세계의 시아네이트 에스테르 수지 시장(2024-2031년)

Global Cyanate Ester Resin Market Size, Share & Trends Analysis Report by Type (Bisphenol-Based, Novolac-Based, and Others), by Application (Composites, Adhesives, Coatings, and Others), and by End-User (Aerospace & Defense, Electrical & electronics, Automotive, and Others) Forecast Period (2024-2031)

Cyanate ester resin market is anticipated to grow at a CAGR of 11.2% during the forecast period (2024-2031). Cyanate ester resin is a matrix within a composite framework, providing strong bonding with reinforcement fibers and transferring forces between them. It offers high thermal resistance and mechanical strength, and Cyanate ester resins are gaining popularity due to their strength-to-weight ratio, ideal for lightweight and high-strength applications, and their superior electrical insulating properties. They are particularly popular in aerospace and defense industries, where weight reduction improves fuel efficiency and maneuverability.

Market Dynamics

Growing composites usage in end-user industries

The growing application of cyanate ester resins in several end-user industries including aerospace, automotive, and electronics owing to its offered advantages is a key factor driving the growth of the global market demand. In January 2024, Mitsubishi Chemical Corp. (MCC) developed a cyanate ester carbon fiber prepreg that offers high heat resistance and excellent strength. This innovative product addresses the trade-off between heat resistance and strength in conventional Carbon Fiber Reinforced Plastics (CFRPs). The prepreg, developed using a cyanate ester-based resin, can withstand temperatures up to 250°C and offer the flexibility and toughness of carbon fiber. It can also be cured in the same molds as traditional epoxy resin-based CFRP, providing better storage stability and processability. MCC plans to expand the product's marketing scope beyond automotive and industrial applications. Such initiatives of the major players that promote the application scope of the cyanate ester resins are further aiding the global market growth.

Growing use as replacements of epoxy resins

Globally, cyanate ester resins are also starting to replace epoxy resins in some high-performance applications. Epoxy resins are the most common type of thermoset resin used in composites, but they have some limitations. For instance, epoxy resins can degrade at high temperatures. Cyanate ester resins offer a better alternative for high-temperature applications.

Market Segmentation

Our in-depth analysis of the global cyanate ester resin market includes the following segments by type, application, and end-user:

• Based on type, the market is segmented into bisphenol-based, Novolac-based, and others including diphenols and multifunctional phenolics.
• Based on application, the market is segmented into composites, adhesives, coatings, and others including electrical laminates, and casting resins.
• Based on end-user, the market is segmented into aerospace & defense, electrical & electronics, automotive, and others including medical, industrial composites, and more.

Bisphenol is Projected to Emerge as the Largest Segment

The high-performance properties, cost-effectiveness, and reliable supply chain of bisphenol is a key factors contributing to its adoption in end-user industries. Additionally, these derivatives offer superior heat resistance and low volatility, making them ideal for high-temperature applications. Their well-established manufacturing processes also contribute to their popularity, making them the leading sub-segment in the cyanate ester resin market.

Adhesives Derivatives Sub-segment to Hold a Considerable Market Share

Rising investments in the cyanate ester resin adhesives owing to their high-performance bonding, suitability for demanding environments, lightweight solutions, and emerging applications a key contributors to the high share of this market segment. These adhesives are ideal for structural bonding, aerospace, defense, electronics, and automotive industries. They also offer lightweight solutions, aligning with the growing demand for lightweight structures. However, compared to other adhesives, they face less competition for applications requiring exceptional properties and reliability.

Regional Outlook

The global cyanate ester resin market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).

Asia-Pacific Countries to Invest in Cyanate Ester Resin

China is the key manufacturer and user of cyanate ester resin-based products around the globe. The significant presence of chemical manufacturing facilities along with the growing demand for lightweight, high-performance materials in applications such as satellites, aircraft structures, missiles, and military systems promotes cyanate ester consumption across the region.

North America Holds Major Market Share

Among all the regions, North America holds a significant share owing to the high demand for cyanate ester resin across the region. This is due to the US's strong aerospace and defense industry, which demands high-performance materials for aircraft, missiles, and spacecraft. The US is also a leader in the advanced electronics industry, with a high demand for high-performance materials in applications like printed circuit boards and chip encapsulation. Government funding and well-established infrastructure contribute to this demand.

