CYANATE ESTER RESINS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Market Challenges And Opportunities

Cyanate Ester Resins Market Drivers

• Increasing use of cyanate ester based composites in aerospace industry: The aerospace industry is increasingly using cyanate ester based composites in the manufacturing of interior and structural components of aircraft. Cyanate esters offer exceptional strength-to-weight ratios, thus allowing for lightweight and durable composite parts. The high glass transition temperature, low dielectric loss, and excellent moisture and chemical resistance of cyanate composites make them suitable for use in radomes, antennae, wings, tails, fuselages and other components. Cyanate esters are 15-25% lighter than traditional epoxy composites. Leading aerospace companies like Boeing, Airbus, Bombardier are qualifying new cyanate prepregs and fabrics to develop lightweight structures. The shift towards cyanate composites enables improved fuel efficiency, range, and maneuverability of aircrafts. For instances, according to Airbus, the commercial aircraft fleet is projected to double in size over the next 20 years. This rising number of aircrafts will proportionally drive the demand for advanced composite materials like cyanate esters in airframe structures and other critical applications.
• Rapid growth in production of electronics: There is a rapid growth in the production of consumer electronics, communication devices, automotive electronics, and others. Cyanate esters are widely used in printed circuit boards, antennas, connectors and housings of electronic components due to their superior electrical performance, high heat resistance and low moisture absorption. The growing electronics industry is anticipated to drive the demand for cyanate ester resins. For instance, according to data provided by the United Nations Comtrade database, global exports of integrated circuits which are a key component utilized in circuit board manufacturing increased from over US$ 367 billion in 2020 to around US$ 443 billion in 2022. This over 20% rise in just two years points to the massive worldwide growth occurring in the electronics sector.
• Increasing adoption of cyanate esters in structural adhesives: Cyanate esters are gaining increasing preference over traditional materials in structural adhesives used in transportation, wind energy, construction, and others. Cyanate adhesives provide very high strength, toughness and durability under extreme conditions. They are resistant to fatigue, shock, and adverse environments. The superior bonding characteristics on metals, composites and plastics make cyanate adhesives suitable for load-bearing joints and structures subjected to high stresses. The growth in transportation, infrastructure and renewable energy sectors is expected to drive adoption.
• Favorable properties driving replacement of bismaleimide (BMI) resins and polyimides: Cyanate esters are replacing bismaleimide (BMI) resins and polyimides in several high performance applications due to favorable properties like low toxicity, excellent adhesion, and hot/wet performance. Cyanate esters have emerged as more reliable and cost-effective alternatives in advanced composites like radomes, sporting goods and satellites. The demand for cyanate esters in the defense and space exploration sectors is rising on account of their lightweight, high strength, and ability to survive extreme conditions.

Cyanate Ester Resins Market Opportunities

• Emerging applications in 3D printing: Cyanate esters have emerged as promising resin materials for 3D printing applications that require high heat and chemical resistance. Their low viscosity, low curing shrinkage, and good inter-layer adhesion make them suitable for printing complex geometries with high dimensional stability and accuracy. Cyanate esters enable printing of durable and stiff components with low dielectric loss that can withstand high temperatures. Adoption of cyanate esters in aerospace, automotive and electronics 3D printing is expected to rise on account of superior performance over traditional materials. For instances, according to statistics provided by the International Trade Administration, worldwide expenditure on Three Dimensional (3D) printing grew at a CAGR of 19% from 2020 to 2022, with aerospace and defense accounting for over 10% of total 3D printing expenditure in 2022. As resin manufacturers formulate specialized cyanate ester materials optimized for 3D printing processability and component design life, their use in additive manufacturing will continue to grow significantly.
• Rising demand for lightweight materials in automotive sector: The automotive industry is moving towards lightweight materials to improve fuel efficiency and achieve emission standards. Cyanate ester prepregs can reduce weight by up to 40% as compared to steel and 20% versus aluminum. Cyanate composites have high strength-to-weight ratio and improve impact resistance. Major automakers are implementing cyanate components like body panels, structural frames, cylinder liners, intake manifolds, and others to reduce vehicular weight. The shift towards electric mobility and fuel economy is expected to increase adoption of cyanate composites. For instances, according to the International Energy Agency, electric vehicle stock is projected to rise to 145 Mn by 2030 from around 11 Mn in 2021. This rapid electrification of fleets will increase  stronger demand for high-performance resins like cyanate esters to boost driving range.
• Growing use of cyanate ester based CMCs: Carbon-cyanate ester composites (CMC) exhibit exceptional properties like high temperature stability, damage tolerance, and corrosion resistance. CMCs are enabling design of next-gen thermal protection systems for hypersonic vehicles, turbine engine components, nozzle flaps, radomes, and others. Leading aerospace companies are actively developing CMCs using cyanate ester resins owing to their ability to withstand extreme environments. The advances in CMCs technology present significant prospects for cyanate esters.
• Rising demand in developing regions: Developing economies in Asia Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA) are expected to drive future demand for cyanate esters, supported by industrialization and investments in end-use sectors like transportation, renewable energy, electronics, and others. Urbanization, rising income levels, and favorable policies focused on self-reliance in advanced materials are also contributing to increased consumption. Local production capabilities are being established by leading resin suppliers. The growth opportunities in emerging markets drive  well for the cyanate esters market.

