Indian Brand Equity Foundation (IBEF) report in 2020, the Indian appliance and consumer electronics (ACE) market was Rs 76,400 crore (around US$ 10.93 billion) in 2019 and is expected to reach Rs 1.48 lakh crore (around US$ 21.18 billion) by 2025, which will provide a significant boost to the Cyanate Ester Resins Market in APAC the region during the forecasted period.

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. According to Space Foundation, a Non-Profit Organization report released in 2020, the global space industry valued at $423.8 billion in 2019, which was an increase of $9 billion from the previous year, which estimated to be $414.75 billion in 2018. Such, growth in the global Space industry will boost the demand for Cyanate Ester Resin Market.

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. These products are typically used in aerospace and space applications, automobiles, high-speed circuit boards, electronic chip adhesives and encapsulants, and syntactic foams. Whereas, the depletion of natural resources such as crude oil have forced the manufacturer to develop more energy efficient vehicles. Thus, the growing demand for lighter fuel-efficient and environment friendly vehicles are also driving the market growth. As per International Energy Agency report in 2020 (IEA), the sales of electric cars were 2.1 million units globally in 2019, an increase of 6% sales from 2018, and is expected to reach sales by 44 million vehicles per year by 2030. Thus, the growth in the electric vehicle market will provide a significant boost to the cyanate ester resin market.

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. Furthermore, the disruption of the global supply chain, lack of manpower, and lack availability of the other resources including in the manufacturing process further acts as a challenging factor to the growth of this market.

Cyanate Ester Resins Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Cyanate Ester Resins Market. 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.

Acquisitions/Technology Launches

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.

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1.Cyanate Ester Resins Market- Market Overview
    1.1 Definition and Scope
2. Cyanate Ester Resins Market- Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key Trends by Type
    2.3 Key Trends by Form
    2.4 Key Trends by Application
    2.5 Key Trends by End-Use Industry
    2.6 Key Trends by Geography
3. Cyanate Ester Resins Market- Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Company Benchmarking- Major Companies
    3.3 Major 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASP’s Will Be Provided)
4. Cyanate Ester Resins Market - Startup companies Scenario Premium Premium
    4.1 Major startup company Analysis
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product Portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Cyanate Ester Resins Market– Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case studies of successful ventures
    5.4 Customer Analysis - Major companies
6. Cyanate Ester Resins Market- Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of substitutes
7. Cyanate Ester Resins Market -Strategic analysis
    7.1 Value/Supply chain analysis
    7.2 Opportunities analysis
    7.3 Market life cycle
    7.4 Distributors Analysis – Major Companies
8. Cyanate Ester Resins Market– By Type (Market Size -US$ Million/Billion)
    8.1 Bisphenol-Based
        8.1.1 Bisphenol A Dicyanate
        8.1.2 Bisphenol E Dicyanate
        8.1.3 Tetramethyl Bisphenol F Dicyanate
    8.2 Novolac-Based
    8.3 Other
9.Cyanate Ester Resins Market– By Form (Market Size -US$ Million/Billion)
    9.1 Solid
    9.2 Liquid
    9.3 Others
10. Cyanate Ester Resins Market– By Application (Market Size -US$ Million/Billion)
    10.1 Composites & Compounds
        10.1.1 Glass Fiber
        10.1.2 Carbon Fiber
        10.1.3 Others
    10.2  Adhesives
        10.2.1 Paste
        10.2.2 Films
        10.2.3 Others
    10.3 Polymer & Plastic
    10.4 Others
11. Cyanate Ester Resins Market - By End-Use Industry(Market Size -US$ Million/Billion)
    11.1 Transportation
        11.1.1 Automotive
        11.1.2 Locomotive
        11.1.3 Marine
        11.1.4 Aviation & Aerospace
    11.2 Energy
        11.2.1 Solar
        11.2.2 Wind
        11.2.3 Nuclear
    11.3 Oil & Gas
    11.4 Electric & Electronic
    11.5 Defense
    11.6 Pharmaceutical & Medical
    11.7 Telecommunication
    11.8 Others
12. Cyanate Ester Resins Market - By Geography (Market Size -US$ Million/Billion)
    12.1 North America
        12.1.1 USA
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 UK
        12.2.2 Germany
        12.2.3 Italy
        12.2.4 France
        12.2.5 Russia
        12.2.6 Spain
        12.2.7 Netherlands
        12.2.8 Belgium
        12.2.9 Rest of Europe
    12.3 Asia Pacific
        12.3.1 China
        12.3.2 India
        12.3.3 Japan
        12.3.4 South Korea
        12.3.5 Australia & New Zealand
        12.3.6 Indonesia
        12.3.7 Taiwan
        12.3.8 Malaysia
        12.3.9 Rest of Asia Pacific
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Colombia
        12.4.4 Chile
        12.4.5 Rest of South America
    12.5 RoW
        12.5.1 Middle East
            12.5.1.1 Saudi Arabia
            12.5.1.2 UAE
            12.5.1.3 Israel
            12.5.1.4 Rest of Middle East
        12.5.2 Africa
            12.5.2.1 South Africa
            12.5.2.2 Nigeria
            12.5.2.3 Rest of Africa
13.Cyanate Ester Resins Market- Entropy
    13.1 New Product Launches
    13.2 M&A’s, Collaborations, JVs and Partnerships
14.Cyanate Ester Resins Market - Market Share Analysis Premium
    14.1 Market Share at Global Level - Major companies
    14.2 Market Share by Key Region - Major companies
    14.3 Market Share by Key Country - Major companies
    14.4 Market Share by Key Application - Major companies
    14.5 Market Share by Key Product Type/Product category - Major companies
15.Cyanate Ester Resins Market- List of Key Companies by Country Premium
16.Cyanate Ester Resins Market Company Analysis - Market Share, Company Revenue, Products, M&A, Developments
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10 and more
"*Financials would be provided on a best-efforts basis for private companies"