The major companies serving the global cyanate ester resin market include Cytec Solvay Group, Hexcel Corp., Huntsman International LLC, Toray Advanced Composites, and Mitsubishi Gas Chemical Company, Inc. among others. among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For Instance, in March 2022, Huntsman Corp. introduced Araldite LY 1568, a novel cyanate ester resin system for composites used in aviation and space applications. The ultra-low CTE resin offers greater dimensional stability.

Table of Contents

1. Report Summary

• Current Industry Analysis and Growth Potential Outlook
• 1.1. Research Methods and Tools
• 1.2. Market Breakdown
  • 1.2.1. By Segments
  • 1.2.2. By Region

2. Market Overview and Insights

• 2.1. Scope of the Report
• 2.2. Analyst Insight & Current Market Trends
  • 2.2.1. Key Industry Trends
  • 2.2.2. Market Recommendations
  • 2.2.3. Conclusion

3. Competitive Landscape

• 3.1. Key Company Analysis
• 3.2. Cytec Solvay Group
  • 3.2.1. Overview
  • 3.2.2. Financial Analysis
  • 3.2.3. SWOT Analysis
  • 3.2.4. Recent Developments
• 3.3. Hexcel Corp.
  • 3.3.1. Overview
  • 3.3.2. Financial Analysis
  • 3.3.3. SWOT Analysis
  • 3.3.4. Recent Developments
• 3.4. Huntsman International LLC
  • 3.4.1. Overview
  • 3.4.2. Financial Analysis
  • 3.4.3. SWOT Analysis
  • 3.4.4. Recent Developments
• 3.5. Lonza Group
  • 3.5.1. Overview
  • 3.5.2. Financial Analysis
  • 3.5.3. SWOT Analysis
  • 3.5.4. Recent Developments
• 3.6. Key Strategy Analysis

4. Market Segmentation

• 4.1. Global Cyanate Ester Resin Market by Type
  • 4.1.1. Bisphenol- Based
  • 4.1.2. Novolac- Based
  • 4.1.3. Others (Diphenols, Multifunctional Phenolics)
• 4.2. Global Cyanate Ester Resin Market by Application
  • 4.2.1. Composites
  • 4.2.2. Adhesives
  • 4.2.3. Coatings
  • 4.2.4. Other Applications (Electrical laminates, Casting Resins)
• 4.3. Global Cyanate Ester Resin Market by End-User
  • 4.3.1. Aerospace & Defense
  • 4.3.2. Electrical & Electronics
  • 4.3.3. Automotive
  • 4.3.4. Others (Medical, Industrial Composites, and more)

5. Regional Analysis

• 5.1. North America
  • 5.1.1. United States
  • 5.1.2. Canada
• 5.2. Europe
  • 5.2.1. UK
  • 5.2.2. Germany
  • 5.2.3. Italy
  • 5.2.4. Spain
  • 5.2.5. France
  • 5.2.6. Rest of Europe
• 5.3. Asia-Pacific
  • 5.3.1. China
  • 5.3.2. India
  • 5.3.3. Japan
  • 5.3.4. South Korea
  • 5.3.5. Rest of Asia-Pacific
• 5.4. Rest of the World
  • 5.4.1. Latin America
  • 5.4.2. Middle East and Africa

6. Company Profiles

• 6.1. Adeka Corp.
• 6.2. Argosy International
• 6.3. Arxada Ltd.
• 6.4. Carbon, Inc.
• 6.5. Chingqing Guijie Technology
• 6.6. Denka Singapore Pte. Ltd.
• 6.7. Gurit Holdings AG
• 6.8. Hengyu New Material
• 6.9. Henkel Corp.
• 6.10. Jiangdu Maida Group
• 6.11. Mitsubishi Gas Chemical Company, Inc
• 6.12. NOVOSET Renegade Materials Corp. (TEIJIN Ltd.)
• 6.13. Syensqo
• 6.14. TenCate Advanced Composites (Toray Advanced Composites)
• 6.15. Toray Advanced Composites