High-Temperature Composite Resin Market size is forecast to reach $10.2 billion by 2026, after growing at a CAGR of 5.1% during 2021-2026. High-Temperature Composite Resins are designed for functioning in high heat applications. Growing uses of High-Temperature resins such as phenolic, polyimide, polyurethane, and epoxy in high heat conditions across military and commercial aircraft, and the gas turbine engine industry, are driving the market. Composites used for aviation typically offer exceptional resistance to impacts, fatigue, corrosion, and broad temperature variations. Furthermore, increasing demand for lightweight Materials from the transportation sector is also contributing to the growth of the High-Temperature Composite Resin Market share.
COVID-19 Impact
The unprecedented crisis brought by COVID-19 in 2020 continues to have a clear and significant impact on the worldwide workforce, industry, country, and global economy. The pandemic has hindered the supply chain, especially the supply of raw material used in producing the high-temperature composite resin. Due to the pandemic, various manufacturing sectors shut down their operation, which leads to a decline the market growth.
High-Temperature Composite Resin Market Segment Analysis- By Material
Bismaleimides segment is projected to grow with a CAGR of 4.5% in the High-Temperature Composite Resin Market during the forecast period. Bismaleimides are a type of polyimide that is used in high-performance structural composites. Bismaleimides monomer is usually blended with co-monomers, like vinyl & allyl compounds, and an aromatic amine, to enhance its flexibility and toughness. Bismaleimides can provide higher temperature resistance when compared to epoxy. Bismaleimides have higher glass transition temperatures of more than 260°C and a constant use temperature of 200–230°C. Hence, Bismaleimides are used in the high-performance sectors like aircraft, and aerospace and defense applications like engines, hot-air ducts, tooling prepreg, and airframe, where the temperature is beyond 180 degrees centigrade. Thus, owing to the superior properties of Bismaleimides, there is a high demand for Bismaleimides in High-Temperature Composite Resin Market.
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High-Temperature Composite Resin Market Segment Analysis - By Process
The open molding segment held the largest share of more than 30% in the High-Temperature Composite Resin Market in 2020. In the open molding process, a layer gel is coated to the mold to provide a smooth finish, then a layer of fiber reinforcement is manually placed along with a laminating resin is applied by pouring, or spraying. Open molding is a low-cost method, which enables the production of high precession parts, it also enables to produce large parts, and provides flexibility in producing complex design & sizes than its counterpart. In open molding, high-temperature composite is produced through various processes, including hand lay-up, spray-up, casting, and filament winding. Whereas, hand layup process is the most commonly used and is the least expensive method as it demands the least amount of equipment. Moreover, Open molding is preferred for manufacturing wind turbine components, aircraft parts like fuselage, interior, landing gear, & empennage, boats, car bodies, and portable toilets. Open molding type offers various advantages such as consistent material properties, high fiber volume, flexibility in fiber, and ease to operate on complex shapes that make them suitable to use across various high-temperature applications.
High-Temperature Composite Resin Market Segment Analysis - By Application
Coating segment held the largest share of more than 25% in the High-Temperature Composite Resin Market in 2020. High-Temperature Composite resins are widely used in coatings to improve the coating heat resistance properties. Specific organic binders, such as phenolics, silicone, and epoxy, are tolerant to high temperatures without any need for modification. High-temperature coatings are produced to protect components and material from high temperatures ranging from 150°C to 760°C and are used in applications where materials require protection from corrosion as well as heat. Moreover, high-temperature coatings are used in order to improve the resistance to oxidation and hot corrosion of gas turbine components such as combustion chambers and blades. Also used in petrochemical storage tanks, oil refineries, construction, and jet engines.
High-Temperature Composite Resin Market Segment Analysis - By End-Use Industry
The Aerospace & Defense segment held the largest share of more than 25% in the High-Temperature Composite Resin Market in 2020. These resins are used in manufacturing various aerospace & defense components, such as engine parts, interiors, and exterior structures of fighter jets, missiles, and satellites. Increasing demand for high-temperature composite fighter jets such as F-35 is contributing to the growth of the high-temperature composites resin market. Therefore, any increase in demand for aerospace & defense equipment will further drive the demand for High-Temperature Composite Resin. As per the American Aerospace Industry AIA report in 2019, the American aerospace & defense industry revenue was $929 billion for 2018, with an increase of 4.17% from 2017. Such, growth in aerospace and defense will increase the demand for High-Temperature Composite Resin Market.
