High-temperature composite resin market will expand commendably between 2022 and 2028 due to rising adoption in the electrical & electronics, automotive, and transportation sector. The declining fuel prices and rising air traffic levels have led to significant strides in the aviation industry, complimenting the demand for commercial aircraft. The mounting number of government investments in defense equipment will bolster the market progression.
High-temperature composite resins are mainly reinforced with ceramic as well as metal matrix composites to withstand extreme heat. They are largely adopted in automotive to match the growing requirement for lightweight and fuel-efficient vehicles.
With respect to resin type, the market share from the bismaleimides segment is anticipated to grow. This can be attributed to the increasing penetration in high-performance sectors like aircraft, and defense applications, including tooling prepreg, hot-air ducts, engines, and airframe, where the temperature crosses 180 degrees centigrade. Growing adoption in military and commercial aircraft will also infuse a positive market scenario.
The market revenue from the lay-up molding process, based on manufacturing process, will grow driven by the booming aerospace & defense sector. The hand lay-up process can be regarded as the oldest and simplest open molding method used for fabricating composites. It is deployed for designing simple enclosures as it offers orientation of the fibers that could be controlled as required. Given its affordability and large-scale usage, it is widely incorporated in the marine sector. The increasing recovery rate of the marine sector at the global level will support the product demand.
Based on end-use, the industry size from the aerospace & defense sector will rise on account of the significantly rising demand for high-temperature composite fighter jets, like F-35. The product is witnessing higher adoption in the production of various components, including interiors, missiles, engine parts, and outer structures of aircraft, and satellites. This can be attributed to the increasing preference for ultra-high-temperature materials as they help in reducing the duration of long-haul flights. The surging number of research activities for using ceramics in aerospace is another prominent driver for the segment growth.
The high-temperature composite resin industry in North America will showcase significant growth through 2027 driven by the strong presence of well-known vendors in the region. The flourishing aerospace and defense sector have resulted in rising production rate of aircraft. According to estimates, the U.S. military expenditure was valued at about $778 billion in 2020, showing a rise of over 4.4% in 2019. The influx of severe safety regulations, presence of esteemed aircraft manufacturers and rising penetration of fighter jets will add impetus to the regional market expansion.
Strategic team-ups, including acquisitions, partnerships, as well as mergers and novel product launches and capacity expansions are the leading marketing measures implemented by these firms to increase their competitive value and widen their geographical presence.
For instance, in August 2019, Toray Advanced Composites entered a manufacturing and supply agreement with BASF in a bid to ramp up the production of CFRT (continuous fiber-reinforced thermoplastic) tapes across the automotive and industrial markets. Through the partnership, the company strengthened the latter’s Ultramid PA6 resins with either glass or with carbon fiber.
Some other leading high-temperature composite resin market participants include Henkel AG & Co., Mitsui Chemicals Inc., Arkema S.A., Huntsman International LLC (Huntsman Corporation), DIC Corporation, DOW Corning Corporation (Dow, Dow Global Technologies Inc, Dow Holdings LLC), Hexion Inc., Royal Tencate N.V., Wacker Chemie AG (Dr. Alexander Wacker Familiengesellschaft mbH), UBE Industries, Ltd., Solvay S.A, Nexam Chemical Holding AB, E.I. Dupont De Nemours, and Company.
COVID-19 impact on high-temperature composite resin market forecast
The COVID-19 pandemic hampered the global economy while posing unprecedented challenges to numerous industrial sectors worldwide. The high-temperature composite resin industry also faced the heat of the crisis considering the stunted demand for the product specifically across the aerospace & defense, automotive, electrical & electronics, and building & construction sectors.
However, advanced composite prepregs marked significant consumption in several medical applications, like MRI and C scanners, surgical target tools, X-ray couches, tables, and devices, amidst the pandemic.