High Temperature Resin Market Overview
One of the major trends identified in the global high temperature resin market is focus of manufacturers on the development of advanced high-performance resin components, user-friendly materials, and recyclable material forms. Additionally, the strict safety regulations governing vehicle transport will further encourage the resin demand in the automotive sector, creating new opportunities for the market on a global scale in the future. Asia-Pacific (APAC) is estimated to be the most lucrative market for these resins as the electronics industry is flourishing, and urbanization and industrialization activities are increasing in the region.
High temperature resin is linear or crosslinked, aromatic/heterocyclic polymer possessing high glass transition temperature and having the ability to withstand continuous exposure in air at a temperature above 316 °C (600 °F), without unveiling substantial loss of structural integrity. These resins are used in various industries, including transportation, aerospace and defense, marine, and building and construction. These resins are extensively used in the transportation and building and construction industries, owing to high resistivity to ignition and reduced smoke, heat release, and fume emission. These resins are used as an alternative to mechanical fasteners in various industrial sectors such as automotive, transportation, and industrial machinery.
By resin type, the high temperature resin market can be classified into epoxy, acrylic, silicone, polyester, polyethersulfone, polyetheramide, alkyd, polyurethane, and phenolic. Among these, epoxy is widely used as a high temperature resin as it has superior properties, including high adhesion, impact resistance, flexibility, and chemical and solvent resistance. Further, the epoxy resins offer a unique combination of adhesion, chemical resistance, and physical properties that provide outstanding protection against severe corrosive environments. Refineries, chemical plants, and marine equipment, offshore drilling platforms, and merchant ships are the major application areas of epoxy resins. Due to these benefits, the category held the highest revenue share in the market during the historical period.
Based on application, the high temperature resins mainly found their usage as composites, adhesives and sealants, and paints and coatings. The high temperature composite resin captured the highest market revenue share during the historical period, owing to its extensive demand from industries such as aerospace and defense, transportation, building and construction, and marine. Increasing penetration of composites in aerospace and automotive industries, rising production rate of high temperature composite rich F-35 aircraft, and superior performance benefits of the composites are the key factors proliferating the growth of the high temperature resin market.
Geographically, the high temperature resin market is categorized into North America, Europe, APAC, the Middle East and Africa (MEA), and Latin America (LATAM). Among these, APAC is expected to be the fastest growing market during the forecast period. Robust growth in automotive manufacturing and high investment in infrastructural development are the main growth driver for the market in the region. Thus, these factors are allowing major players to shift their focus from developed nations to developing nations of the APAC region, such as China, India, and Thailand, which in turn, will also augment the market growth during the forecast period.
Globally, the European region is expected to witness steady growth in the high temperature resin market, during the forecast period. The European region is an epicenter for automotive manufacturing companies. The major companies are continuously investing in research and development (R&D) for making lightweight and energy efficient vehicles, which is expected to boost the demand for high temperature resins in the region.
High Temperature Resin Market Dynamics
Increasing demand for high temperature resin as an alternative to mechanical fasteners, rising industrial applications of resins, increasing demand for resins in the transportation and aviation industries are the key factors driving the growth of the high temperature resin market. Additionally, the growing demand for thermoplastic resins on account of rising output in a variety of manufacturing industries, such as building products, consumer and institutional goods, and transportation equipment, will boost the market growth, during the forecast period.
The main factors restricting the high temperature resin market growth are difficult processability and high cost associated with such resins. Moreover, issues related to recycling of high temperature thermosetting resin will further restrain the growth of the market. Once manufactured, these resins must also get approved by government agencies under the Toxic Substances Control Act (TSCA). In some cases, these resins fail to receive approval from the agencies. Due to this, there are few manufacturers present in the market for these resins, leading to increase the prices for these resins, which in turn, restrict the market growth.
High Temperature Resin Market Competitive Landscape
Some of the major players operating in the global high temperature resin market are Huntsman Corporation, Hexion Inc., Mitsui Chemicals Inc., Solvay S.A., Royal Tencate N.V., DuPont Inc., Wacker Chemie AG, DIC Corporation, Henkel AG & Co., KGaA, The Dow Chemicals Company, and BASF SE.
The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada France, Russia, the U.K., Italy, Spain, Japan, China, India, South Korea, Brazil, and Mexico.