High-Temperature Composite Resin Market Segment Analysis - By Geography
North America held the largest share of more than 35% in the High-Temperature Composite Resin market in 2020. The growing demand for high-temperature composite resin in the automotive, marine, aviation, and aerospace & defense industries across the region drives the market growth. The high-temperature composite resins offer various properties such as fire resistance, high-temperature resistance, and lightweight for manufacturing defense equipment, and a higher defense budget. The excellent properties further make them suitable to use across various industry verticals like aerospace & defense, automotive, and manufacturing. For instance, as per the United States Department of Defense report in 2019, the US defense budget for 2019 was $686 billion, and in 2018 the budget was $611.8 billion. Moreover, as per the International Trade Administration report in 2020, the Canadian aerospace & defense industry was $22.3 billion in 2017, which increased to $23.9 billion in 2018, and in 2019 the industry was worth $24 billion. Therefore, the growing aerospace industry and increasing defense budget are fueling the demand for the high-temperature composite resin market.
High-Temperature Composite Resin Market Drivers
Surging Demand for Advanced Defense Equipment
Rising geopolitical tensions in Middle-East and the South China Sea is driving the demand for advanced defense equipment’s, such as a hypersonic missile, fighter jets, Unmanned Aerial Vehicles, and Communication & Spy satellites. High-Temperature Composite Resin is used in a fighter jet engines, exterior body, nozzles, air defense systems, blades & propellers, leading edges on hypersonic missiles, and fire-resistant material for propulsion compartment in submarines. Therefore, the increase in the sale of defense equipment will increase the demand for high-temperature composite resin. For instance, in November 2020, the United States has agreed on the sale of $23.37 billion for advanced defense equipment’s to the United Arab Emirates, including F-35 Lightning II aircraft and MQ-9B Unmanned Aerial Systems, as tension, rising between Iran and UAE. Moreover, in a recent deal in October 2020, the US State Department has approved the sale of 100 Boeing-made Harpoon Coastal Defense Systems to Taiwan in a deal worth as much as $2.37bn, due to rising tension between China and Taiwan.
Excellent Properties of High Temperature Composite Resin is Driving the Market Growth
High-Temperature Composite resins have the capacity to endure intense heat of 1600 degrees and above. Companies usually favor polymer reinforced high-temperature resins because they perform better under fatigue and are lighter than metal-reinforced resins. High-Temperature Composite resins were developed to handle moderate to high temperatures and extremely tough environmental conditions with a higher degree of performance while being lightweight. For instance, polyimide resin provides excellent thermal-oxidative stability, which enables it to resist combustion that breaks down molecular bonds, even at high temperatures. The resin's excellent resistance against fire, smoke, and high temperature makes them an ideal choice for aircraft and automobile interiors.
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High-Temperature Composite Resin Market Challenges
Complex Recycling Process
Organizations are exploring different ways of recycling composites to reduce emissions and the impact of global warming. Recycling composite is a complex process, as the nature of thermoset resin is cross-linked, which are difficult or cannot be remolded. Moreover, the cost of recycled composite material is more than that of a newly produced composite. Due to this, most of the composite materials are dumped as landfills. For instance, as per National Composite Centre, 90% of United Kingdom composite waste goes to landfills. Therefore, the challenge of recycling thermoset composites is a stumbling block, which in turn hindering the growth of the market.
High-Temperature Composite Resin Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the High-Temperature Composite Resin Market report. Major players in the High-Temperature Composite Resin Market is Hexcel Corp., Huntsman International LLC, Texas Research International, Inc., Hexion Inc., Sumitomo Bakelite Co., Ltd., DIC Corp., Lonza Group Ltd., Arkema Group, Nexam Chemical Holding AB, Saudi Basic Industries Corp., UBE Industries, Ltd. and among others.
Acquisitions/Technology Launches
In March, 2020- Ube Industries, Ltd., announced to acquire Premium Composite Technology North America, Inc. (PCTNA). This acquisition enables UBE to establish a manufacturing unit in Japan, Thailand, and Spain along with offering auto parts to automakers.
In October 2019- Saudi Basic Industries Corp. (SABIC) launched a new Xenoy HTX high-heat resin for light-weighting Vehicles and Electronic Vehicles. With this new launch, SABIC has expanded its high-temperature resin offering for the automobile market. This will further drive the High-Temperature Composite Resin Market.
Key Takeaways
European region is projected to witness significant growth in the market due to the growing uses of thermoplastic in the automotive and aerospace & defense industries. Whereas, Germany is expected to lead the largest share in the region throughout the forecast period.
Complexity in recycling and high production cost of high-temperature composite resin is hindering the markets growth.
The development of the aviation sector in the emerging country like China and India are providing growth opportunities to the market.
Increased use of composites as an alternative solution to metals is driving the market.
COVID-19 has hindered the market growth for High-Temperature Composite Resin Market, due to challenges faced by the aerospace & defense industry during the pandemic.
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