NEW YORK, Oct. 19, 2022 (GLOBE NEWSWIRE) — Research Nester has published an in-depth market report on “Global Bismaleimide Monomer Market‘ for the forecast period, i.e. 2023 – 2033, which includes the following factors:
- Market growth over the forecast period
- Detailed regional summary
- market segmentation
- growth accelerator
- Key market players and their detailed profiling
Global Bismaleimide Monomer Market Size:
The global Bismaleimide Monomers market is estimated to grow at a CAGR of approximately 3% during the forecast period. The market is estimated to generate $84.7 million in revenue by the end of 2033, up from $64.9 million in 2022. High temperature efficiency, exceptional spaciousness and more are some of the factors which are expected to boost demand . Because of these properties, it is widely used in industries such as aerospace, automotive, and electronics. The continuing expanding electronics industry is expected to drive the growth of the market. Indian domestic electronics production increased from about US$25 billion in 2014–15 to about US$65 billion in 2020–21. India is considered a major manufacturing center.
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Besides the electronics industry, the growth of other industries including the construction industry is also expected to boost the growth of the market. There has been growing construction activity which is expected to boost demand for bismaleimide monomers. For example, the non-residential construction industry in the United States is expected to grow more than 5% in 2023.
Global Bismaleimide Monomer Market: Key Insights
- Asia-Pacific for highest growth
- 4,4′-bismaleimidodiphenylmethane segment with the highest growth
- North America is expected to grow the most
Growth in aerospace and defense industry to increase market growth
Since the pandemic, people have been traveling out of planes again. Almost 4 billion people worldwide were expected to travel by air in 2021, an increase of nearly 20% from 2020 or a decrease of more than 40% from 2019 results. Hence, this factor is expected to boost the growth of the market in comparison to the forecast period. It is also expected that people’s growing income will further increase the demand for air transportation and further increase the demand in the market.
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The improved standard of living of the people increases the preference for air transport. Defense companies are also making efforts to improve their fighter jets, space resilience, and more. Therefore, the growth of aerospace companies is expected to fuel the market growth. The aerospace and defense sector reported approximately $715 billion in revenue in 2021, a 6% increase from 2020.
Global Bismaleimide Monomer Market: Regional Overview
The global bismaleimide monomer market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
Growing automotive industry to drive growth in Asia-Pacific
The bismaleimide monomer market in Asia-Pacific is expected to be the largest in revenue by the end of 2033, supported by the growing automotive industry in this region. Between April 2021 and March 2022, the automotive industry produced a total of around 20 million vehicles, including passenger cars, commercial vehicles, three-wheelers, two-wheelers and four-wheelers. India is the largest producer of tractors, second largest buses and third largest heavy trucks in the world, giving it a significant position in the list of countries dealing with heavy vehicles. The market shares of two-wheelers and passenger cars in the Indian automotive industry were about 70% and about 15%, respectively.
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The airline industry will drive the highest growth in the North America region
In addition, the market in the North America region is expected to hold the largest market share of 40% by the end of 2033. The growth is due to the growing aviation industry in this industry. With more than 360 million passengers carried in 2020, the United States has the second largest air transportation market in the world. Also, increasing urbanization and technological advancements in this region are another factor expected to boost the market growth. The urbanization rate was around 50 percent worldwide in 2022. With more than 40 percent of the urban population living in cities, North America had the highest rate of urbanization. More airports are expected to be built in the urban region. Hence, these factors are the outstanding growth drivers for the market in this region.
The study further considers YOY growth, demand and supply, and projected future opportunities in:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Hungary, Belgium, Netherlands and 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 Bismaleimide Monomers Market Segment By Type
- BANI M
4,4′-Bismaleimidodiphenylmethane segment is expected to be the top revenue by the end of 2033. The segment’s growth is attributed to its increasing use in the manufacture of insulated wire. There has also been rapid growth in insulated wire exports. The value of exports of insulated wire or cable from China reached $2451212 in July 2022, compared with $2375592 in June 2022.
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Global Bismaleimide Monomers Market Segmentation by End-User
The aerospace segment is expected to reach the largest market share of 50% by the end of 2033. The growth of the segment is attributed to the growing investments by governments and companies in the aerospace sector. India plans to spend $130 billion on military modernization over the next five years to become self-sufficient in the manufacture of defense equipment. Also, the state government plans to turn Bengaluru, Belagavi, Mysuru, Tumakuru and Chamarajanagar into aerospace and defense industrial hubs, aiming to attract about US$5 billion in investment and create about 50,000 jobs in the following five years .
Global Bismaleimide Monomer Market Segmentation by Application
Some of the well-known leaders in the global bismaleimide monomer market profiled by Research Nester are Evonik Industries AG, Solvay SA, Hexcel Corporation, Huntsman International LLC, Teijin Limited, MPI Chemie BV, TCI Europe NV, Willing New Materials Technology Co. , Ltd., Honghu Shuangma Advanced Materials Tech Co., Ltd., ABR Organics Limited and other major market players.
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Recent Development in the Global Bismaleimide Monomer Market
- On September 28, 2021, KPX Chemical, a major producer of polyols for polyurethanes in Korea, and Huntsman Corporation, a major supplier of specialty chemicals and MDI-based polyurethanes worldwide, today announced the formation of a joint venture to be named KPX HUNTSMAN POLYURETHANES AUTOMOTIVE CO., LTD (KHPUA). Based out of a dedicated polyurethane production facility at KPX Chemical’s Ulsan facility, the joint venture will develop and offer state-of-the-art polyurethane system solutions to Korean automakers.
- On March 26, 2021, Hexcel was pleased to announce its involvement in the recently launched UK-based project ASCEND (Aerospace and Automotive Supply Chain Enabled Development). The goal of this project is to create high-quality manufacturing and processing technologies to accelerate the development of novel, lightweight, advanced composite materials.
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