Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Resins find utmost importance in the composite industry, as they offer extremely efficient strength and stiffness characteristics for materials. The composite resins provide high strength, toughness and inherent low weight properties. These features allow to design lighter, thinner and faster installation of several industrial components including building and infrastructure components. High temperature resins can withstand extreme temperature conditions and can work efficiently at extended temperatures. They have a resin matrix which is designed to withstand the heat, such as polyimides, benzoxazines, and cyanate esters among others.
The global high temperature composite resin market has gained remarkable growth owing to increasing demand for lightweight materials from transportation and aerospace & defense industries. Rapidly growing automotive sector in developing economies and augmented demand for high-performance industrial products are expected to contribute to the growth of this market. Furthermore, the overall market is also being propelled by rising construction output and manufacturing activities worldwide. Furthermore, surging number of research programs to reduce the cost of high temperature composite resins is expected to provide growth opportunities to this market in coming years. However, the global market is hindered by recycling-related issues and handling & processing issues associated with high temperature composite resin products.
The global pandemic of Coronavirus (COVID-19) has triggered stock market instability, tight border controls, and worldwide lockdown, leading the chemical industry, as well as large companies and governments, to restock supply chains. The whole world is experiencing severe impact on social and financial sectors, and all global industries are facing challenges during the COVID-19 pandemic. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
The report analyses the global high temperature composite resin market based on resin type, manufacturing process, end-use industry and geography. Based on resin type, the market is segmented into benzoxazine, cyanate ester, epoxy, phenolic, polyimide, thermoplastic, and others (bismaleimide and phthalonitrile). Among all resin types, the epoxy resin accounted for the largest market share of the high temperature composite resin market in 2020. This growth is attributed to wide usage of epoxy resins, owing to its exceptional inter-laminar shear strength, fatigue resistance, impact resistance, toughness, and flexural strength. Based on manufacturing process, the market is divided into compression molding, filament winding, injection molding, lay-up, pultrusion and other processes (RTM, resin film infusion, tube rolling, centrifugal casting etc). The lay-up segment accounted for the largest application of high temperature composite resin market in 2017, followed by compression molding. The lay-up segment has witnessed steady growth due to applications in aerospace & defense and automotive industries. Based on end use industry, the global high temperature composite resin market is alienated into aerospace & defense (including aircraft components and space & defense components), building & construction, electrical & electronics, industrial, medical, oil & gas, transportation and others. The transportation segment accounted for the second largest end use industry of high temperature composite resin market in 2020. This segment has witnessed steady growth due to increasing global output of motor vehicles and industrial machinery equipment. Furthermore, the aerospace & defence segment dominated the market in 2020 and is anticipated to create substantial incremental opportunity during the estimate period, owing to the increasing use of high temperature composite resin for engine parts, interiors, and outer structures of airplanes, missiles, and satellites.
By geography, the global high temperature composite resin market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and rest of the world regions which includes Latin America, and Middle East & Africa. North America accounted for the largest share in 2020 and is also anticipated to grow at the highest CAGR during the forecast period. Rising number of composites manufacturing companies and increasing investments in the industrial sector are the key growth drivers for high temperature composite resin in this region. Moreover, increasing composites usage in the aerospace & defense industries in the U.S. would also provide growth opportunities in the future. In addition to this, the Asia Pacific is projected to grow at a sustainable growth rate over the estimate period, due to increasing demand for high temperature composite resin from the building & construction and electronics industry.
The leading market players of the global high temperature composite resin market include Huntsman International LLC, Hexcel Corporation, Sumitomo Bakelite Co., Ltd., Royal Tencate N.V., Hexion Inc., DIC Corporation, Arkema S.A., Lonza AG, Nexam Chemical Holding AB, UBE Industries, Ltd., Renegade Materials Corporation, Maverick Corporation, Raptor Resins Inc., Performance Polymer Solutions Inc., Barrday Corporation, Hybrid Plastics Inc., De-Comp Composites, Inc., Shikoku Chemicals Corporation, Celanese Corporation and Sabic. New product launches and acquisitions are the key growth strategies adopted by the major players to reinforce their positions in the international market.
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