New York, September 10, 2021 (GLOBE NEWSWIRE) – Polymethacrylimide Foams Market Overview: According to a comprehensive research report from Market Research Future (MRFR), “Polymethacrylimide Foam Market Research Report Information By Application (Aerospace & Defense, Wind Power, Sporting Goods), By Region (North America, Europe, Asia-Pacific, Latin America) Forecast to 2028 ” The market size is expected to reach 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 identified a few large companies in the polymethacrylimide foam industry, namely
- Evonik Industries SA
- DIAB Group
- BASF SE
- Composites 3A
- 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 has a substantial market share of polymethacrylimide foam and is making considerable efforts to expand its geographic reach by introducing highly innovative products and solutions. They also adopt many strategies such as collaborations, agreements and partnerships which add to the market value of polymethacrylimide foam.
The USP market exclusively encompassed:
Main growth drivers:
The aerospace and defense industry makes extensive use of composite materials as well as various base materials such as PMI foam. The application of polymethacrylimide foam in the aerospace and defense industry is expected to increase rapidly in the coming years, with major use in various aircraft like the Airbus A380, Airbus A340, Comac’s ARJ21 and the Gulfstream Aerospace G150. PMI foam is also gradually being used in many components of missiles, space vehicles and helicopters. The various benefits of polymethacrylimide foam include reduced emissions, maintenance costs and weight. Significant impact resistance, especially compared to honeycomb core products, is also expected to increase the penetration of PMI foam in the aerospace and defense industry.
The growing demand for renewable and clean energy sources has increased the use of wind power for power generation. This is sure to create favorable avenues for the polymethacrylimide foam industry in the coming period. Regulators around the world are establishing numerous guidelines dictating the safe use of base materials in wind turbine blades and airplanes, which is also fueling demand for products. In addition, the increasing demand for a variety of sporting goods, including gloves, mats, athletic shoes and pliers, would promote the market value of polymethacrylimide foam in subsequent years.
Browse the in-depth market research report (185 pages) of the Polymethacrylimide Foam Industry
Major automakers around the world are gradually focusing on improving vehicle efficiency by reducing overall weight and increasing structural strength. This is expected to have a huge impact on the global market, given the resulting increase in product use in the automotive and transportation sector. In addition, accelerating sales of electric vehicles (EVs) that use lightweight components for greater efficiency will have a remarkable impact on the global industry.
The high production costs associated with PMI foams pose a serious threat to the growth of the market. Although PMI foam boasts of a wide range of applications; its marketing is a major issue, given its high cost. The development of low cost items is a significant problem faced by manufacturers as well as researchers, as the production of low cost materials requires extensive cost analysis as well as expensive designs. As a result, the use of PMI foam is largely limited to the aerospace sector alone, which is not cost sensitive and generates a surging demand for high performance components.
With COVID-19 throwing a series of challenges across various industries especially the chemical industry, the growth of the Polymethacrylimide Foam market has been limited to a large extent. Global industry has been shaken by the enormous financial constraint as well as by the imbalance created between the ratio of supply and demand.
However, the global polymethacrylimide foam market share will be driven by continued government support in the form of investments in research and development activities.
The growth prospects of the polymethacrylimide foam market have been assessed in terms of application. Some of the main applications of PMI foam include wind power, aerospace and defense, transportation, sporting goods, etc.
Polymethacrylimide foams are widely used in the aerospace and defense industry, where they are widely used in sandwich structures. The A&D segment is leading, given the surge in air traffic combined with improved economic standards, particularly in emerging countries such as India and China.
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North America, Asia Pacific, Europe, Middle East & Africa, and Latin America are the major regions considered in MRFR Study of Polymethacrylimide Foam Industry.
North America holds the largest market share for polymethacrylimide foams, thanks to the strong industrial base present in Canada as well as the United States. Thriving end-use sectors, especially the energy, aerospace and defense industries, have dramatically increased demand for products. The increasing use of wind turbine generation, the increased emphasis on the use of renewable energy sources in line with population growth and the continued decline of fossil fuels are also bolstering the size of the polymethacrylimide foams market. .
Europe is a strong market, given the increasing use of polymethacrylimide foam in a number of end-use industries such as automotive, medical and aerospace. The increasing deployment of polymethacrylimide foam in the manufacture of snowboards, skis, racing bike wheels, surfboards and hockey sticks, as the sporting goods industry continues to thrive, will also increase. market value.
Asia-Pacific is touted as the fastest growing market in the next few years, due to rapid urbanization and industrialization in Thailand, South Korea and India. The increasing use of products in automobile manufacturing to facilitate weight reduction as well as energy savings is expected to further elevate the market position in the years to come.
Market segmentation covered by research:
Information on Polymethacrylimide Foam Market Research Report By Application (Aerospace & Defense, Wind Power, Sporting Goods), By Region (North America, Europe, Asia Pacific, Latin America) Forecast to 2028
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