The High Temperature Composite Resin Market is estimated at USD 753.5 million in 2018 and is projected to reach USD 1,180.8 million by 2023, at a CAGR of 9.4% during the forecast period. North America is expected to be the largest and the fastest-growing market for high temperature composite resins during the forecast period as the key countries in this region, namely, the US and Canada, are witnessing an increase in the use of high temperature composite resins in applications of aerospace & defense, transportation, and other industries. This is primarily because of stringent public safety regulations and the need for thermal-resistant and lightweight materials in this region, especially in the US. The presence of major manufacturers of high temperature composite resins in the North American region is another factor expected to support the growth of the market in the coming years.
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Contributions of various research organizations toward the research & development of high temperature composite resin and enhancement of its commercialization are also some of the key growth factors for the high temperature composite resin market in North America.
Aerospace & defense is expected to be the fastest-growing and largest end-use industry segment of the high temperature composite resin market. This can be attributed to the increased use of composite components in interiors, engine parts, and outer structures of aircraft, missiles, and satellites. Additionally, the demand for high temperature composite resin-based composite components for defense aircraft is increasing. Health, safety, and environmental regulations regarding toxic smoke emissions, flame, and fire-retardant standards, specifically in North America and Europe, are the major factors driving the demand of high temperature composite resins in the aerospace & defense industry.
In terms of value, the lay-up molding process is the major composite manufacturing process consuming large volumes of high temperature composite resins owing to the developed aerospace & defense industry and recovery of the marine industry at the global level. This process is applicable for designing simple enclosures, lightly loaded structural panels because it provides orientation of fibers that can be controlled as needed so that they can absorb maximum stresses to which they are subjected.
Key players in the global high temperature composite resin market undertook various development strategies in the last five years. New product launches, expansions, partnerships, acquisitions, agreement, and collaboration are some of the key strategies undertaken by major companies such as Huntsman International (US), Hexion (US), Hexcel Corporation (US), Royal TenCate (Netherlands), Sumitomo Bakelite (Japan), Arkema (France), DIC Corporation (Japan), Lonza (Switzerland), Nexam Chemical Holding (Sweden), and UBE Industries (Japan).