Polymethacrylimide Foam Market worth USD 153.49 million by 2028, registering a CAGR of 6.81% – Report by Market Research Future (MRFR)
New York, Sept. 10, 2021 (GLOBE NEWSWIRE) — Polymethacrylimide Foam Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Polymethacrylimide Foam Market Research Report Information By Application (Aerospace & Defense, Wind Energy, Sporting Goods), By Region (North America, Europe, Asia Pacific, Latin America) Forecast till 2028” the market size is projected to be worth USD 153.49 million by 2028, registering a CAGR of 6.81% during the forecast period (2021 – 2028), The market was valued at USD 96.31 Million in 2021.
The MRFR assessment has listed a few major companies in the Polymethacrylimide Foam Industry, namely
- Evonik Industries AG
- DIAB Group
- BASF SE
- 3A Composites
- Zotefoams PLC
- Baoding Meiwo Science & Technology Development Co., Ltd.
- Cashem Advanced Materials Hi-Tech Co., Ltd.
- Jiaxing Sky Composites Co., Ltd., among others.
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Each of these companies have substantial polymethacrylimide foam market share and give strong efforts to expand their geographical reach by introducing highly innovative products and solutions. They also adopt numerous strategies such as collaborations, agreements, and partnerships, which adds to the polymethacrylimide foam market value.
Market USP exclusively encompassed:
Key Growth Drivers:
The aerospace and defense industry extensively uses composite materials as well as various core materials such as PMI foam. Polymethacrylimide foam’s application in the aerospace & defense industry should increase rapidly in the years to come, with major use in different aircraft like Airbus A380, Airbus A340, Comac’s ARJ21 and Gulfstream Aerospace G150. PMI foam is also progressively being used in numerous components of missiles, space vehicles, and helicopter. The various benefits of polymethacrylimide foam include reduced emissions, maintenance costs, and weight. Significant impact strength, especially in comparison with honeycomb core products should also elevate PMI foam’s penetration in the aerospace and defense sector.
Soaring demand for renewable and clean energy sources has raised the use of wind energy for electricity generation. This is bound to create favorable avenues for the polymethacrylimide foam industry over the ensuing period. Regulatory agencies worldwide lay down numerous guidelines dictating the safe utilization of core materials in wind turbine blades and aircraft, which also fuels the product demand. Additionally, the escalating demand for a variety of sports goods, including gloves, mats, sports shoes, and grippers would foster the polymethacrylimide foam market value in subsequent years.
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Major automakers across the globe are progressively focus on enhancing vehicular efficiency by bringing down the overall weight and augmenting the structural strength. This should have a tremendous impact on the global market, given the resultant rise in the product use in the automotive & transportation sector. Also, the accelerated sales of electric vehicles (EVs) that use lightweight components for better efficiency will have a remarkable impact on the global industry.
High production costs associated with PMI foams pose a grave threat to the market growth. Although PMI foam boasts of a wide range of applications; its commercialization is a major challenge, in view of its high cost. Development of low-cost items is a significant issue faced by manufacturers as well as researchers, since producing lower priced materials requires extensive cost analysis as well as costly models. As a consequence, PMI foam’s use is largely restricted to only the aerospace sector, which is not cost-sensitive and generates rampant demand for high-performance components.
With COVID-19 throwing a series of challenges at various industries, especially the chemical industry, the polymethacrylimide foam market growth has been restricted to a large extent. The global industry has been reeling from the huge financial duress along with the imbalance created between the supply and demand ratio.
However, the worldwide polymethacrylimide foam market share shall be fostered by the constant government support, in the form of investments in research and development activities.
The polymethacrylimide foam market growth prospects have been assessed with respect to application. Some of the top applications of PMI foam include wind energy, aerospace & defense, transportation, sporting goods, and more.
Polymethacrylimide foams find extensive use in the aerospace and defense industry, where it is largely used in sandwich structures. The A&D segment is in the lead, given the soaring air traffic in conjunction with the improving economic standards, particularly in emerging countries like India and China.
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North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America are the top regions considered in the MRFR study of the polymethacrylimide foam industry.
North America has the biggest polymethacrylimide foam market share, thanks to the robust industrial base present in Canada as well as the United States. Thriving end-use sectors, particularly the energy and aerospace & defense industries have raised the product demand to a large extent. The surging use in wind turbine production, increased focus on the use of renewable energy sources in line with the burgeoning population and the continuous decline in fossil fuels also bolster the polymethacrylimide foam market size.
Europe is a strong market, in view of the rising use of polymethacrylimide foam in a number of end-use industries such as automotive, medical, and aerospace. Polymethacrylimide foam’s escalating deployment in the manufacturing of snowboards, skis, racing bicycle wheels, surfboards, and hockey sticks, as the sports goods sector continues to flourish, will add to the market worth as well.
Asia Pacific is touted to be the fastest progressing market in the next few years, on account of the fast-paced urbanization and industrialization in Thailand, South Korea, and India. The surging product use in automobile manufacturing to facilitate weight reduction as well as energy saving should further elevate the market position in subsequent years.
Segmentation of Market covered in the research:
Polymethacrylimide Foam Market Research Report Information By Application (Aerospace & Defense, Wind Energy, Sporting Goods), By Region (North America, Europe, Asia Pacific, Latin America) Forecast till 2028
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