High temperature composite resin market size was valued at USD 1.2 Billion in 2021 and is expected to reach USD 2.1 Billion by 2030, growing at a CAGR of 10.4% from 2021 to 2030.
The global high-temperature composite resin market has been segmented by type, manufacturing process, end-use industry, and region. Based on type, the market has been divided into bismaleimides, polyimides, cyanate resins, phenolic, epoxy, benzoxazine, thermoplastic, and others. The bismaleimides type segment accounted for the largest market share in 2017 and is expected to grow at a significant rate during the review period. This market growth can be attributed to increasing use of bismaleimides in the aerospace industry on account of high thermal and oxidative stability and good electrical and mechanical properties.
On the basis of manufacturing process, the market has been segmented into layup, injection molding, compression molding, pultrusion, filament winding, resin transfer molding, and others. The layup manufacturing process is the most widely used due to its cost-effectiveness.
By end-use industry, the market has been segregated into aerospace and defense, automotive and transportation, electrical and electronics, and others. The aerospace and defense segment accounted for the largest market share in 2017 on account of the increasing use of high-temperature composite resins in engines, ducts, stators, and heat shields, among others.
Based on region, the high-temperature composite resin market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The market in North America accounted for the largest share of the high-temperature composite resin market in 2017 and is expected to continue its dominance in the coming years on account of increasing investments in the defense sector.
The market in Asia-Pacific is expected to grow at a considerable rare during the review period owing to the expanding end-use industries such as aerospace and defense and automotive and transportation in India, China, and South-East Asia.
The growing aerospace and defense industry with the increasing production of aircraft is likely to drive the growth of the European high-temperature composite resins market in the coming years.
The markets in Latin America and the Middle East & Africa are likely to register moderate growth during the review period as a result of the growing automotive industry with the increasing demand for passenger vehicles.
Some of the key players in the global high temperature composite resins market are Huntsman International LLC (US), Lonza (Switzerland), Hexcel Corporation (US), Evonik Industries AG (Germany), Koninklijke Ten Cate BV (Netherlands), Hexlon (US), DIC Corporation (Japan), Arkema (France), Sumitomo Bakelite Co., Ltd (Japan), UBE Industries, Ltd (Japan), and Celanese Corporation (US).
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