Research Nester published a report titled “BMI Resins Market: Global Demand Analysis & Opportunity Outlook 2033” which delivers detailed overview of the global BMI Resins market in terms of market segmentation by type, application, end user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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The global BMI Resins market is anticipated to grow with a CAGR of ~2.5% during the forecast period, i.e., 2023-2033. The market is segmented by end-user into aerospace, automotive, military, and electronics. Out of these, the military segment is anticipated to garner the largest revenue by the end of 2033. In military applications, BMI resin powder is used to prepare lightweight materials for fighter jets and a wide range of military equipment. The global average annual fuel efficiency raised by 1.7% between 2010 to 2020. Furthermore, the market is segmented by application into composites, adhesives, mouldings, and others. Among these segments, the composites segment captured the largest market share of 56% in the year 2022 owing to the growing demand for BMI resins in aerospace industry for manufacturing of lightweight products is anticipated to drive segment growth during the forecast period.
The global BMI Resins market is estimated to garner significant revenue of ~USD 194.5 million by the end of 2033, up from revenue of ~USD 148.7 million in the year 2022. Growth in the chemical industry, extensive use of BMI resins in various end-user industries, such as aerospace, military, and electronics, along with increasing R&D expenditures are some of the major factors anticipated to drive the growth of the market during the forecast period. Further, TEIJIN LIMITED, 2019, developed the first pre-impregnated carbon fiber sheet from BMI matrix resin. The material is ideal for use in the aerospace engine as it is heat and impact resistant.
Geographically, the global BMI Resins market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America held the largest revenue of 32% in the year 2022. The growing demand for the manufacturing of advanced composite materials in the aerospace industry is expected to drive the regional market during the forecast period. Additionally, the rapid growth in the aerospace and defense industry is expected to fuel the regional market considerably during the forecast period owing to the increasing R&D initiatives of the U.S. government towards the production of BMI resins. As per the estimations, United Airlines declared that it is expanding the purchasing of BOEING/’s 737 MAX airplanes by 24 aircraft in March 2021. About 180 737 MAX planes are committed to United Airlines.
The research is global in nature and covers detailed analysis on the market 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). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
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Global Aerospace Revenue Growth to Drive the Market Growth
In 2019, the aerospace industry generated over USD 900 billion in sales. This represents an increase of 6.5% over year 2021. Additionally, the aerospace sector in the United States employs around 2 million people.
A BMI resin is a thermosetting polymer that, owing to its excellent physical properties, has been extensively used as a matrix for innovative composites in aerospace. BMI resins can be substituted for titanium in aircraft engine parts to provide lighter and more heat-resistant propulsion technology. Consequently, the aerospace industry’s growth requires the production of lightweight composite materials on a large scale, which is expected to boost demand for BMI resins.
However, presence of BMI resins at lower price along with higher price of raw materials are expected to operate as key restraint to the growth of global BMI Resins market over the forecast period.
Full Report: – https://www.researchnester.com/reports/bmi-resins-market/4391
This report also provides the existing competitive scenario of some of the key players of the global BMI Resins market which includes company profiling of 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. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global BMI Resins market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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