New York, Oct. 10, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global BMI Resins Market’ for the forecast period, i.e. 2023 – 2033, which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Profiling of key market players
Global BMI Resins Market Size:
The global BMI resins market is estimated to garner a revenue of nearly USD 194.5 million by the end of 2033 by growing at a CAGR of ~2.5% over the forecast period, i.e., 2023– 2033. Further, the market generated a revenue of nearly USD 148.7 million in the year 2022. The growth of the market can be primarily attributed to the growing need for lightweight composites in the aircraft and aerospace industries, and increasing production of natural and synthetic rubber around the world. The use of lightweight composites in the manufacturing of aircraft contributes to improvement in fuel efficiency. For instance, the global production of natural and synthetic rubber amounted to around 28 million metric tons in 2020. The global market is further expected to be propelled by factors, such as, growing revenue of the aerospace industry throughout the world, revenue growth in the chemical industry, and increasing expenditures on research & development around the world.
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Global BMI Resins Market: Key Takeaways
- The North America region to gain the largest share of the revenue in the year 2022
- Military segment to dominate the revenue graph
- Composites sub-segment remains prominent in the application segment
Growing Revenue of the Aerospace Industry throughout the World to Boost the Market Growth
The revenue and expansion of aerospace industry has been increasing throughout the years. In the United States, at nearly 2.5 million strong in 2019, A&D workers represented nearly 1.5% of America’s total workforce. This was a nearly five percent increase in the total industry workforce from 2018. Moreover, in 2019, the A&D industry contributed nearly USD 18 billion in state and local tax revenues and approximately USD 47 billion in federal tax revenue. BMI resins are thermosetting polymers that have been extensively used as a matrix for advanced composite materials in aerospace and aeronautics owing to their good physical properties. By substituting titanium aircraft engine parts with composite materials made from BMI resins, it is possible to develop lightweight and more heat-resistant propulsion technology. Thus, the expansion of the aerospace industry requires the manufacturing of lightweight composite materials on a large scale, which is expected to propel the demand for BMI resins during the forecast period.
In addition to this, the growth of the market is attributed to the increasing demand for reinforcing rubber products and tires, electrical insulation coatings, and bonded and coated abrasives, as they are good friction materials with superior heat resistance and good adhesive performance, being high moldable, mechanical strength, low toxicity of smoke, and ability to blend with polymers. According to the Air Quality Life Index, if current particulate pollution levels persist, today’s global population will lose a total of 16.9 billion years of life directly due to this particulate pollution. Hence, on the back of producing low toxic smoke, the global BMI resins market is estimated to grow significantly.
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Global BMI Resins Market: Regional Overview
The global BMI resins market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Disposable Income Per Capita to Favor Market Growth in the North America Region
The market in North America held the largest market share of 32% in the year 2022. The aerospace industry's growing demand for advanced materials is expected to drive BMI resins market in the region. Moreover, the increasing R&D initiatives by U.S. government rapid growth in the aerospace and defense industry is expected to fuel the regional market during the forecast period. Additionally, the increasing number of activities in the region that use BMI resin, such as electrical works, lumber, building & construction, and others, are anticipated to accelerate market growth. According to the U.S. Bureau of Economic Analysis, in March 2021, the disposable income per capita in the North America region was USD 57,597 and this is anticipated to increase more over the forecast period along with the expenditure on buying individual vehicles.
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Growing Sales of Passenger Cars to Drive the Market in the Asia Pacific Region
On the other hand, the BMI resin market in the Asia Pacific region is anticipated to witness a modest growth over the forecast period. This growth can be ascribed to the high consumption of BMI resins from end users such as consumer electronics, transportation, and others. Furthermore, the demand for BMI resins is also increasing as a result of rising investment in the region's building & construction, and automotive industries. In the Asia Pacific region, approximately 32 million passenger cars were sold in 2021 and this is estimated to increase significantly over the forecast period. With this rapidly growing sales of vehicles, the regional market is expected to be propelled to growth.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global BMI Resins Market, Segmentation by End-User
- Aerospace
- Automotive
- Defense
- Electronics
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The defense segment is anticipated to capture the significant market size in the global BMI resins market. Powder forms of BMI resin are widely used in defense applications for preparing lightweight materials for aircraft and military equipment. Moreover, the increasing military budget by the government is further expected to propel the demand for BMI resins in military applications which are expected to drive segment growth during the forecast period. For instance, China allocated a military budget of nearly USD 295 billion in 2021, an increase of almost 5 per cent over the previous year.
Global BMI Resins Market, Segmentation by Application
- Composites
- Adhesive
- Moldings
- Others
The composites segment holds the highest market share of 56% in 2022. In addition, the rise in the use of BMI resins in composites, adhesives, and moulding is estimated to rise the market growth during forecast period. BMI composites have a high recovery and tensile strength. It was noted that, BMI composites can be completely recovered, and the tensile strength of recovered carbon fiber (rCF) is about 98% of that of virgin carbon fiber (vCF).
Global BMI Resins Market, Segmentation by Type
- Bismaleimide Resin Powder
- Bismaleimide Resin Solution
Few of the well-known market leaders in the global BMI resins market that are profiled by Research Nester are Hexcel Corporation, HOS-Technik GmbH, Evonik Industries AG, Huntsman International LLC, TEIJIN LIMITED, Mitsubishi Chemical Corporation, Qin yang Tianyi Chemical Co., LTD, Honghu Shuangma Advanced Materials Tech Co., Ltd, Renegade Materials, ABR Organics Limited, and others.
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Recent Developments in the Global BMI Resins Market
- In June 2022, known as Polyvest eCO, Evonik Industries AG Coating & Adhesive Resins introduced a new line of environmentally friendly liquid polybutadienes. This cutting-edge product line might be made with 99.9% less fossil raw resources by using butadiene that is sustainably manufactured.
- In May 2022, HexPly Nature Range is a brand-new product line launched by Hexcel Corporation. Hexcel resin systems can be employed in a range of industries, including automotive, maritime, and wind energy applications.
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