Market Forecast
The polymethacrylimide foam market size was valued at USD 84million in 2019 and is expected to grow at a CAGR of over 6% from 2020 to 2027.
Polymethacrylimide Foam Market made by free-radical copolymerization of butyl methacrylate 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.
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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.
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By Region
- North America: Market growth is driven by the presence of a large industrial base in the region. Expanding end-use industries, especially the aerospace & defense, and energy sectors, are the key factor driving the market growth.
- Europe: Europe is a well-established market. Increasing demand for polymethacrylimide foam across 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 foaming in 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.
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