The high
temperature composite resin market is expected to reach USD 1.63
Billion by 2026, according to a new report by Reports and Data. The High
Temperature Composite Resin Market is anticipated to show robust growth during
the forecast period. The key factors driving the market is growing demand for
lightweight materials from transport and aerospace industry which tends to
stimulate the market globally.
Resins that can endure excessive
heat and temperature environments are known as high temperature composite
resin. They are mainly famous for usage in military and commercial aircraft
engines. It is used to improve aerospace & defense industry products
and recovery of the marine industry globally. With its enhanced properties and
decreased curing time, the demand for lightweight and thermal resistant parts
are increasing day by day.
APAC is anticipated to witness
the highest rate of 9.8% during the forecast period. The market is expected to
be the fastest-growing in this region due to the quickly growing aviation
industry in developing economies. Growing air traffic coupled with the growing
tourism industry in emerging economies has led to a rise in demand for
aircrafts, which is expected to accelerate the growth of the high-temperature
composite resin market.
Further key findings from
the report suggest
- The High Temperature Composite Resin Market is
estimated to reach USD 1.63 Billion by 2026, at a CAGR of 8.9% during the
forecast period.
- High temperature composite resins exhibit exceptional
performance in the severe environmental circumstances and high
temperatures. They are thus frequently utilized in a composite component
in automobiles and aircraft. Nowadays, it has become crucial to design
aircrafts that can endure a broad and more powerful range of temperature.
- The polyimide resin accounts for the largest share of
22.8% of the market in 2018.
- The aerospace and defense end user segment accounts
for the largest share of 27.3% of the market in 2018.
- The compression molding manufacturing process
accounts for the second largest share of 22.3% of the market in 2018.
- North America dominates the market with the largest
share of 31.3% in 2018. The market in this region is expected to dominate
due to the thriving aerospace and defense industry on account of the
growing production of aircraft to meet global demand.
- Various players are developing strategies to mark
their presence in the industry.
- In July 2018, Hexcel Corporation with Groupe Gazechim
Composites together agreed to provide customized kitting services for
high-level composite materials that are sold to aerospace and defense
customers.
- Technological advancements and developing policy
actions could further improve the development of high temperature
composites resins over the forecasted period.
- Developing trends, which have a direct influence on
the dynamics of the high temperature composite resin industry, involve the
development of resin system with low VOC (volatile organic compound) and
rising focus on thermoplastic resins.
- The Key players in the High Temperature Composite
Resin Market include Hexcel Corporation, Huntsman International LLC,
Koninklijke Ten Cate Bv, Hexion Inc., Sumitomo Bakelite Company Limited,
DIC Corporation, Lonza AG, Arkema S.A., Nexam Chemical Holding AB, Ube
Industries, Ltd.
To identify the key trends in
the industry, click on the link below:
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