The global cyanate ester resins market is projected to grow from USD 195.2 million in 2017 to reach USD 338.8 million by 2022, at a CAGR of 11.7% from 2017 to 2022. Cyanate ester resins are used in various applications such as composites, adhesives, and coatings, amongst others. The rapidly increasing demand for cyanate ester resins in the aerospace & defense and electrical & electronics industries and high growth of the automotive industry in Asia Pacific are expected to boost the growth of the global cyanate ester resins market.
Composite is the major application of cyanate ester resins. Various cyanate ester resins are used in composite manufacturing to enhance the properties such as strength, elasticity, and heat resistance of composites. Cyanate ester resins are majorly used to manufacture aerospace composites and advanced electronics adhesives.
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Mergers & acquisitions was the key strategy adopted by major players to enhance their presence in the global cyanate ester resins market between 2013 and 2017. This strategy accounted for a major share of all development strategies adopted by leading players during the same period. Key players operating in the global cyanate ester resins market include Lonza (Switzerland), Huntsman (US), Cytec Solvay Group (US), Henkel (Germany), Tencate Advanced Composites (Netherlands), and others.
Lonza is the largest player in the cyanate ester resin market. The company operates in the market through its segments specialty ingredients, pharma & biotech, and capsugel. Lonza offers most of its cyanate ester product range through its brand “Primaset”. It offers a line of products for aerospace and electronic applications. The company manufactures and supplies various grades of cyanate ester resin products. The company manufactures cyanate ester from bisphenol-A, bisphenol-E, bisphenol-F, and bisphenol M. The company has production plants for cyanate ester in Switzerland. The company has a widespread presence and distribution networks in Asia Pacific, Europe, the Middle East & Africa, and the Americas. In January 2014, Lonza, in collaboration with Novoset LLC, announced the introduction of a new product PrimasetTM ULL-950. This development will lead to its growth in the electronics and telecommunication industry
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Huntsman is the second-largest player in the cyanate ester resin market. It is a US-based diversified advanced material company. The company manufactures and distributes organic and inorganic chemical products globally. It operates through five segments: polyurethanes, performance products, advanced materials, textile effects, and pigments & additives. It manages its cyanate ester resin business along with liquid and solid epoxy resins; specialty resin compounds; cross-linking, matting, and curing agents; and epoxy, acrylic, and polyurethane-based formulations under the advanced materials segment. The company is headquartered at the US. It manufactures multiple grades of cyanate ester resins for various uses such as microwave antennas, radome, high-temperature composites, structural adhesives, and electronic grade adhesives.
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