New Product Launch and Expansion were the Key Strategies Adopted by Leading Players to Achieve Growth in the High Temperature Composite Resin Market
High temperature composite resins are used in various applications due to their versatile properties. They are thermal resistant, reliable, tough, damage resistant, and lightweight. In the past few years, the use of high temperature composite resins has increased in engine parts, interiors, and outer structures of aircraft, missiles, satellites, and automobiles. The high temperature composite resins market is projected to reach USD 1,180.8 million by 2023, at a CAGR of 9.4% between 2018 and 2023.
Key players offering high temperature composite resin adopted new product launches and expansions as the key strategies to strengthen their position in the market. Both expansions and new product launches accounted for 31.8% share of all the growth strategies adopted by major players in the high temperature composite resin market between 2014 and 2018. With these strategies, leading players in the market were able to expand their product reach globally and take advantage of competencies of other companies to compete in the market.
Major high temperature composite resin manufacturers profiled in this report include Huntsman International (US), Hexion (US), Hexcel Corporation (US), Royal TenCate (Netherlands), Sumitomo Bakelite (Japan), Arkema (France), DIC Corporation (Japan), Lonza (Switzerland), Nexam Chemical Holding (Sweden), and UBE Industries (Japan).
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Huntsman Corporation is the leading manufacturer of composite resins. In the fiscal year 2017, the company generated a total revenue of USD 8,358 million. It is a prominent player in the high temperature composite resins market, inclined toward providing innovative and cost-efficient solutions for high temperature composite resins. The company adopted new product launches as the main strategy to increase its product portfolio and presence in the market. For instance, in October 2014, the company launched three new products of benzoxazine along with new epoxy adhesive. These products possess superior characteristics and helped the company cater to the increasing demand.
Hexcel Corporation is a renowned manufacturer of high temperature composite resins. In 2017, the company registered total sales of USD 1,973.3 million. It has expertise in manufacturing, developing, and supplying high temperature composite resins across various industries worldwide. It adopts various growth strategies to increase its market share and customer base. For instance, in March 2018, the company made a strategic alliance with Arkema (France) to develop thermoplastic solutions for the aerospace industry. The company focuses on developing thermoplastic carbon fiber-reinforced tapes to serve the aerospace & defense industry. In September 2017, the company expanded its existing manufacturing facility in Leicester. This expansion will help the company increase its production and develop innovative and cost-effective solutions for different applications.
Related Reports:
High Temperature Composite Resin Market by Resin Type (Phenolic, Epoxy, Thermoplastic, Polyimide, Cyanate Ester), Manufacturing Process, End-use Industry (Aerospace & Defense, Transportation, Electrical & Electronics), and Region - Global Forecast to 2023
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