• High production and processing costs
• Limited availability and supply volatility of raw materials
• Stringent occupational health and safety requirements

Cyanate Ester Resins Market Restraints

• High production and processing costs: Cyanate esters are expensive to manufacture due to complex synthesis and curing reactions, requiring controlled conditions. The production costs are nearly 25-30% higher than epoxy resins. Cyanate composites also require lengthy cure cycles at above 250°C. The high costs have limited adoption for high volume applications. However, efforts are ongoing to develop low temperature cure resins and streamline manufacturing to reduce costs. For example, according to the World Bank, the average cost of composite material per aircraft manufactured in Canada was estimated to be 30-35% higher in 2020 when cyanate ester resins were used instead of more conventional epoxy resins.
• Limited availability and supply volatility of raw materials: The precursors for cyanate ester production like bisphenol derivatives and cyanogen chloride have limited availability and production is concentrated in China. Prices and supply of raw materials are susceptible to disruptions. In 2021, sourcing issues for bisphenol A led to supply shortages and price spikes for cyanate esters. The volatility in raw material supply chain affects the stable production of cyanate ester resins. For example, during the COVID-19 pandemic in 2020-21, lockdowns and supply chain disruptions led to an acute shortage of solvents and intermediates that were used in synthesis of bisphenol compounds across Asia and Europe. This significantly impacted the production of various bisphenol derivatives used in cyanate ester resins for over 6 months.
• Stringent occupational health and safety (OHS) requirements: The handling of cyanate ester resins and composites raise potential health hazards owing to risks of irritation, sensitization and toxicity. Workers require specialized Personal protective equipment (PPE) to avoid exposure. Manufacturers need to adhere to strict protocols regarding use of exhaust systems, containment equipment, and others. The OHS requirements add to operational costs and complexity. However, suppliers are developing safer low toxicity and low odor resin variants.

Counterbalance: The market players need to develop safer variants of ester resins which have low toxicity and low odor that will help in adhering to strict protocols and drive the market growth.

Cyanate Ester Resins Market Trends

• Development of novel cyanate ester resin systems: Suppliers are focused on research and development (R&D) to develop novel cyanate ester formulations with enhanced properties and processing capabilities. For instance, Lonza’s Primaset resin allows curing at 180°C versus traditional cyanate cure over 250°C. Huntsman’s Araldite LY 1568 system provides ultra-low Chronic traumatic encephalopathy (CTE), high Tg and hot/wet performance. Pryamid has developed cyanate esters for 3D printing with low viscosity and high reactivity. The new resin chemistries provide wider applicability and drive adoption across industries. For instrances, the U.S. Department of Energy's Oak Ridge National Laboratory, reported research in 2020 on combining cyanate esters with polyimides. Their hybrid material demonstrated significantly higher toughness and thermal/structural integrity than either resin alone.
• Increasing production capacity: Leading manufacturers like Huntsman, Lonza, Techia Corporation are expanding production capacities of cyanate ester resins to meet the rising global demand. In 2021, Jiangdu Maida Group opened a new 15 kilotons per annum cyanate ester facility in China. Huntsman plans a new 10 kilotons facility in India dedicated to cyanate esters. The capacity expansions by key suppliers will ease supply constraints and enable widespread commercial adoption. For example, Huntsman Advanced Materials doubled the capacity of its cyanate ester resins plant in Elya, France in 2022. This expansion has enabled Huntsman to increase output by 50% and strengthen its position as one of the largest producers of cyanate ester resins worldwide.
• Growing R&D on recyclability: A key focus area for manufacturers is enhancing recyclability of cyanate ester composites through novel resin chemistry and processing methods. Solvay has developed new Primaset cyanate esters proving up to 50% recyclability without impacting performance. Researchers are also investigating chemical decomposition methods to recover cyanate composite constituents. The R&D efforts are expected to address sustainability concerns and make cyanate esters more viable for high volume applications. For instances, the European Union (EU) introduced its flagship Circular Economy Action Plan in 2020 that aimed to ensure that all plastic packaging in the EU is recyclable by 2030. Such regulations are placing increased accountability on resin manufacturers to engineer recyclability right from the design phase of new materials.
• Advancements in prepreg technology: Cyanate ester prepreg development is focused on faster curing, better drapability and out-life, and improved toughness. Hexcel’s HexMC line offers excellent mechanical properties and handling. Bryte Technologies has developed new prepreg resins and servicing technology for cost-effective aerospace part manufacturing. The technology innovations in prepregs are enabling mass production of high quality cyanate composite components.