BMI Resins Market: Introduction
Transparency Market Research delivers key insights on the global BMI resins market. In terms of revenue, the global BMI resins market is estimated to expand at a CAGR of 2.3% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global BMI resins market.
The global BMI resins market is broadly affected by several factors including increase in usage of BMI resins in various end-use industries including aerospace, electronics, and defense. Rise in global demand for composites and molding has led to significant growth in usage of BMI resins. Increase in production and demand for electronics is expected to be the primary driver for the expansion of the global BMI resins market. BMI resins are used as matrix for advanced composites. Rise in demand for BMI resins in composites and various other applications is propelling the demand for BMI resins in the aerospace & defense industry.
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BMI Resins Market: Dynamics
BMI resins are thermosetting addition-type polyimides with outstanding performance. They have qualities similar to polyimides, such as strong strength and rigidity at high temperatures, long-term thermal and oxidative stability, outstanding electrical properties, and a low moisture absorption proclivity. They have excellent dimensional stability and one of the best high temperature properties, similar to polyamides. They are also resistant to various chemicals, including hydrocarbons, alcohols, and halogenated solvents. They can replace metal and other materials in numerous structural applications due to their high strength and outstanding long-term creep resistance.
BMI resins are utilized in aerospace, astronautics, and defense industries in the form of composite sheets and adhesives. BMI resins are employed in structural adhesives for assembly and structural composite applications. These resins impact resistance and multi-substrate joining in airplanes and fighter planes applications.
The global aerospace & astronautics sector is expected to expand considerably during the forecast period due to significant increase in defense and space activities by governments across the globe. Thus, rise in production in aerospace, astronautics, and defense industries is projected to boost the demand for BMI resins during the forecast period.
Manufacturers are focusing on the aerospace industry, as the share held by this segment in the BMI resins market is likely to increase during the forecast period.
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BMI Resins Market: Prominent Regions
North America holds the major share of the global BMI resins market. The market in the region is anticipated to expand at a CAGR of more than 1.3% during the forecast period. Increase in demand for advanced composites in the aerospace industry is driving the BMI resins market in North America. The U.S. is a key country of the BMI resins market in North America. It held significant share of the BMI resins market in North America in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.
Europe is also a key region of the global BMI resins market. The U.K. led the BMI resins market in Europe in 2020. Increase in demand for BMI resins in the aerospace and electronics sectors is driving the market in the U.K.
BMI Resins Market: Prominent Players
The global BMI resins market is consolidated, with the presence of key players. Prominent players operating in the global BMI resins market include Evonik Industries AG, Hexcel Corporation, HOS-Technik GmbH, Huntsman International LLC, Solvay, Mitsubishi Chemical Corporation, Honghu Shuangma Advanced Materials Tech Co., Ltd, Renegade Materials, ABR Organics Limited, and Qin yang Tianyi Chemical Co., LTD.
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