SAN FRANCISCO, Jan. 20, 2021 /PRNewswire/ — The global polymethacrylimide foam market size is anticipated to reach USD 138.5 million by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 6.7% from 2020 to 2027. Rising demand for lightweight and energy-efficient aircraft in both commercial and defense applications is expected to drive the market. The demand for polymethacrylimide (PMI) foam is expected to increase majorly in the aerospace & defense application segment, owing to the rising spending on the development of better infrastructure in the army and air force defense systems.
Key suggestions from the report:
- The global market was valued at USD 84.2 million in 2019 and is estimated to register a CAGR of 6.7% from 2020 to 2027
- Aerospace & defense application segment is expected to witness the fastest growth, in terms of revenue, over the forecast period
- This growth is attributed to the rising spending on defense infrastructure by both developed and developing economies
- Wind energy application segment accounted for the second-largest revenue share of over 26% in 2019 owing to high spending on clean & renewable source of energy by various government and private companies
- North America was the largest regional market and held over 27% of the overall revenue in 2019
- The U.S. is estimated to lead the North America regional market from 2020 to 2027
Read 110 page research report with ToC on “Polymethacrylimide Foam Market Size, Share & Trends Analysis Report By Application (Wind Energy, Aerospace & Defense), By Region (APAC, North America), And Segment Forecasts, 2020 – 2027″ at: https://www.grandviewresearch.com/industry-analysis/polymethacrylimide-foam-market
The demand for lightweight and efficient aircraft and commercial planes capable of carrying huge loads have increased, which, in turn, is driving the product demand. In addition, countries are focusing on clean sources of energy to fulfill their electricity needs, which is driving the demand for wind energy, positively impacting the PMI foam market over the forecast period. Asia Pacific is anticipated to witness the fastest CAGR over the forecast period.
The regional market is driven by factors, such as the presence of government initiatives like Make in India and Atmanirbhar Bharat, along with a rising number of automotive manufacturing companies, high demand for consumer goods, and heavy R&D investments by private and public organizations for developing new applications of PMI foam. In addition, various companies in clean energy production and aerospace have started looking towards India for establishing a manufacturing facility post COVID-19 pandemic situation, which will support the market growth.
Grand View Research has segmented the global polymethacrylimide foam market on the basis of application and region:
- PMI Foam Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- Wind Energy
- Aerospace & Defense
- Automotive & Transportation
- Sports Goods
- Others
- PMI Foam Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Asia Pacific
- Southeast Asia
- Malaysia
- Indonesia
- Thailand
- Central & South America
- Middle East & Africa
List of Key Players of Polymethacrylimide Foam Market
- 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.
Find more research reports on Plastics, Polymers & Resins Industry, by Grand View Research:
- Styrenic Block Copolymer Market – Global Styrenic Block Copolymer market size was valued at USD 7.4 billion in 2019 and is expected to expand at a CAGR of 4.6% from 2020 to 2027.
- Ultra-High Molecular Weight Polyethylene Market – Global Ultra-High Molecular Weight Polyethylene market size was valued at USD 1.76 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 11.4% from 2020 to 2027.
- Plastic Pallets Market – Global plastic pallets market size was valued at USD 6.48 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 5.3% from 2020 to 2027.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: [email protected]
Web: https://www.grandviewresearch.com
Follow Us: LinkedIn | Twitter
SOURCE Grand View Research, Inc.
