Polymethacrylimide Foam Market Size, Share & Trends Analysis Report By Application (Wind Energy, Aerospace & Defense), By Region (APAC, North America), And Segment Forecasts, 2020 - 2027

Report Overview

The global polymethacrylimide foam market size was valued at USD 84.2 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 6.7% from 2020 to 2027. Growing demand for clean and renewable sources of energy has boosted the electricity generation from wind energy, which is expected to boost the demand for polymethacrylimide (PMI) foam over the forecast period. Regulatory bodies have laid down various guidelines regarding the safe usage of core material in aircraft and wind turbine blades, which will also drive the product demand. In addition, the demand for various sports goods, such as mats, gloves, grippers, and sports shoes, has increased.

This, in turn, is driving the demand for PMI foam in the sports goods application segment. However, the aerospace & defense application segment is expected to witness the fastest CAGR from 2020 to 2027. Major automobile manufacturing companies have started focusing on vehicle efficiency by reducing the overall vehicular weight and by improving the structural strength.

This will drive the product demand in the automotive & transportation sector. In addition, the rising demand for Electric Vehicles (EVs), which require lightweight components to improve vehicle efficiency, will boost the segment growth in the future.

Application Insights

The aerospace & defense application segment led the market and accounted for the largest market share of more than 34% in 2019. This high share is attributable to rising defense expenditure as security threats among the countries have intensified post the emergence of the COVID-19 pandemic.

North America is characterized by the growing wind energy generation capacity, as the demand for clean sources of energy has increased over the recent past. According to the American Wind Energy Association U.S. wind energy has grown three times over the past decade with an addition of 9,132 MW power generation capacity in 2019. This growth is expected to drive the demand for PMI foam in the wind energy application over the forecast period.

Asia Pacific will witness immense market growth owing to the rising demand for electric vehicles in countries, such as China, India, and Japan. In addition, the presence of various automotive manufacturers, which are involved in research & development activities in the region including Tata Motors, Hyundai Motor India, Mahindra & Mahindra Ltd, Bajaj Auto Ltd, BYTON, BAIC Automotive Group Co., Ltd., MG Motor India Pvt. Ltd., and various others will propel industry expansion over the forecast period.

Regional Insights

North America dominated the market and accounted for over 27% share of global revenue in 2019. The rapidly growing aerospace & defense and wind energy application industries in this region are projected to drive the demand of PMI foams for the production of lightweight and structurally strong components.

In addition, the automotive & transportation application segment is expected to witness considerable growth owing to increasing demand for smart electric vehicles, which require lightweight, durable, and long-lasting components to improve the vehicular efficiency. This trend is expected to drive product demand over the forecast period.

Europe ranks second, in terms of revenue. The market is driven by the growth of the major application sectors, such as aerospace & defense and wind energy. According to the WindEurope asbl/vzw, the region has added 15.4 GW of additional wind energy power generation, which is 27% more than 2018. This is expected to drive the product demand over the forecast period.

The market in Southeast Asia is expected to witness a slower growth compared to North America, Europe, and the Asia Pacific, as the cross-border trades among the economies got negatively affected on account of the COVID-19 pandemic. The market is primarily driven by the rising demand for sports goods.

Key Companies & Market Share Insights

The global market is consolidated in nature owing to the presence of a fewer number of manufacturers across the value chain. Major players are involved in enhancing their research & development facilities for new application avenues and seeking opportunities to vertically integrate across the value chain. Some of the prominent players in the polymethacrylimide foam market include:

• Evonik Industries AG

• Cashem Advanced Materials Hi-tech Co., Ltd.

• Hunan Rifeng Composite Co., Ltd.

• Jiaxing Sky Composites Co., Ltd.

• Tasuns Composite Technology Co., Ltd.

Polymethacrylimide Foam Market Report Scope

Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global polymethacrylimide foam market report on the basis of application and region:

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

  • Wind Energy

  • Aerospace & Defense

  • Automotive & Transportation

  • Sports Goods

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

  • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • The U.K.

    • France

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

  • Southeast Asia

    • Malaysia

    • Indonesia

    • Thailand

  • Central & South America

    • Brazil

  • Middle East & Africa

    • Saudi Arabia