The global market for high temperature resin is estimated to be valued at USD 3.16 billion in 2016, and is projected to reach USD 4.88 billion by 2026, at a CAGR of 4.44% from 2016 to 2026.
The growth in the market for high temperature resin is attributed to the increasing demand for high temperature resin as an alternative to mechanical fasteners in high end applications, growth in application areas, the increasing demand for high temperature composite resins in railway and aerospace interior applications, and the increasing demand for thermoplastic resin in the composites application.
The Asia-Pacific region is the fastest-growing market for the high temperature resin, in terms of value and volume. The countries in this region such as, China, Indonesia, and India are witnessing high growth in the demand for high temperature resin due to the rapid industrialization and increasing number of end-use industries in the region.
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Owing to these factors, the demand for high temperature resins in various end-use industries has increased over the past few years and the same factors are also expected to drive growth during the next five years.
China is the leading player in the high temperature resin market with many leading players investing in the country to build new manufacturing facilities. Growth of the high temperature resins market in China is driven by foreign investments, cost-effective labor, and the availability of inexpensive raw materials. The electronics industry is the largest industry in the country with double-digit growth, annually.
China is now the world’s leading producer of television sets, recorders, refrigerators, and air conditioners which require the application of high temperature adhesives resin. Due to the high exports and trade agreements, China’s marine industry is also growing, and is a key end-user industry of high temperature adhesive resins. The demand in the country is expected to drive the Asia-Pacific high temperature resins market during the next five years.
The adhesives & sealants application is the largest market for high temperature resins. High temperature resins in adhesives exhibit heat resistance and stable mechanical properties and thus enable the maintenance of structural integrity at the intended service temperature.
High temperature resins, through adhesives, cater to end-user sectors such as automotive & transportation, aerospace & defense, marine, building & construction, electrical & electronics, and industrial, which require the retention of properties under extreme conditions. The global high temperature resin market is driven by the high demand from the Asia-Pacific region and the growing product portfolios of the leading adhesives manufacturers.
Solvay S.A (Belgium), Huntsman Corporation (U.S.), E. I. du Pont de Nemours and Company (U.S.), Hexion Inc. (U.S.), Mitsui Chemicals Inc. (Japan), DIC Corporation (Japan), Henkel AG & Co., KGaA (Germany), Dow Corning Corporation (U.S.), Wacker Chemie AG (Germany), Royal Tencate N.V. (Netherlands), and BASF SE (Germany) are some of the important players in the global high temperature resin market.