Cyanate Ester Resins Market

Cyanate Ester Resins Market is Estimated to Witness High Growth Owing to Increased Use in Electronics Industry


Cyanate ester resins are thermosetting polymers that are used in various end-use industries like aerospace & defense, electronics, and automotive owing to their exceptional properties such as high glass transition temperature, low dielectric constant, and superior mechanical strength. In the electronics industry, cyanate ester resins are used to manufacture printed circuit boards (PCBs) due to their excellent resistance to heat. The growing demand for consumer electronics devices is fueling the need for high-performance PCBs, which is expected to drive the demand for cyanate ester resins over the forecast period.

The Global Cyanate Ester Resins Market is estimated to be valued at US$ 244 Mn in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2031.

Key Takeaways

Key players: Key players operating in the Cyanate Ester Resins are Promega Corporation, Merck KgaA, Geno Technology Inc., USA., Thermo Fisher Scientific Inc., SignalChem Biotech Inc., Takara Bio Inc., Creative Enzymes, ProteoChem, Waters Corporation, Bioseutica, Bovogen Biologicals Pty Ltd., and BBI Solutions.

Key opportunities: Increasing use of Cyanate Ester Resins Market Growth in the aerospace industry owing to their flame retardancy and heat resistance properties is expected to create lucrative growth opportunities. Moreover, growing demand for high-speed 5G infrastructure is augmenting the replacement of conventional materials with cyanate ester resins in radar domes, airframes, and space satellite structures.

Technological advancements: Development of new eco-friendly cyanate ester resins using bio-based raw materials and advancement in 3D printing technology using cyanate ester resins are some key technological trends expected to support market growth over the forecast period.

Market drivers

Rising electronic goods consumption: Continuous rise in the disposable income of consumers across emerging economies is fueling the demand for electronic devices like smartphones, laptops, consumer electronics, etc. This is positively impacting the demand for high-performance PCBs made using cyanate ester resins.

Regulations on flame retardancy: Strict regulations regarding flame retardancy of materials used in industries like aerospace and defense are propelling the replacement of conventional thermosets with cyanate ester resins owing to their excellent flame retardant properties.

Current challenges in Cyanate Ester Resins Market

The cyanate ester resins market is facing various challenges currently due to disruptions caused by the ongoing Covid-19 pandemic. Supply chain disruptions and restrictions on transportation have negatively impacted the availability of raw materials required for the manufacturing of cyanate ester resins. This has hampered production volumes and export capabilities of manufacturers in the short term. Additionally, reduced manufacturing activities and construction projects across end use industries like aerospace and defense, electrical and electronics etc. have lowered the demand for cyanate ester resins. The pandemic has also slowed down investments in new projects that utilize cyanate ester resin composites.

SWOT Analysis

  • Strength: High thermal stability and resistance to heat make cyanate ester resins suitable for applications where durability at high temperatures is required.
  • Weakness: Cyanate ester resins have a complex and lengthy curing process making them relatively expensive.
  • Opportunity: Growing demand for composites from aerospace and defense sectors where lightweight and durable materials are needed offers lucrative opportunities.
  • Threats: Availability of cheaper substitutes like epoxy resins can reduce the market share of cyanate ester resins. Stringent environmental regulations also pose a challenge.

Geographical regions of market concentration

North America currently accounts for the largest share of the Cyanate Ester Resins Market in terms of value. This is mainly due to high demand from aerospace, defense and electrical industries in the US. Asia Pacific is also emerging as a major market and is expected to witness the fastest growth over the forecast period due to rising composites consumption in the transportation sector in China and India.

Fastest growing region

Asia Pacific region is projected to be the fastest growing regional market for cyanate ester resins between 2024-2030. This high growth can be attributed to booming manufacturing industries, developing infrastructure and rapid urbanization in developing countries like China and India which is driving increased consumption of cyanate ester resin composites that offer superior quality and performance. Government initiatives to promote local manufacturing will further augment the market expansion in Asia Pacific.

1.  Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it