The high temperature composite resin market is estimated at USD 753.5 million in 2018 and is projected to reach USD 1,180.8 million by 2023, at a CAGR of 9.4% during the forecast period. North America is expected to be the largest and the fastest-growing market for high temperature composite resins during the forecast period as the key countries in this region, namely, the US and Canada, are witnessing an increase in the use of high temperature composite resins in applications of aerospace & defense, transportation, and other industries. This is primarily because of stringent public safety regulations and the need for thermal-resistant and lightweight materials in this region, especially in the US. The presence of major manufacturers of high temperature composite resins in the North American region is another factor expected to support the growth of the market in the coming years.
Contributions of various research organizations toward the research & development of high temperature composite resin and enhancement of its commercialization are also some of the key growth factors for the high temperature composite resin market in North America.
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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.
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