LIST OF TABLES

1.Global Cyanate Ester Resin Market By End-Use Industry Market 2023-2030 ($M)
1.1 Aerospace & Defense Market 2023-2030 ($M) - Global Industry Research
1.2 Electrical & Electronics Market 2023-2030 ($M) - Global Industry Research
2.Global Cyanate Ester Resin Market By End-Use Industry Market 2023-2030 (Volume/Units)
2.1 Aerospace & Defense Market 2023-2030 (Volume/Units) - Global Industry Research
2.2 Electrical & Electronics Market 2023-2030 (Volume/Units) - Global Industry Research
3.North America Cyanate Ester Resin Market By End-Use Industry Market 2023-2030 ($M)
3.1 Aerospace & Defense Market 2023-2030 ($M) - Regional Industry Research
3.2 Electrical & Electronics Market 2023-2030 ($M) - Regional Industry Research
4.South America Cyanate Ester Resin Market By End-Use Industry Market 2023-2030 ($M)
4.1 Aerospace & Defense Market 2023-2030 ($M) - Regional Industry Research
4.2 Electrical & Electronics Market 2023-2030 ($M) - Regional Industry Research
5.Europe Cyanate Ester Resin Market By End-Use Industry Market 2023-2030 ($M)
5.1 Aerospace & Defense Market 2023-2030 ($M) - Regional Industry Research
5.2 Electrical & Electronics Market 2023-2030 ($M) - Regional Industry Research
6.APAC Cyanate Ester Resin Market By End-Use Industry Market 2023-2030 ($M)
6.1 Aerospace & Defense Market 2023-2030 ($M) - Regional Industry Research
6.2 Electrical & Electronics Market 2023-2030 ($M) - Regional Industry Research
7.MENA Cyanate Ester Resin Market By End-Use Industry Market 2023-2030 ($M)
7.1 Aerospace & Defense Market 2023-2030 ($M) - Regional Industry Research
7.2 Electrical & Electronics Market 2023-2030 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Cyanate Ester Resins Market Revenue, 2023-2030 ($M)
2.Canada Cyanate Ester Resins Market Revenue, 2023-2030 ($M)
3.Mexico Cyanate Ester Resins Market Revenue, 2023-2030 ($M)
4.Brazil Cyanate Ester Resins Market Revenue, 2023-2030 ($M)
5.Argentina Cyanate Ester Resins Market Revenue, 2023-2030 ($M)
6.Peru Cyanate Ester Resins Market Revenue, 2023-2030 ($M)
7.Colombia Cyanate Ester Resins Market Revenue, 2023-2030 ($M)
8.Chile Cyanate Ester Resins Market Revenue, 2023-2030 ($M)
9.Rest of South America Cyanate Ester Resins Market Revenue, 2023-2030 ($M)
10.UK Cyanate Ester Resins Market Revenue, 2023-2030 ($M)
11.Germany Cyanate Ester Resins Market Revenue, 2023-2030 ($M)
12.France Cyanate Ester Resins Market Revenue, 2023-2030 ($M)
13.Italy Cyanate Ester Resins Market Revenue, 2023-2030 ($M)
14.Spain Cyanate Ester Resins Market Revenue, 2023-2030 ($M)
15.Rest of Europe Cyanate Ester Resins Market Revenue, 2023-2030 ($M)
16.China Cyanate Ester Resins Market Revenue, 2023-2030 ($M)
17.India Cyanate Ester Resins Market Revenue, 2023-2030 ($M)
18.Japan Cyanate Ester Resins Market Revenue, 2023-2030 ($M)
19.South Korea Cyanate Ester Resins Market Revenue, 2023-2030 ($M)
20.South Africa Cyanate Ester Resins Market Revenue, 2023-2030 ($M)
21.North America Cyanate Ester Resins By Application
22.South America Cyanate Ester Resins By Application
23.Europe Cyanate Ester Resins By Application
24.APAC Cyanate Ester Resins By Application
25.MENA Cyanate Ester Resins By Application
26.Lonza, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Huntsman Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Henkel, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Cytec Solvay Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Hexcel Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Tencate Advanced Composites, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Novoset, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Argosy International, Sales /Revenue, 2015-2018 ($Mn/$Bn)