Global High Temperature Composite Resin Market to witness a CAGR of 8.2% during 2018-2024

Industry : Press ReleasesPublished Date : July 31st, 2018
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Global High Temperature Composite Resin Market

The global high temperature composite resin market was valued at USD 752.4 million in 2017 and is expected to reach USD 1,321.2 million by 2024, witnessing a CAGR of 8.2% over the forecast period. The growth can be primarily attributed to the rising demand for high temperature composite resins from various end use industries such as transportation, electronics, aerospace, defense and medical. Increasing research and development activities across the globe in order to achieve optimization is further expected to drive the demand for over the forecast period.

Furthermore, superior thermal performance offered by high temperature composite resins as compared to their alternatives, is expected to propel the market growth. High temperature composite resins are linear polymers structures that require a resin matrix designed to withstand heat when exposed to high temperatures. These resins offer radiation, impact and chemical resistance; high adhesion, and flexibility. Also, these resins are resistant to smoke, emission, fume and heat.

Lay-up process accounted for the major share of high temperature composite resin market

Lay-up process held the largest share of the market in 2017 and the trend is likely to continue over the forecast period. It involves the application of resin and reinforcement onto a suitable mould surface. It can be further bifurcated into manual, prepreg, spray and automated processes. The process has widespread application in marine, aerospace, and defense industries. It is highly suitable for designing simple enclosures and light structural panels as it provides fiber orientation, high strength, and is easy to operate on complicated shapes.

Aerospace & defense held the largest share of the market due to growing applications

High temperature composite resins are used across several end use industries such as marine, transportation, aerospace, medical, automotive, defense, among others. Aerospace and defense segment held the major share of the market in 2017 due to increasing demand for these resins in the manufacture of satellites, missiles, and interiors, engine parts and other aircraft structures. Moreover, transportation is expected to emerge as the second largest segment of the global market.

High Temperature Composite Resin Market – Regional insight

North America emerged as the leading regional market for high temperature composite resin in 2017 and is projected to maintain its dominance over the next seven years. The growth can be primarily attributed to growing demand of high temperature composite resins, particularly from aerospace, defense and transportation industries. Also, the presence of key players such as aircraft manufacturers, OEMs and material suppliers, in the region is projected to fuel the market demand. Europe is likely to remain the second largest regional market for high temperature composite resins over the forecast period.

Browse full research report with TOC on “Global High Temperature Composite Resin Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024” at: https://www.energiasmarketresearch.com/global-high-temperature-composite-resin-market-report/

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Key findings from the report:

  • The global high temperature composite resin market is likely to reach USD 1,321.2 million by 2024
  • Lay-up process was the largest segment in 2017 and is likely to maintain its dominance over the forecast period
  • Aerospace and defense segment held the major share of the market in 2017 and is likely to witness a healthy CAGR during 2018 to 2014
  • North America held the major share of the market in 2017 on account of growing demand from key end use industries
  • Some of the key companies operating in the industry include Sumitomo Bakelite Co., Ltd.; Huntsman International LLC; Hexcel Corporation; Hexion; DIC Corporation; Koninklijke Ten Cate bv; Arkema; Nexam Chemical AB; UBE Industries, Ltd.; Lonza; Solvay; Renegade Materials Corporation; among others
  • As of March 2018, Hexcel Corporation singed a strategic alliance with Arkema in order to develop carbon fiber-reinforced thermoplastic tapes to produce lightweight parts with faster speed at lower costs for aerospace sector.

The report segments high temperature composite resin market on the basis of resin type, manufacturing process, end-use, and region.

By Resin Type

  • Epoxy
  • Phenolic
  • Thermoplastic
  • Polyimide
  • Bismaleimide (BMI)
  • Cyanate Ester
  • Others

By Manufacturing Process

  • Filament winding
    • Helical winding
    • Hoop winding
  • Lay-up
    • Manual lay-up
    • Prepreg lay-up
    • Spray lay-up
    • Automated lay-up
  • Resin transfer molding
  • Compression molding
    • Resin injection molding
    • Incremental
    • Others
  • Injection molding
  • Pultrusion
  • Others

By End-Use

  • Aerospace & defense
  • Building & construction
  • Transportation
  • Medical
  • Electrical & electronics
  • Marine
  • Others

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Central & South America (CSA)
  • Middle East & Africa (MEA)

Global High Temperature Composite Resin Market to witness a CAGR of 8.2% during 2018-2024