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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global PMI Foam Market Size
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.
PMI Foam Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market reached a value of approximately USD 61.30 million in 2023.
The market is projected to grow at a CAGR of 4.7% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 93.90 million by 2032.
The major market drivers include growing awareness about the various advantages offered by PMI foam and increased requirement for of sporting goods.
The key trends fuelling the growth of the market include increasing adoption of wind energy and expansion of the automotive and transportation sectors.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The applications of PMI foams include aerospace and defence, automotive and transportation, and sports equipment, among others.
The key players in the market are 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., and Changzhou Utek Composite Co., Ltd., among others.
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