According to the report by Expert Market Research (EMR), the global PMI foam market size reached a value of USD 61.30 million in 2023. Aided by its usage in aerospace, automotive, wind energy, and sporting goods sectors, the market is projected to further grow at a CAGR of 4.7% between 2024 and 2032 to reach a value of USD 93.90 million by 2032.
PMI foam is renowned for its outstanding strength-to-weight ratio, excellent thermal stability, and superior chemical resistance, making it an ideal choice for lightweight and high-strength applications. These features are particularly sought after in industries where efficiency and performance are paramount.
The PMI foam market growth is closely tied to the increasing demand for lightweight materials in the aerospace and automotive industries, driven by the need to enhance fuel efficiency and reduce greenhouse gas emissions. Furthermore, the growing application of PMI foam in wind energy and the sports sector underscores its versatile appeal and adaptability to various market needs.
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The aerospace sector remains the largest consumer of PMI foam, utilising it extensively in interior components, fuselage structures, and insulation applications. The shift towards more fuel-efficient and environmentally friendly aircraft is a significant driver fuelling the PMI foam market expansion. With the automotive sector’s relentless pursuit of fuel efficiency and emission reduction, PMI foam is increasingly being adopted for interior components, under-the-hood applications, and structural parts to reduce vehicle weight without compromising safety or performance.
The wind energy sector is leveraging PMI foam for manufacturing lightweight and durable wind turbine blades. This application significantly enhances energy efficiency and operational lifespan, contributing to the sector’s sustainable growth. As per the PMI foam market analysis, continuous research and development efforts are leading to the enhancement of PMI foam’s properties, including higher temperature resistance, improved mechanical strength, and better adaptability to complex shapes and structures.
The demand for lightweight, high-strength materials in the manufacturing of sporting goods is growing, which further boosts the PMI foam market share. PMI foam is being increasingly used in the production of equipment for sports such as cycling, skiing, and motorsports due to its ability to improve performance by reducing weight while maintaining structural integrity. This trend is expanding the market into new sectors, diversifying its applications.
The marine sector is turning to PMI foam for boat construction, including hulls and interior components, to enhance buoyancy and reduce weight. This contributes to higher fuel efficiency and better performance of marine vessels. The trend towards more eco-friendly and efficient boats is expected to further drive the adoption of PMI foam in this sector.
Amidst growing environmental concerns, there is a trend towards developing more sustainable and eco-friendly materials in the PMI foam market. This includes efforts to create bio-based alternatives and improve recyclability. Research into the life cycle of PMI foam products and the development of recycling methods to reduce waste and environmental impact is gaining momentum.
The market exhibits significant regional variances, with North America and Europe leading in aerospace and automotive applications, respectively. These regions are characterised by the presence of major aerospace and automotive manufacturers, stringent environmental regulations, and a strong focus on innovation. As per the PMI foam market outlook, Asia-Pacific is emerging as a fast-growing market for PMI foam, driven by rapid industrialisation, expansion of the automotive sector, and increasing investments in renewable energy, particularly in China, Japan, and South Korea.
PMI Foam Market Segmentation
The market can be divided based on application and region.
Market Breakup by Application
- Aerospace and Defence
- Automotive and Transportation
- Sports Equipment
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of PMI Foam Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global PMI foam market. Some of the major players explored in the report by Expert Market Research are as follows:
- 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
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