US PMI Foam Market

US PMI Foam Market Size, Share & Trends Analysis Report By Application (Aerospace & Defense, Automotive & Transportation, Wind Energy, Sports Goods, and Others), and Forecast, 2023 - 2030

Report Id: KBV-22606 Publication Date: May-2024 Number of Pages: 81
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Market Report Description

The United States (US) PMI Foam Market size is expected to reach $19.3 Million by 2030, rising at a market growth of 4.7% CAGR during the forecast period. In the year 2022, the market attained a volume of 781.76 Thousand Square Meter, experiencing a growth of 2.1% (2019-2022).

The PMI foam market in the United States has been experiencing steady growth in recent years, propelled by its versatile applications across various industries such as aerospace, automotive, wind energy, and sports & leisure. The automotive sector has been increasingly adopting PMI foam for lightweighting initiatives to improve fuel efficiency and reduce emissions in the U.S. PMI foam is utilized in automotive interiors, body panels, and structural components to achieve weight reduction without compromising on strength and safety standards.

US PMI Foam Market Size - Opportunities and Trends Analysis Report 2019-2030

According to Select US, international automakers produced 5 million vehicles in the United States in 2020. In 2020, the United States exported 1.4 million new light vehicles and 108,754 medium and heavy trucks (worth a combined value of over $52 billion) to more than 200 industries around the world, with additional exports of automotive parts valued at $66.7 billion. As a crucial component in vehicle production, the PMI foam market remains an integral part of the automotive industry's ecosystem, contributing to its overall success and competitiveness domestically and globally.

The wind energy industry also presents significant opportunities for the PMI foam market in the U.S. PMI foam is utilized in the construction of wind turbine blades to reduce weight and increase stiffness, thereby improving energy efficiency and performance. With the growing focus on renewable energy sources in the U.S., the demand for PMI foam in wind turbine applications is expected to rise steadily in the coming years.

According to the U.S. Energy Information Administration, in 2022, wind turbines were the source of about 10.2% of total U.S. utility-scale electricity generation. Utility scale includes facilities with at least one megawatt (1,000 kilowatts) of electricity generation capacity. Total annual U.S. electricity generation from wind energy increased from about 6 billion kilowatt hours (kWh) in 2000 to about 380 billion kWh in 2021. As renewable energy sources like wind power continue to gain traction, there is a parallel opportunity for the PMI foam market to thrive, catering to the evolving needs of sustainable infrastructure development and advanced manufacturing processes in the United States.

However, the PMI foam market in the U.S. has not been immune to the impacts of the COVID-19 pandemic. The pandemic disrupted supply chains, causing shortages of raw materials and delaying production schedules. Additionally, lockdown measures and economic uncertainty led to a slowdown in construction activities and a decline in consumer spending, affecting demand for PMI foam in industries such as aerospace and automotive. Moreover, the gradual recovery of the U.S. economy and the ongoing emphasis on sustainability and lightweighting initiatives are expected to drive the long-term growth of the PMI foam market in the country.

Market Trends

Rising air travel demands

The PMI foam market in the United States has experienced significant growth attributed to rising demands in various sectors, particularly in aerospace and aviation. One of the key factors contributing to the increased demand for PMI foam in the aerospace industry is its exceptional properties that make it an ideal material for aircraft components. PMI foam offers a unique combination of lightweight construction, high strength-to-weight ratio, and excellent thermal insulation properties, making it suitable for various applications in aircraft manufacturing.

According to the International Trade Administration, the U.S. aerospace sector maintains its dominance, boasting the highest trade balance of $77.6 billion in 2019, coupled with the second-highest level of exports, amounting to $148 billion among all manufacturing industries. This robust performance underscores the sector's pivotal role in economic growth and global competitiveness. With the escalating demand for air travel, particularly in the U.S., a parallel surge in the PMI foam market arises, reflecting the industry's dynamic response to evolving consumer needs and technological advancements.

Moreover, the ongoing advancements in aerospace technologies and materials have further propelled the demand for PMI foam market in the U.S. Manufacturers are continuously innovating to develop PMI foam with enhanced properties, such as improved fire resistance, durability, and recyclability, to meet the evolving needs of the aerospace sector.

Additionally, the growing trend of lightweight in aerospace applications, driven by the pursuit of enhanced performance and efficiency, has led to an increased preference for PMI foam over traditional materials like metals and plastics. Therefore, the PMI foam market in the United States is experiencing significant growth driven by its exceptional properties meeting the evolving demands of the aerospace industry, including lightweight construction and enhanced thermal insulation.

Increasing popularity of water sports

In recent years, there has been a notable surge in the popularity of water sports across the United States, igniting a parallel growth in the demand for PMI foam market. One of the primary drivers behind the rising popularity of water sports is the growing emphasis on health and fitness. With an increasing awareness of the benefits of physical activity, more Americans are seeking engaging and enjoyable ways to stay active. Water sports in the U.S. offer a refreshing alternative to traditional exercise routines, providing a full-body workout and allowing participants to immerse themselves in nature and enjoy the therapeutic effects of water.

Furthermore, the accessibility of water sports has improved significantly in recent years due to advancements in equipment design and manufacturing processes. PMI foam, with its exceptional strength-to-weight ratio and resistance to water absorption, has played a crucial role in enhancing the performance and durability of water sports gear. From beginner-friendly foam surfboards to high-performance racing kayaks, PMI foam enables manufacturers in the U.S. to create products that cater to a wide range of skill levels and preferences, making water sports more accessible to enthusiasts of all ages and abilities.

Additionally, the proliferation of social media platforms has contributed to the growing popularity of water sports, as individuals share their experiences and adventures with friends and followers online. Hence, the burgeoning interest in water sports driven by health consciousness, improved accessibility, and innovative materials like PMI foam reflects a dynamic shift towards active lifestyles across the United States.

Competition Analysis

The PMI foam market in the United States is a significant segment within the broader foam industry. One of the key players in the U.S. PMI foam market is Evonik Industries AG, a German multinational corporation that produces a variety of specialty chemicals, including PMI foam, under the brand name ROHACELL. Evonik's PMI foam products are widely used in aerospace applications due to their high strength-to-weight ratio, thermal stability, and fire resistance properties.

Another prominent player in the U.S. PMI foam market is DIAB Group, a Swedish company that manufactures high-performance core materials for composite sandwich structures. DIAB's PMI foam products are used in various applications, including marine, wind energy, and transportation, where lightweight and durable materials are essential for enhancing fuel efficiency and performance.

Huntsman Corporation, based in Texas, is also a significant player in the U.S. PMI foam market. The company produces polyurethane chemicals used in the manufacturing of PMI foam, catering to diverse end industries such as construction, automotive, and electronics. Huntsman's PMI foam solutions offer excellent insulation properties, making them suitable for thermal and acoustic insulation applications.

Additionally, Sekisui Chemical Co., Ltd., a Japanese multinational company with a strong presence in the U.S., is actively involved in the PMI foam market. Sekisui manufactures PMI foam products under the brand name Thermo-Lite Board for applications in marine, automotive, and construction industries. The company's PMI foam panels are lightweight, waterproof, and chemical-resistant, making them ideal for harsh environments. With a diverse range of applications across industries such as aerospace, automotive, marine, and construction, PMI foam is poised for continued growth and adoption in the United States.

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List of Key Companies Profiled

  • 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

US PMI Foam Market Report Segmentation

By Application

  • Aerospace & Defense
  • Automotive & Transportation
  • Wind Energy
  • Sports Goods
  • Others
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