Cyanate Ester Resin Market
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, 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) has 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 promotes the application scope of the cyanate ester resins is further aiding to 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 include diphenols, and multifunctional phenolics.
- Based on application, the market is segmented into composites, adhesives, coatings, and others include electrical laminates, and casting resins.
- Based on end-user, the market is segmented into aerospace & defense, electrical & electronics, automotive, and others include 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 factor 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 is a key contributor 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.
Global Cyanate Ester Resin Market Growth by Region 2024-2031
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.
Market Players Outlook
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.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global cyanate ester resin market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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 Findings
2.2.2. 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
1. GLOBAL CYANATE ESTER RESIN MARKET RESEARCH AND ANALYSIS BY TYPE, 2023-2031 ($ MILLION)
2. GLOBAL BISPHENOL- BASED CYANATE ESTER RESIN MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
3. GLOBAL NOVOLAC- BASED CYANATE ESTER RESIN MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
4. GLOBAL OTHER CYANATE ESTER RESIN MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
5. GLOBAL CYANATE ESTER RESIN MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
6. GLOBAL CYANATE ESTER RESIN FOR COMPOSITES MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
7. GLOBAL CYANATE ESTER RESIN FOR ADHESIVE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
8. GLOBAL CYANATE ESTER RESIN FOR COATING MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
9. GLOBAL CYANATE ESTER RESIN FOR OTHER APPLICATIONS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
10. GLOBAL CYANATE ESTER RESIN MARKET RESEARCH AND ANALYSIS BY END-USER, 2023-2031 ($ MILLION)
11. GLOBAL CYANATE ESTER RESIN FOR AEROSPACE & DEFENSE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
12. GLOBAL CYANATE ESTER RESIN FOR ELECTRICAL & ELECTRONICS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
13. GLOBAL CYANATE ESTER RESIN FOR AUTOMOTIVE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
14. GLOBAL CYANATE ESTER RESIN FOR OTHER END-USERS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
15. GLOBAL CYANATE ESTER RESIN MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
16. NORTH AMERICAN CYANATE ESTER RESIN MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
17. NORTH AMERICAN CYANATE ESTER RESIN MARKET RESEARCH AND ANALYSIS BY TYPE, 2023-2031 ($ MILLION)
18. NORTH AMERICAN CYANATE ESTER RESIN MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
19. NORTH AMERICAN CYANATE ESTER RESIN MARKET RESEARCH AND ANALYSIS BY END-USER, 2023-2031 ($ MILLION)
20. EUROPEAN CYANATE ESTER RESIN MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
21. EUROPEAN CYANATE ESTER RESIN MARKET RESEARCH AND ANALYSIS BY TYPE, 2023-2031 ($ MILLION)
