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Polybenzoxazines are a new class of high-performance thermoset resins that resemble conventional phenolics but do not generate volatiles and undergo less shrinkage during cure which results in higher-quality laminates and fiber composites. They are formed by reacting a phenol or bisphenol-A with formaldehyde and an aromatic amine and are cured by thermal ring-opening polymerization. Benzoxazine resins can be used as an alternative to epoxy, phenolic and bismaleimide resins. Because of their superior resistance to chemicals, low flammability, and excellent heat stability, they are an excellent choice for components that are exposed to high temperatures and corrosive media. Examples include chemical and heat resistant coatings, adhesives, prepregs, and encapsulants as well as halogen-free laminates for printed circuit boards.
The global polybenzoxazine resins market is observing significant growth owing to surging demand from aerospace industry. Polybenzoxazine resins are majorly used in engine parts, interiors, and outer structures of aircraft, missiles, and satellites. The market is further boosted by increasing use of polymer composites in the automotive industry for the production of lightweight vehicles with enhanced fuel efficiency. Electric vehicles are generally made from polymer composites and thus, growth in electric vehicle production and the automotive industry is expected to accelerate the demand for polybenzoxazine resins.
The report analyses the global polybenzoxazine resins market based on type, application and geography.
Based on type, the market is categorized into Bisphenol A Benzoxazine resin, Bisphenol F Benzoxazine Resin and others. Benzoxazines combine excellent stiffness and high-temperature performance with the ability to withstand exposure to moisture, chemicals and other corrosive materials.
Furthermore, various applications of this market are categorized into aerospace, automotive, oil & gas, chemical, electrical & electronics, defense and construction. Polybenzoxazines are used in the automotive and aerospace industries for applications where superior thermal and mechanical properties relative to conventional resins are required.
By geography, the global polybenzoxazine resins market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and rest of the world. In 2018, Asia Pacific held the largest revenue share mainly due to the growth of automotive, aerospace and construction industries. Additionally, economic developments in countries, such as India and China, are expected to help spur the market growth. Furthermore, Middle East & Africa is expected to witness lucrative growth over the forecast period owing to supportive government initiatives and strong presence of the oil & gas industry.
The leading polybenzoxazine resins market players are Huntsman Corporation, Kaneka Aerospace and Shikoku Chemicals among others. These companies have adopted various strategies, such as new product launches, collaborations, technological advancements, M&A, to sustain their position in the market. Huntsman benzoxazine resins are an ideal alternative to conventional epoxy, phenolic and BMI resin systems.
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