Global PMI Foam Market Expected to Reach $90,386 Million by 2023 - Allied Market Research
PORTLAND, Oregon and PUNE, India, April 5, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "PMI Foam Market by Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global PMI foam market was valued at $46,979 million in 2016, and is projected to reach at $90,386 million by 2023, registering a CAGR of 9.9% from 2017 to 2023.
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Polymethacrylimide (PMI) foam is developed from expanded imide modified polycryates. PMI is brittle with an elongation of approximately 3 in tension. It offers excellent temperature resistance, thus enabling its use in combination with epoxy prepregs in autoclave manufacturing in up to 180-degree temperature. The cell structure of PMI is very fine with closed cells, and the density ranges from 30 to 300 kg/m3. The thermal conductivity of PMI varies with temperature.
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The global PMI foam market is driven by its high adoption rate in the aerospace & defense sector application and its superior properties leading to application in sporting goods, wind, and transportation sectors. However, the high cost of PMI foam restricts the market growth. Though, the augmented use of PMI foam in novel medical applications offers growth opportunity for the market.
Based on application, the market for PMI is divided into aerospace & defense, wind, sporting goods, and transportation. The aerospace & defense application was the highest revenue contributor, accounting for around one-third share in 2016. This is attributed to rapid usage of PMI composites due to their lightweight feature. The interior and exterior components of an aircraft majorly use PMI foam, as it offers high-temperature resistance.
Based on geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe was the highest revenue contributor, valued at $15,409 thousand in 2016. Growth in transport production is the major factor responsible for the growth of the PMI foam market in this region.
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Key Findings of the PMI Foam Market:
- Europe is expected to continue to lead the market throughout 2016 to 2023, followed by North America.
- Asia-Pacific is projected to register the highest growth rate from 2016 to 2023.
- The LAMEA market contributed one-sixth of the global market revenue in 2016
- U.S. was the highest revenue contributor of the PMI foam market in North America in 2016.
- India is projected to register the highest growth rate from 2016 to 2023 in the Asia-Pacific PMI foam market.
China and India collectively contributed approximately more than 60% to the Asia-Pacific market revenue in 2016. In the same year, Japan contributed approximately one-sixth of the PMI foam market in Asia-Pacific.
The prominent players profiled in this report include Evonik Industries AG, DIAB Group (Ratos), SABIC, BASF SE, 3A Composites, Solvay S.A., Zotefoams Plc, Baoding Meiwo Science & Technology Development Co., Ltd., Cashem Advanced Materials Hi-Tech Co., Ltd., and Jiaxing Sky Composites Co., Ltd.
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