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High Temperature Resin Market Poised to Expand at a Robust Pace Over 2017 - 2025
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The global high temperature resin market is driven by increasing government regulations pertaining to safety of transportation vehicles. The use of high temperature resin improves resistance to ignition. Moreover, aircraft are also manufactured with a standard specification to withstand a certain temperature range. Thus, increasing demand from the various end use industries is expected to drive the global high temperature resin market.
A key factor restraining growth of the high temperature resin market is the high cost associated with such resins. Moreover, high temperature resins are also subjected to recycling constraints, which further restrains the growth of the market. Once manufactured, high temperature resins must also get approved by government agencies under the Toxic Substances Control Act.
Manufacturers are focusing on the development of advanced high performance resin components, user-friendly materials, recyclable material forms, and processing operations that enable the displacement of conventional epoxy.
North America is expected to hold a dominant share in the global high temperature resin market, owing to the rising demand from various end use industries, such as aerospace, defense etc. Asia Pacific is anticipated to expand at a significant CAGR over the forecast period. This can be attributed to increasing urbanization, which has led to the growth of industries, such as aerospace, rail, construction, that have high demand for high temperature resins. ASEAN countries are also foreseen to comprise a lucrative region for the global high temperature resin market. The Middle East and Africa region is expected to expand at a moderate CAGR over the forecast period. Europe is projected to hold a significant share in the global high temperature resin market and is anticipated to exhibit steady growth over the forecast period.
Global High Temperature Resin Market: Market Participants
Examples of some of the market participants, identified across the value chain in the global high temperature resin market are:
Dow Corning Corporation, Henkel AG & Co. Kgaa, Mitsui Chemicals, Inc., Solvay S.A., DIC Corporation, Dupont, Hexion, BASF SE, Huntsman Corporation, Wacker Chemie AG, Aditya Birla Chemicals, and Koninklijke Ten Cate Bv.
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