22. EUROPEAN CYANATE ESTER RESIN MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
23. EUROPEAN CYANATE ESTER RESIN MARKET RESEARCH AND ANALYSIS BY END-USER, 2023-2031 ($ MILLION)
24. ASIA-PACIFIC CYANATE ESTER RESIN MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
25. ASIA-PACIFIC CYANATE ESTER RESIN MARKET RESEARCH AND ANALYSIS BY TYPE, 2023-2031 ($ MILLION)
26. ASIA-PACIFIC CYANATE ESTER RESIN MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
27. ASIA-PACIFIC CYANATE ESTER RESIN MARKET RESEARCH AND ANALYSIS BY END-USER, 2023-2031 ($ MILLION)
28. REST OF THE WORLD CYANATE ESTER RESIN MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
29. REST OF THE WORLD CYANATE ESTER RESIN MARKET RESEARCH AND ANALYSIS BY TYPE, 2023-2031 ($ MILLION)
30. REST OF THE WORLD CYANATE ESTER RESIN MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
31. REST OF THE WORLD CYANATE ESTER RESIN MARKET RESEARCH AND ANALYSIS BY END-USER, 2023-2031 ($ MILLION)
1. GLOBAL CYANATE ESTER RESIN MARKET SHARE BY TYPE, 2023 VS 2031 (%)
2. GLOBAL BISPHENOL- BASED CYANATE ESTER RESIN MARKET SHARE BY REGION, 2023 VS 2031 (%)
3. GLOBAL NOVOLAC- BASED CYANATE ESTER RESIN MARKET SHARE BY REGION, 2023 VS 2031 (%)
4. GLOBAL OTHER CYANATE ESTER RESIN MARKET SHARE BY REGION, 2023 VS 2031 (%)
5. GLOBAL CYANATE ESTER RESIN MARKET SHARE BY APPLICATION, 2023 VS 2031 (%)
6. GLOBAL CYANATE ESTER RESIN FOR COMPOSITES MARKET SHARE BY REGION, 2023 VS 2031 (%)
7. GLOBAL CYANATE ESTER RESIN FOR ADHESIVES MARKET SHARE BY REGION, 2023 VS 2031 (%)
8. GLOBAL CYANATE ESTER RESIN FOR COATINGS MARKET SHARE BY REGION, 2023 VS 2031 (%)
9. GLOBAL CYANATE ESTER RESIN FOR OTHER APPLICATIONS MARKET SHARE BY REGION, 2023 VS 2031 (%)
10. GLOBAL CYANATE ESTER RESIN MARKET SHARE BY END-USER, 2023 VS 2031 (%)
11. GLOBAL CYANATE ESTER RESIN FOR AEROSPACE & DEFENSE MARKET SHARE BY REGION, 2023 VS 2031 (%)
12. GLOBAL CYANATE ESTER RESIN FOR ELECTRICAL & ELECTRONICS MARKET SHARE BY REGION, 2023 VS 2031 (%)
13. GLOBAL CYANATE ESTER RESIN FOR AUTOMOTIVE MARKET SHARE BY REGION, 2023 VS 2031 (%)
14. GLOBAL CYANATE ESTER RESIN FOR OTHER END-USERS MARKET SHARE BY REGION, 2023 VS 2031 (%)
15. GLOBAL CYANATE ESTER RESIN MARKET SHARE BY REGION, 2023 VS 2031 (%)
16. US CYANATE ESTER RESIN MARKET SIZE, 2023-2031 ($ MILLION)
17. CANADA CYANATE ESTER RESIN MARKET SIZE, 2023-2031 ($ MILLION)
18. UK CYANATE ESTER RESIN MARKET SIZE, 2023-2031 ($ MILLION)
19. FRANCE CYANATE ESTER RESIN MARKET SIZE, 2023-2031 ($ MILLION)
20. GERMANY CYANATE ESTER RESIN MARKET SIZE, 2023-2031 ($ MILLION)
21. ITALY CYANATE ESTER RESIN MARKET SIZE, 2023-2031 ($ MILLION)
22. SPAIN CYANATE ESTER RESIN MARKET SIZE, 2023-2031 ($ MILLION)
23. REST OF EUROPE CYANATE ESTER RESIN MARKET SIZE, 2023-2031 ($ MILLION)
24. INDIA CYANATE ESTER RESIN MARKET SIZE, 2023-2031 ($ MILLION)
25. CHINA CYANATE ESTER RESIN MARKET SIZE, 2023-2031 ($ MILLION)
26. JAPAN CYANATE ESTER RESIN MARKET SIZE, 2023-2031 ($ MILLION)
27. SOUTH KOREA CYANATE ESTER RESIN MARKET SIZE, 2023-2031 ($ MILLION)
28. REST OF ASIA-PACIFIC CYANATE ESTER RESIN MARKET SIZE, 2023-2031 ($ MILLION)
29. LATIN AMERICA CYANATE ESTER RESIN MARKET SIZE, 2023-2031 ($ MILLION)
30. MIDDLE EAST AND AFRICA CYANATE ESTER RESIN MARKET SIZE, 2023-2031 ($ MILLION)
