PMI Foam Market Size Expected to Reach $73.3 Million by 2030

According to a new report published by Allied Market Research, titled, "PMI Foam Market by Product, Application, and Region: Global Opportunity Analysis and Industry Forecast, 2020-2030," the global PMI Foam market size was valued at $47.0 million in 2020, and global PMI Foam market forecast is projected to reach $73.3 million by 2030, with global PMI Foam market forecast expected at a CAGR of 4.7% from 2021 to 2030.

PMI Foams are foams, in liquid or solidified form, formed from polymers. Polymethacrylimide (PMI) foam is used as a high-performance composite core material, which can make the processing simplify and shorten time. It can solve the problems of coarse pores, easy moisture absorption, & easy debonding of honeycomb core materials and the problem that the general foam core material has a low strength, low modulus, and low heat resistance.

The PMI Foam market is segmented on the basis of application. By application, it is classified as aerospace & defense, wind energy, transportation, and sporting goods. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in this report include 3A Composites Holding AG, Baoding Meiwo Science & Technology Development CO., LTD., BASF SE, Cashem Advanced Materials Hi-Tech Co., Ltd., Diab Group, Evonik Industries AG, Jiaxing Sky Composites Co. Ltd., SABIC, Solvay S.A., Zotefoams Plc..

The report focuses on the global PMI Foams market and the major products & applications, where PMI Foams are deployed. It further highlights numerous factors that influence the market growth, such as forecast, trends, drivers, restraints, opportunities, and roles of different key players that shape the market. The report focuses on the overall demand for PMI Foams in various countries, presenting data in terms of both value and volume. The revenue is calculated by proliferating the volume by region-specific prices, considering the region-wise differentiated prices.

Impact Of Covid-19 On The Global Pmi Foam Market

• Sales of PMI Foam is directly proportional to the demand for helicopter rotor blades, ailerons, & stringer profiles in pressure bulkheads, high speed trains, UAVs, medical equipment, radome, and antennas. However, these sectors got highly impacted by lockdown imposed due to the COVID-19 outbreak and recorded a huge decline in 2020 owing to less workforce and disrupted supply chain.
• COVID-19 impacted almost all industries by hindering various industrial operations and disrupting the supply chain. Maximum companies halted their operation due to fewer workforces. However, there is a sluggish decline in the global PMI Foam market due to impact of COVID-19.
• Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using PMI Foam and thereby affecting the global PMI Foam market.

According to the United Nations Industrial Development Organization (UNIDO), 30.0%–70.0% of pre-COVID-19 workforce of various industries, such as electrical and other third-party vendors migrated to their hometowns due to uncertainties and loss of income during the lockdown. This unavailability or less availability of workforce is expected to directly affect the production and manufacturing activities, thereby resulting in decline in petrochemical industry, which in turn is expected to decline the growth of the PMI foam market during the forecast period.

Key findings of the study

• On the basis of application, the aerospace and defense segment emerged as the global leader in 2020 and is anticipated to be the largest market during the forecast period.
• On the basis of region, Asia-Pacific registered the highest market share and is projected to maintain the same during the forecast period.