High-temperature composite resin market will expand commendably between 2022 and 2028 because of increased popularity in the electrical and electronics, automotive, and transportation industries The aviation industry has made great achievements as a result of falling fuel prices and increased air traffic levels, complementing the need for commercial aircraft. The market will be aided by the increasing number of government investments in defence equipment.
To endure great heat, high-temperature composite resins are primarily reinforced with ceramic and metal matrix composites. They are widely used in the automobile industry to meet the growing demand for lightweight, fuel-efficient vehicles.
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Impact of COVID-19 on the market for high-temperature composite resins
The global economy was impeded by the COVID-19 pandemic, which posed unprecedented problems to a variety of industrial sectors around the world. The high-temperature composite resin business felt the brunt of the crisis, with demand for the product stalling in the aerospace & defence, automotive, electrical & electronics, and building & construction sectors, among others.
In the midst of the pandemic, sophisticated composite prepregs saw extensive use in MRI and C scanners, surgical target tools, X-ray couches, tables, and equipment, among other medical uses.
Overview of the Market
Strategic alliances, such as acquisitions and partnerships, as well as mergers, new product launches, and capacity expansions, are the most common marketing strategies used by these companies to boost their competitive value and expand their geographic reach.
For example, Toray Advanced Composites and BASF signed a manufacturing and supply deal in August 2019 to increase production of CFRT (continuous fiber-reinforced thermoplastic) tapes for the automotive and industrial markets. The company enhanced the latter’s Ultramid PA6 resins with either glass or carbon fibre as a result of the relationship.
Kay Players
Other major players in the high-temperature composite resin market include: Henkel AG & Co., Mitsui Chemicals Inc., Arkema S.A., Huntsman International LLC (Huntsman Corporation), DIC Corporation, DOW Corning Corporation (Dow, Dow Global Technologies Inc, Dow Holdings LLC), Hexion Inc., Royal Tencate N.V., Wacker Chemie AG (Dr. Alexander Wacker Familiengesellschaft mbH), UBE Industries, Ltd., Solvay S.A, Nexam Chemical Holding AB, E.I. Dupont De Nemours, and Company.
Market Segmentation
Based on Type, the market has been segmented into bismaleimides, polyimides, cyanate resins, phenolic, epoxy, benzoxazine, thermoplastic, and others.
On the basis of Application, the market has been segregated into aerospace and defense, automotive and transportation, electrical and electronics, and others.
Who is the target audience ?
• Manufacturers of high-temperature composite resins
• High-temperature composite resin traders and distributors
• Institutes of research and development
• Investors who might be interested
• Suppliers of raw materials
• Laboratories that have been nationalised
Important Market Prospects
Increased demand in major end-use sectors such as aerospace and military, automotive and transportation, and electrical and electronics is propelling the worldwide high-temperature composite resin market forward.
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