The global high temperature composite resin market was valued at USD 734.4 million in 2018 and is expected to reach USD 1,488.9 million in 2026, growing at a CAGR of 9.2% during the forecast period.
High temperature composite resin is developed of thermosetting polymer materials primarily used in adhesives, sealants, and composite resins for aerospace and defense, automotive and transportation and electrical and electronics applications. These resins are widely used for missiles, rocket motor castings, and spacecraft as well as in gaskets, and adhesives, sealants due to its various properties, such as impact resistance, high adhesion, chemical resistance, radiation resistance, and flexibility.
Increasing demand for lightweight materials from end user industries and increase in demand for high temperature thermoplastic resin are expected to drive the growth of the high temperature composite resin market.
Get a Sample Copy Of This Report: https://www.alltheresearch.com/sample-request/193
Increasing government regulations pertaining to the safety of transportation vehicles, increase demand for High temperature composite resin from various end-user industries, and increase in demand for high temperature thermoplastic resin are the main drivers for the market growth of the global high temperature composite resin market over the forecast period. Moreover, increasing demand from developed regions to meet stringent regulations and to increase in research and development activities to reduce the cost of high temperature composite resins are expected to enhance the market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years.
However, volatile prices of raw materials, recycling-related issues, and handling and processing issues are expected to hamper the growth of the global high temperature composite resin market during the forecast period. Moreover, the need for continuous improvement in product offering and ongoing global economic volatility and fluctuating commodity prices are the prime challenges in the global high temperature composite resin market throughout the forecast period.
North America is expected to dominate in the global high temperature resin market, owing to the increase in the 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. According to the Aerospace Industries Association (AIA), exports by the US aerospace and defense industry grew by 26% over five years to reach USD 143 billion in 2017.