Growing Demand for Chemicals Across the Globe is Expected to Boost the Demand for Polymethacrylimide Foam Market During the Forecast Period: MRFR

Pune, India, April 2021, MRFR Press Release/Market Research Future has published a Half- Cooked Research Report on the Global Polymethacrylimide Foam Market.

Market Forecast

The global polymethacrylimide foam market size was valued at USD 153.49 million in 2028 and is expected to grow at a CAGR of over 6.8% from 2021 to 2028.

Polymethacrylimide foamis made by free-radical copolymerization of butyl methacry late and methacrylamide copolymer. Its beneficial properties include a high strength-to-weight ratio, high strength, thermal performance, fire retardancy, creep resistance, and dimensional stability, increasing product life cycle and efficiency.

Segmentation

By Application

• This segment is classified into aerospace & defense, wind energy, sporting goods, transportation, and others.


• Polymethacrylimide foams are used for sandwich structures in the aerospace & defense sector. The increasing number of aircraft fleet passengers coupled with improved economic conditions drives the demand for these foams.


• The use of PMI foam in wind turbine manufacturing is also a key driver for the global market. Increased focus on renewable energy production based on ever-rising demand for energy and depletion of fossil fuels drives the market.


• It is used in manufacturing skis, snowboards, hockey sticks, racing bicycle wheels, and surfboards.


• It is used in automobile manufacturing as they help in weight reduction and energy savings.


• The others segment includes shipbuilding and medical applications.

By Region

• North America: Market growth is driven by the presence of a large industrial basein the region. Expanding end-use industries, especially the aerospace & defense and energy sectors,arethe key factor driving the market growth.


• Europe: Europeis a well-established market. Increasing demand for polymethacrylimide foamacross major end-use industries is expected to propel market growth. The expanding aerospace &automotive and medical industries in the region is the key factor driving the demand for polymethacrylimide foamin the region.


• Asia-Pacific: The market in the region emerged as the fastest-growing due to the fast-paced industrialization and urbanization in countries such as India, Thailand, South Korea, etc.


• Latin America:Rapid industrialization in countries such as Brazil and Mexico is projected to drive market growth during the assessment period.