According to the latest research report of MRFR analysis, the global Polymethacrylimide Foam Market 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.
Polymethacrylimide (PMI) foam is a stiff shuttered foam substance. It is structurally efficient foam with strong heat resistance and high-temperature resistance. It has strong stability and can respond to the vacuum autoclave or high-temperature molding co-curing fully implement requirements. Polymethacrylimide foams are created by the oxygen radical’s copolymerization of butyl methacrylate and methacrylamide copolymer. It is widely utilized in the aerospace and military industries owing to its many features, which include superior properties ratio, high strength, heat transfer, fire retardancy, creep resistance, and impact resistance, all of which boost the product's life cycle and efficiency.
Polymethacrylimide foam is widely used in the automobile, shipbuilding, sporting equipment, electronics, aerospace and military, and digital healthcare industries. The automobile sector has been recognized as the major consumer of polymethacrylimide foams due to their effectiveness in providing lightweight construction and good mechanical strength at a cheap cost. The scenario is expected to persist over the projection period due to the automotive industry's trend of light weighing and electrical vehicles. Aerospace and military are the second major users of polymethacrylimide foams after automotive, owing to their wide usage in the manufacture of complicated lightweight and specific endurance components. Rising demand from additional applications, including sports goods and energy, is expected to offer a polymethacrylimide foam market with enormous profit potential over the projected period.
This report contains all the information on the global polymethacrylimide foam market research and market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global polymethacrylimide foam market analysis and forecast to 2027 is also included in the market report.
Covid 19 Analysis
COVID-19 has not only disrupted people's movements, but also the manufacturing and trading of significant market items. The declining automobile sector has had a significant influence on the polymethacrylimide foams market since it is the largest user and is expected to compress demand by the end of the year 2020. Furthermore, the coronavirus pandemic issue has had a detrimental influence on the pricing of polymethacrylimide foams, causing them to fall by more than 10% in the second quarter of FY2020. The tendency is expected to continue until its end-use market rebounds and pandemic incidences diminish.
The increased use of renewable energy, such as wind energy, has cleared the way for the use of polymethacryimide foam in wind energy. The lightweight attribute of polymethacrylimide foam gives it an advantage in the automobile sector. The aforementioned remarkable benefits, as well as its broad usage in a wide range of applications, are expected to fuel the expansion of the worldwide polymethacrylimide foam market during the forecast period.
The expanding wide application scope of PMI foam in the healthcare industry will provide several possibilities, resulting in the rise of the polymethacrylimide (PMI) foam market during the forecast period.
High pricing for PMI foam associated with increased performance foam core would serve as a limitation on the development of the polymethacrylimide (PMI) foam market during the forecast period
The major challenge for the key players of the global polymethacrylimide foam market is the increased performance foam core which is likely to serve as a limitation on the development of the polymethacrylimide (PMI) foam market during the forecast period.
Cumulative Growth Analysis
Polymethacrylimide (PMI) foam is utilized in the production of large wind turbine blades constructed of lower threshold composites. Crystal epoxy/polyester and core materials are used to create these blades. Because of environmental issues and the depletion of fossil fuels, there is a growing emphasis on renewable energy sources, which drives the worldwide polymethacrylimide foam market. According to the DNV-GL Energy Transition Outlook 2017, the total worldwide final energy consumption was 400EJ (equal to 9,600 million tonnes) of oil in 2015 and is expected to rise to 430EJ in 2050.
Value Chain Analysis
According to the reports, the global polymethacrylimide foam market is segmented into application, type, and region. On the basis of application, the global polymethacrylimide foam market is further distributed into aerospace & defense, wind energy, sporting goods, transportation, and others. Polymethacrylimide foams have an excellent fire, smoke, and toxin retardant qualities and may be manufactured with virtually any resin system. PMI foams are recognized in over 170 aerospace requirements throughout the world. In comparison to an aluminum honeycomb-cored design, the surface has no wrinkling effects and no local zones of reduced prepreg compaction or microfibre disorientation. The use of the PMI foam core results in significantly better consolidated skins, and the same degree of buckling resistance may be obtained with fewer prepreg layers, resulting in cost savings hence aerospace & defense segment accounts for the maximum global polymethacrylimide foam market share in the market. The increasing need for renewable sources of energy has increased wind energy output, which is likely to increase demand for PMI foam throughout the projected period. In the wind energy industry segment, PMI foam is used in the production of wind turbine blades. The use of PMI foam in the production of different sports items including mats, gloves, wrist straps, and sneakers is becoming more popular as health concerns among the younger and the elderly grow. The transportation segment is involved in the manufacturing of automobiles because it aids in weight energy efficiency and energy savings.
The market is segmented on the basis of the application and region. The global polymethacrylimide foam market is expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into aerospace & defense, wind energy, sporting goods, transportation, and others
According to the reports, on the basis of region, the global polymethacrylimide foam market is segmented into North America, Europe, and Asia pacific. The North American region's large-scale end-use sectors drive the North American market for polymethacrylimide foam. The existence of aerospace and defense industries like Boeing, United Technologies, Lockheed Martin, General Dynamics, and Northrop Grumman stimulates demand for PMI foam. The rise of the transportation, aerospace, and defense, and wind energy industries in Europe is expected to drive demand for the polymethacrylimide foam market. Germany, the United Kingdom, France, and Russia are key contributors to market expansion. Due to the extreme region's increasing development, Asia-Pacific is the fastest-growing regional market. Developing markets such as India, South Korea, Thailand, Malaysia, and others have significant development potential. The expansion of the polymethacrylimide foam market is also fueled by planned power plant future projects in this area.
The global polymethacrylimide foam market is largely fragmented, with various multinational companies involved. Partnerships and acquisitions are being pursued by key players in the polymethacrylimide foam industry. These players want to offer a diverse range of polymethacrylimide foam suitable for a variety of industrial and commercial applications.
The following report comprises of –
PMI Foam Type Outlook
PMI Foam Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
PMI Foam Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
|Market Size||2028: USD 153.49 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application and Region|
|Geographies Covered||North America, South America, Europe, Asia-Pacific, Middle-East, and Africa.|
|Key Vendors||Evonik Industries AG, DIAB Group, SABIC, BASF SE, 3A Composites, Solvay, Zotefoams PLC, Baoding Meiwo Science & Technology Development Co., Ltd., Cashem Advanced Materials Hi-Tech Co., Ltd., Jiaxing Sky Composites Co., Ltd.|
|Key Market Opportunities||The expanding wide application scope of PMI foam in the healthcare industry will provide several possibilities, resulting in the rise of the market during the forecast period|
|Key Market Drivers||The lightweight attribute of polymethacrylimide foam gives it an advantage in the automobile sector|