Cyanate Ester Resins Market Trends

Growth Drivers

• Increasing Demand and Production of Vehicles – As economies grow, so does the demand for lightweight, fuel-efficient vehicles. According to the International Organization of Motor Vehicle Manufacturers (OICA), global vehicle sales increased to 56 million in 2021 from 53 million in 2020. In contrast, global vehicle production reached 57 million in 2021. Cyanate ester resin, a versatile component with many added benefits such as high mechanical strength, increased durability, and resistance to harsh conditions, is used in many automotive components such as race car exhausts, brakes, and others. As a result, rising vehicle demand and production are expected to boost the utilization rate of cyanate ester resins in the automotive sector over the next few years.

• Growth in the Electronics Sector – Since cyanate ester resins are good electrical conductors and increase the durability of the products, they are frequently used in the production of electrical goods and electronics. As a result, the rapid growth of the electronics industry and the high demand for electronic goods among the world's population are anticipated to have a positive impact on the expansion of the global market. 

Challenges

• High Processing and Manufacturing Costs – Cyanate ester resins are unique and distinct from other types of resins available in the market. As a result, the cyanate ester resin manufacturing process necessitates significant investment, raising manufacturing costs.  The finished product's price rises, making it less affordable to industries with limited financial resources. Over the forecast period, these factors are expected to stifle market growth.

• Fluctuation in Prices of Raw Materials

• Issues Related to Reusability and Recyclability