DUBLIN--(BUSINESS WIRE)--The "PMI Foam Market by Application - Global Opportunity Analysis and Industry Forecast, 2017-2023" report has been added to ResearchAndMarkets.com's offering.
The global PMI foam market was valued at $46,979 million in 2016, and is projected to reach at $90,386 million by 2023, registering a CAGR of 9.9% from 2017 to 2023.
The global PMI foam market is driven by its high adoption rate in the aerospace & defense sector application and its superior properties leading to application in sporting goods, wind, and transportation sectors. However, the high cost of PMI foam restricts the market growth. Though, the augmented use of PMI foam in novel medical applications offers growth opportunity for the market.
Based on application, the market for PMI is divided into aerospace & defense, wind, sporting goods, and transportation. The aerospace & defense application was the highest revenue contributor, accounting for around one-third share in 2016. This is attributed to rapid usage of PMI composites due to their lightweight feature. The interior and exterior components of an aircraft majorly use PMI foam, as it offers high-temperature resistance.
Based on geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe was the highest revenue contributor, valued at $15,409 thousand in 2016. Growth in transport production is the major factor responsible for the growth of the PMI foam market in this region.
China and India collectively contributed approximately more than 60% to the Asia-Pacific market revenue in 2016. In the same year, Japan contributed approximately one-sixth of the PMI foam market in Asia-Pacific.
- Europe is expected to continue to lead the market throughout 2016 to 2023, followed by North America
- Asia-Pacific is projected to register the highest growth rate from 2016 to 2023
- The LAMEA market contributed one-sixth of the global market revenue in 2016
- U.S. was the highest revenue contributor of the PMI foam market in North America in 2016
- India is projected to register the highest growth rate from 2016 to 2023 in the Asia-Pacific PMI foam market
- 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.
- Solvay S.A.
- Zotefoams Plc
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