COVID-19 Impact:
Thermoset resin is used as a matrix with fibres such as glass fibre, carbon fibre, natural fibre, and others in thermoset composites. Thermoset resins are currently frequently utilised for composite fabrication because they are liquid at ambient temperatures when uncured. This unique property of thermoset resin enables for easy reinforcing fibre impregnation. Composites are widely used in the aircraft sector. Composites have risen to prominence in the aerospace and defence industries as a result of growing environmental concerns and the search for high-strength, light-weighting materials to improve fuel efficiency. The entire aerospace and defence industries has been thrown into chaos by the COVID-19 epidemic. Most airlines, as well as OEMs and their suppliers in the aircraft production ecosystem, appear to be facing a significant drop in revenue and cash flow. The composite demand in aircraft manufacture will be hurt the most by this massive impact on material suppliers.
High Temperature Resin Market Segment Analysis – By Type
Thermoset Resins held the largest share of 44% in the High Temperature Resin Market in 2020. Epoxy and Silicones are holding the market for the high temperature market. Epoxies are high performance resins which are used in every industry because of good heat, corrosion resistance, great bond performance and reasonable price. The raisin has a three-dimensional network of cross linking and hence has great finishing, excellent adhesion, tailored elasticity, and great strength. Silicones are the man-made elastomers to produce an advantage over natural rubber by combining the heat resistance with cold performance.
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High Temperature Resin Market Segment Analysis – By Application
Adhesives & Sealants held the largest share of 38% in the High Temperature Resin Market in 2020. This rise is mainly due to the growing demand for adhesives and sealants in metals, ceramics, plastics, and composites. The growing use of adhesives and sealants in different industries like automobiles, aerospace, electronics, medical and other industrial applications. Adhesives & Sealants are also used in the paints, coatings, and woodworking industries for different purposes. Urbanization with a large network of connections has contributed to an increase in demand and material and adhesives requirements. Many companies are spending lot in research and development in order to generate the new cutting-edge processing aids and provide a smarter way for using high temperature resins.
High Temperature Resin Market Segment Analysis – By End Use
Aerospace & Defense Sector held the largest share in the High Temperature Resin Market in 2020 with a CAGR of 5.5% during the forecast period of 2021-2026. The rise in demand in aerospace sector is due to the use of high temperature resin in the manufacturing of different components like engine components, exterior and interior of the aircrafts, making of missiles and satellites and others. The growth is also in the automobile sector in which the high temperature resins are used in order to reduce the weight of the material and enhance the performance. Thus, flourishing aerospace & defense and automobile industries may drive the growth of the High Temperature Resin Market.
High Temperature Resin Market Segment Analysis – Geography
North America dominated the High Temperature Resin Market in the year 2020 with a market share of 40% followed by Europe and Asia Pacific. The North America region is dominating because of the rise in the aerospace and defense industry in the region. North America is also a hub for the development and innovation of the space vehicles which uses high temperature resins. North Americas investment in defense and development is booming the market. Currently, the High Temperature Resin industry has been affected due to COVID-19 pandemic where most of the industrial activity has been temporarily shut down. In in turn has affected the demand and supply chain as well which has been restricting the growth in year 2021.
High Temperature Resin Market Drivers
Rise in Demand for high temperature resin in automobiles
Industrialization has led to the increase in demand for high temperature resin in various industries for different purposes. The use of high temperature resins is used in the automobiles because they improve the resistance to higher ignition. These are used to withstand the specific temperature range. Because of the higher temperature range the use of higher temperature resin is also increasing in other industries like medical, transportation, electronics, and others.
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High Temperature Resin Market Challenges
High production cost and environmental damage
Innovation is the key to developing new products and hence the high temperature resin is the outcome of it. The use of cutting-edge technology for making of the high temperature resin is increasing the cost. Also, many of the high temperature resins are not recyclable and hence are harmful for the environment and hence is causing a challenge in high temperature resin market.
High Temperature Resin Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the High Temperature Resin Market. Major players in the High Temperature Resin Market are Henkel AG, KGaA, Dow Corning Corporation, BASF SE, Mitsui Chemicals Inc., Solvay S.A., Huntsman Corporation, DIC Corporation, Saudi Arabia Basic Industries Corporation, Wacker Chemie AG, Royal Tencate N.V., and Others.
Acquisitions/Technology Launches/ Product Launches
In February 2019, Teijin Holding USA Inc. acquired Renegade a leading supplier of highly heat resistant thermoset prepreg, to expand its carbon fiber intermediate business for aerospace applications.
Key Takeaways
North America dominates the High Temperature Resin Market owing to rapid increase in automotive and industrial applications.
The market drivers and restraints have been assessed to understand their impact over the forecast period.
The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
The other key areas of focus include the various applications and end use industry in High Temperature Resin Market and their specific segmented revenue.
Due to the COVID-19 pandemic, most of the countries have gone under temporary shutdown, due to which operations of High Temperature Resin Market related industries has been negatively affected, thus hampering the growth of the market.
Related Reports
A.High-Temperature Composite Resin Market
https://www.industryarc.com/Research/High-Temperature-Composite-Resin-Market-Research-500451
B.High Temperature Coatings Market
https://www.industryarc.com/Report/15546/high-temperature-coatings-market.html
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