The global Cyanate Ester Resins Market is estimated to be valued at US$ 211.8 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
They have high thermal conductivity, excellent chemical resistance and very low moisture absorption. These characteristics make cyanate ester resins suitable for applications in various end-use industries like aerospace, electronics and defense.
Market key trends:
One of the key trends driving the growth of Global Cyanate Ester Resins Market Size is increasing use of coatings incorporated with cyanate ester resins. Cyanate ester resins have very high glass transition temperature and superior insulating properties suitable for application in the coatings industry. Coatings incorporated with cyanate ester resins provide barrier protection from moisture, acids, bases and solvents. They exhibit low shrinkage during curing and offer long-term thermal stability up to 300°C. Growing demand for insulation and corrosion resistant coatings from industries like marine, aerospace and wind energy is fueling the demand for cyanate ester resin based coatings.
Segment Analysis
The global cyanate ester resins market is dominated by the electronic & electrical sub-segment. The segment accounted for the largest market share of around 40% in 2023 owing to high demand for modified cyanate esters in high-performance composite laminates used in semiconductor packaging, aircraft components, and structural components. Modified cyanate esters provide superior fire, smoke, and toxicity characteristics along with high temperature resistance which makes them preferred in majority of high-end applications.
Key Takeaways
The global cyanate ester resins market is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period, due to increasing demand from the aerospace & defense industry.
Regional analysis
Asia Pacific dominated the global market in 2023 and is expected to grow at the highest CAGR during the forecast period. Increasing application of cyanate ester resins in building & construction activities in China, Japan and India is driving the regional market.
Key players
Key players operating in the cyanate ester resins market are Huntsman, Lonza, Techia Corporation, TenCate, Cytec, Hexcel, Jiangdu Maida Group, Carbon Fibre Technology, Isola Group, Adeka, SGL Carbon, Gurit, Chongqing Guijie Technology, Shanghai Hunsman Material, Taixing Suning Chemical, Hengyu New Material, Natong Chemical, Kangda New Materials, Jiafu Technologh, Tianma Group.
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