Polymethacrylimide Foam Market, Analysis Size, Competitive Landscape, Revenue Analysis

Market Forecast

The global polymethacrylimide foam market was valued at USD 84million in 2019 and is expected to grow at a CAGR of over 6% from 2020 to 2027.

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.

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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.

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 polymethyl methacrylate in makeup 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 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.

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