Global PMI Foam Market Report and Forecast 2024-2032

Global PMI Foam Market Outlook

The global PMI foam market size reached approximately USD 61.30 million in 2023. The market is further projected to grow at a CAGR of 4.7% between 2024 and 2032, reaching a value of USD 93.90 million by 2032.

Key Trends in the Market

PMI (polymethacrylimide) foam is developed for usage in vacuum infusion processes as a structural core in the connection. They are applied in the different components of sports equipment, aviation, and aerospace to reduce the weight of the equipment. The PMI core allows the production of sandwich components, reducing the overall production time.

• The increasing popularity of green energy sources including wind energy due to rising environmental concerns is boosting the PMI foam market growth. Due to the closed cell and low density of the PMI foam, it is effectively used in both onshore and offshore turbine blades and scale down resin uptake and absorption.

• The expansion of the automotive and transportation sectors is providing lucrative growth opportunities to the market. The rising requirement for reducing vehicle emissions and enhancing energy efficiency due to growing environmental concerns is propelling the demand for low weight materials such as PMI foams.

• The growing awareness about the various advantages offered by PMI foam including high mechanical and impact strength along with toxicity retardancy is bolstering the utilisation of the foam in helicopters, aircrafts, and space vehicles, among others.

Global PMI Foam Market Analysis

On the basis of applications, the market is divided into aerospace and defence, automotive and transportation, and sports equipment, among others. Based on region, the PMI foam market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Evonik Industries AG 

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

• Tasuns Composites Technology Co., Ltd.

• CEL Composites S.R.L. 

• Hunan Rifeng Composites Co., Ltd  

• Jiaxing Sky Composites Co., Ltd 

• Regal New Material Co., Ltd. 

• Future Composites Co., Ltd.  

• Changzhou Utek Composite Co., Ltd. 

• Others

Market Share by Application

Aerospace and defence sector is anticipated to account for a significant PMI foam market share. This growth can be attributed to the expansion of the aerospace sector and rising utilisation of the foam in the manufacture of space vehicles due to its ideal properties. The PMI foam can be converted into honeycomb structural materials and is also used as a wave-transmitting material. The foam is also used in low temperature storage tanks.

Market Share by Region

The market in the Asia Pacific is witnessing significant growth owing to the expansion of the sporting goods, aerospace and defence, and wind energy sectors in the region. Due to the good thermoforming ability and creep resistance offered by PMI foam, it is used for manufacturing a wide range of sporting goods including racing bicycle wheels, surfboards, and hockey sticks, among others. The PMI foam market demand is also increasing as the foam reduces weight and improves rigidity and strength.

Competitive Landscape

Evonik Industries AG is one of the leading speciality chemicals manufacturing companies that was founded in 2007 and is headquartered in Essen, Germany. The company specialises in PMI foam, high performance materials, speciality additives, and cosmetic solutions, among others.

Cashem Advanced Materials Hi-tech Co., Ltd. was founded in 2010 and is headquartered in Zhejian, China. The industrial corporation is one of the leading manufacturers of PMI foam and other high performance foam core.

Tasuns Composites Technology Co., Ltd. is a new composite company that specialises in the manufacture, design, and development of PMI foams, honeycomb composites, and carbon fibre, among others. The company is dedicated towards providing high quality products wit the help of innovative manufacturing and engineering.

Other PMI foam market key players include CEL Composites S.R.L., Hunan Rifeng Composites Co., Ltd, Jiaxing Sky Composites Co., Ltd, Regal New Material Co., Ltd., Future Composites Co., Ltd., and Changzhou Utek Composite Co., Ltd., among others.

Key Highlights of the Report

PMI Foam Market Report Snapshots

PMI Foam Market Size

PMI Foam Market Analysis

PMI Foam Companies