Market Summary: The forecasted Global High-Temperature Composite Resin Market size is expected to reach USD 1.77 Billion by 2027, up from USD 0.89 Billion in 2019, with a projected CAGR of 8.9% throughout the forecast period. The surge in demand is attributed to increased space exploration activities and the extensive application of the product in the transportation, aerospace, and defense sectors.
High-temperature composite resin is employed in applications requiring performance beyond typical epoxy materials' service temperature. These materials can withstand temperatures up to 427°C, offering superior thermal stability, excellent mechanical properties, and remarkable chemical resistance. Consequently, they are well-suited for manufacturing ducts, hot sections, engines, heat protection systems, rocket engine nozzles, titanium replacements in launch vehicles and aircraft, power plants, military-specific applications, and more.
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These high-temperature composite resin materials play a crucial role in spacecraft, instrument, and rocket launcher manufacturing, facilitating space exploration. Increased budgets for space activities by various governments globally, such as the U.S. government's plan to send astronauts to the moon by 2024 with a budget allocation of USD 25 billion in 2021, are expected to boost the revenue share of high-temperature composite resin in the foreseeable future.
Furthermore, the resin is gaining popularity as an alternative to metals in challenging high-temperature applications, contributing to weight reduction in automotive and aircraft manufacturing. The focus on lightweighting, driven by fuel-saving initiatives and environmental regulations, is anticipated to propel product consumption. Notably, high-temperature composite resins play a crucial role in advanced aircraft like Lockheed Martin's F-35, constituting nearly 50% of the aircraft.
Nevertheless, factors such as substantial manufacturing setup expenses, recycling limitations, and the need for permits from government organizations under the Toxic Substances Control Act may hinder the growth of the high-temperature resin industry.
Regional Overview: As of 2019, North America represented more than 31.3% of the market share in the high-temperature composite resin sector and is poised for substantial growth until 2027. This notable expansion is credited to the thriving defense and aerospace industry, alongside the large-scale production of aircraft to meet global demand. In 2017, the U.S. aerospace and defense sector witnessed an impressive growth rate of 26%, generating revenue exceeding USD 143 billion.
The Asia-Pacific (APAC) region is anticipated to play a significant role in augmenting the market share of high-temperature composite resin, with an estimated Compound Annual Growth Rate (CAGR) of 9.8% throughout the analysis period. The rapid growth of the aviation industry in the region, coupled with increased disposable income and the rising popularity of air travel, is expected to contribute substantially to the regional revenue share.
Resin Perspective: In 2019, polyimide resin dominated the high-temperature composite resin market with a market share exceeding 22.8%. This resin type is projected to gain considerable traction due to its widespread utilization in Resin Transfer Molding for the manufacturing of aircraft and machinery.
Manufacturing Process Outlook: Lay-up manufacturing, accounting for over 36.7% in 2019, is expected to maintain a significant share in the high-temperature composite resin market through 2027. The prepreg manufacturing process, with its benefits of consistent material properties, high fiber volumes, operational ease on complicated shapes, and low-void content, is estimated to contribute substantially to market revenue.
End-User Outlook: In 2019, the aerospace and defense end-user segment accounted for the largest share of approximately 27.3% in the high-temperature composite resin market and is projected to deliver a CAGR of 9% through 2027.
Market-O-Nomics: The projected Global High-Temperature Composite Resin Market size is anticipated to reach USD 1.77 Billion by 2027, with a CAGR of 8.9%. Market demand is fueled by increased space exploration activities and extensive applications in the transportation, aerospace, and defense sector. High-temperature composite resin materials play a vital role in spacecraft, instrument, and rocket launcher manufacturing, enabling space exploration. The U.S. government plans to send astronauts to the moon by 2024, allocating USD 25 billion in the 2021 budget for NASA's human space exploration program. Approximately 50% of the entire F-35 aircraft is manufactured using high-temperature composite resins, with Lockheed Martin planning a 40% increase in F-35 aircraft deliveries by 2018. North America held over 31.3% of the high-temperature composite resin market share in 2019, with a significant growth outlook through 2027.
Competitive Landscape: Leading companies in the industry include Hexcel Corporation, Huntsman International LLC, Koninklijke Ten Cate bv, Hexion Inc., Sumitomo Bakelite Company Limited, DIC Corporation, Lonza AG, Arkema S.A., Nexam Chemical Holding AB, and Ube Industries, Ltd. These industry players are focusing on capacity expansion to meet the growing demand.
In July 2018, Groupe Gazechim Composites and Hexcel Corporation collaborated to provide customized kitting services for high-level composite materials, catering to defense and aerospace applications.
Solvay, a Belgian chemical company, introduced KetaSpire PEEK XT at the Germany K 2019 trade show, claiming it to be the first true high-temperature polyetheretherketone (PEEK) in the market. The material exhibits significantly higher stiffness and strength at elevated temperatures compared to standard PEEK.
Segments Covered in the Report: This report forecasts revenue growth at a global, regional, and country level, providing an analysis of industry trends in each sub-segment from 2017 to 2027. Reports and Data have segmented the market based on Resin, Manufacturing Process, End User, and region:
Resin Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027):
Polyimide
BMI
Epoxy
Phenolic
Thermoplastic
Cyanate Ester
Others
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