“Global PMI Foam Market to reach a market value of USD 89.4 Million by 2030 growing at a CAGR of 5.2%”
The Global PMI Foam Market size is expected to reach $89.4 million by 2030, rising at a market growth of 5.2% CAGR during the forecast period. In the year 2022, the market attained a volume of 3,734.93 thousand square meter, experiencing a growth of 2.6% (2019-2022).
The integration of PMI foam in sports and leisure equipment manufacturing is driven by the desire to enhance performance and reduce overall weight in various products, ranging from sporting goods to bicycles and recreational gear. Thus, the Sports Goods segment acquired $10,735.09 thousands in 2022. The unique impact resistance and lightweight characteristics make PMI foam a valuable choice for designing high-performance and durable equipment.
PMI foam's excellent thermal insulation properties make it well-suited for use in building envelopes. It helps regulate indoor temperatures, reducing the need for excessive heating or cooling and lowering overall energy consumption in residential and commercial structures. As building codes increasingly emphasize energy efficiency, incorporating PMI foam into construction materials supports compliance with stringent standards and regulations related to insulation performance.
Additionally, the trend toward miniaturizing electronic devices and consumer goods has increased demand for materials that offer structural support without imposing significant weight. With its unique combination of structural stability and lightweight properties, it has found valuable applications in various electronic and consumer goods sectors. Hence, owing to these factors, there will be increased demand in the upcoming years.
However, Regulatory requirements may restrict the use of certain materials in PMI foam production due to environmental or health concerns. This limitation on material options can affect the ability of manufacturers to optimize product properties, potentially resulting in suboptimal performance compared to alternative materials. Its manufacturers may face challenges in meeting these requirements, potentially leading to increased scrutiny from environmental agencies and consumer advocacy groups, negatively affecting the product's reputation. Thus, these aspects will hinder the growth of the market.
On the basis of application, the market is divided into aerospace & defense, wind energy, automotive & transportation, sports goods, and others. The aerospace and defense segment acquired 34.5% revenue share in the market in 2022. Its high strength and stiffness make it suitable for applications such as interior panels, wing structures, and other components where a balance of structural integrity and weight reduction is crucial. Therefore, owing to these factors, there will be enhanced growth in the segment.
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. The Europe segment acquired around 39% revenue share in the market in 2022. The automotive industry in Europe is increasingly focused on lightweighting to improve fuel efficiency and reduce emissions, and PMI foam could see increased adoption in automotive components. Therefore, these factors can assist in the growth of the segment.
Free Valuable Insights: Global PMI Foam Market size to reach USD 89.4 Million by 2030
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 56.9 Million |
| Market size forecast in 2030 | USD 89.4 Million |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 5.2% from 2023 to 2030 |
| Number of Pages | 216 |
| Number of Table | 370 |
| Quantitative Data | Volume in thousand square meter, Revenue in USD Million, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Application, Region |
| Country scope |
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| Companies Included | BASF SE, SABIC (Saudi Arabian Oil Company), Evonik Industries AG (RAG-Stiftung), Solvay SA, Zotefoams plc, DuPont de Nemours, Inc., Diab Group, The Dow Chemical Company, Huntsman Corporation, Covestro AG |
By Application (Volume, Thousand Square Meter, USD Million, 2019-2030)
By Geography (Volume, Thousand Square Meter, USD Million, 2019-2030)
This Market size is expected to reach $89.4 million by 2030.
Growing usage in construction and building materials are driving the Market in coming years, however, Regulatory challenges and compliance requirements restraints the growth of the Market.
BASF SE, SABIC (Saudi Arabian Oil Company), Evonik Industries AG (RAG-Stiftung), Solvay SA, Zotefoams plc, DuPont de Nemours, Inc., Diab Group, The Dow Chemical Company, Huntsman Corporation, Covestro AG
In the year 2022, the market attained a volume of 3,734.93 thousand square meter, experiencing a growth of 2.6% (2019-2022).
The Europe region dominated the Market, By Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $33.1 million by 2030.
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