The market for cyanate ester resin is expected to grow at a CAGR greater than 5% globally during the forecast period. Growing demand for the composites from the aerospace & defense industry and superior characteristics compared to other resins are driving the market growth. On the flip side, higher production costs coupled with unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
– The cyanate ester resin market is expected to grow during the forecast period owing to the growing demand from the defense industry.
– Asia-Pacific region dominates the market across the globe with the largest consumption from countries such as India and China.
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Key Market Trends
Growing Demand from the Aerospace & Defense Industry
– Cyanate ester resin is widely used in manufacturing composites for the aerospace & defense industry and is expected to grow rapidly during the forecast period.
– Cyanate ester resin is a thermoset resin containing repeated -OCN groups and a three-dimensional network, manufactured from cyanic acid and bisphenol A. They have a very high glass transition temperature of about 400°C. Because of their low dielectric constant and resistance to temperatures they are often used in printing circuit boards.
– Moreover, due to low moisture absorption than epoxies and flame retardant properties, they exhibit superior mechanical properties over a large temperature range and are suitable for a variety of composites in the aerospace & defense sector.
– In addition to that, cyanate ester resin possesses superior characteristics such as lightweight, high stability, high-temperature resistance, and excellent 3-D moldability which makes them more suitable for aerospace applications.
– The United States government has proposed USD 750 billion for defense spending as part of its budget for the year 2020. The growing defense investments are expected to drive the market for cyanate ester resin during the forecast period.
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