San Francisco, CA -- (SBWIRE) -- 08/08/2018 -- Global Cyanate Ester Resin Market: Overview
The global cyanate ester resin market is anticipated to increase growth on the back of rising adoption witnessed in money-spinning end-use industries such as electrical and electronics and aerospace and defense. By the end of 2028, the market could be worth several million dollars. Commercial aircrafts and air travel have been highly demanded in countries across the globe: the U.S., Indonesia, India, Russia, and China. This demand is being met through rigorous efforts taken by aircraft OEMs and their suppliers. They have also been revamping their production facilities for scheduled deliveries.
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For the next few years, Airbus has planned to up its production rate after the opening of a new facility in Tianjin, China. In the aircraft industry, the adoption of cyanate ester resin is being positively influenced due to the rising demand for aircrafts.
Global Cyanate Ester Resin Market: Trends and Opportunities
Among key industry verticals of the global cyanate ester resin market, aerospace and defense is foreseen to secure a larger share in the coming years. The advent of innovative low-fare business models has helped to revolutionize the airline industry alongside the launch of cost-effective regional airlines and carriers. This has proven quite effective in a time when sluggish economic growth and expensive jet fuel prices have been troubling the airline industry. As emerging markets witness the growing affluence of the middle-income population, the demand for global aviation is expected to see a rise. As a result, the requirement of cyanate ester resin could grow significantly in the near future.
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Global Cyanate Ester Resin Market: Market Potential
Market players are prophesied to extend their footprint in budding markets and focus on customized products to place themselves in a position of strength. This could be evidenced by Solvay's manufacturing footprint expansion in Greenville, TX as it broke ground in July 2018. This is said to increase the resin mixing capacity of the company so as to meet the rising requirements of military and commercial aerospace composite customers.
Since the airline industry is quite lucrative for the global cyanate ester resin market, Solvay may be signing more contracts with other companies. For instance, it signed an agreement with Safran in July 2018 for supplying forward-thinking structural composites for CFM International's LEAP engine. In the same month, it extended its contract with Airbus until 2025 for the supply of advanced materials. Again, it signed an extension agreement with Spirit AeroSystems for supplying composites and adhesives for their use across Boeing's commercial programs for nacelle and fuselage applications.
Global Cyanate Ester Resin Market: Regional Outlook
During the course of the forecast period 2018-2028, North America is predicted to take the driver's seat of the global cyanate ester resin market, considering its lion's share. Leading countries such as the U.S. could testify a swelling demand for cyanate ester resin in the foreseeable future. The composites application of cyanate ester resin is foretold to set the tone for valuable growth of the market in the aerospace and defense industry. On the other hand, Asia Pacific could register a telling rise in CAGR due to improving infrastructure and rising disposable income raising the demand for airlines.
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Global Cyanate Ester Resin Market: Companies Mentioned
Vendors operating in the global cyanate ester resin market are projected to compete on the basis of product quality while focusing on high strength, easy processing, and excellent dielectric properties. The market marks the presence of top vendors such as Koninklijke Ten Cate, Huntsman International, and Hexcel Corporation. With a view to improve their customer base, vendors are envisaged to adopt merger and acquisition as a go-to strategy.
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