New York, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed 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 synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Bismaleimide Monomer Market Size:
The global bismaleimide monomer market is estimated to grow at a CAGR of ~3% over the forecast period. The market is estimated to garner a revenue of USD 84.7 Million by the end of 2033, up from a revenue of USD 64.9 Million in the year 2022. High temperature efficiency, extraordinary spatial, and more are some of its factors estimated to boost it demand. Owing to this features it is extensively used in industries such as aerospace, automotive, and electronic industries. Further growing electronics industry is expected to drive the growth of the market. Indian domestic electronics production increased from about USD 25 billion in 2014–15 to approximately USD 65 billion in 2020–21. India is regarded as a prominent manufacturing hub.
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Along with electronics industry, growth of other industries including construction industries is also estimated to boost the growth of the market. there has been growing construction activities which is expected to boost the demand for bismaleimide monomer. For instance, the non-residential building industry in the United States is expected to expand by more than 5% in 2023.
Global Bismaleimide Monomer Market: Key Takeaways
- Asia Pacific to propel highest growth
- 4,4'-Bismaleimidodiphenylmethane segment to garner the highest growth
- North America to grow at a highest rate
Growth in Aerospace and Defence Industry to Boost Market Growth
Since post pandemic people have started travelling from plane again. Nearly 4 billion people was expected to travel worldwide by air in 2021, an increase of almost 20% from 2020 or a decrease of more than 40% from the results of 2019. Hence this factor is expected to boost the growth of the market over the forecast period. Also growing income of people is further expected to increase the demand for air transportation further increasing the demand in the market.
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Improved standard of living of people increase the preference towards air transportation increases. Also defence companies are making efforts to enhance their fighter jet, space resilience, and more. Therefore, growth in aerospace and defence company is expected to boost the market growth. Around UDS 715 billion in revenue was reported for the aerospace and defence sector in 2021, an increase of 6% 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 and Africa region.
Growing Automotive Industry to Drive the Growth in the Asia Pacific Region
The bismaleimide monomer market in Asia Pacific region is estimated to garner the largest revenue by the end of 2033, backed by growing automotive industry in this region. Between April 2021 and March 2022, the automobile industry manufactured a total of about 20 million vehicles, including passenger cars, commercial trucks, three-wheelers, two-wheelers, and quadricycles. India is the largest tractor, second-largest bus, and third-largest heavy truck manufacturer in the world, giving it a significant position in the list of countries dealing with heavy vehicles. The market shares for two-wheelers and passenger automobiles in India's automobile industry were about 70% and approximately 15%, respectively.
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Airlines Industry to Propel Highest Growth in North America Region
Further, the market in North America region is anticipated to hold the largest market share of 40% by the end of 2033. The growth can be attributed to growing airlines industry in this industry. With more than 360 million passengers being transported in 2020, the United States has the second-largest air travel market in the world. Also growing urbanization and technology advancement in this region is another factor estimated to boost the market growth. The rate of urbanisation worldwide in 2022 was approximately 50 percent. With more than 40 percent of the population living in cities, North America had the highest rate of urbanisation. More airports are expected to be constructed in urban region. Hence this factors makes the prominent growth driver for the market in this region.
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 Bismaleimide Monomer Market, Segmentation by Type
- 4,4'-Bismaleimidodiphenylmethane
- M-Phenylene Bismaleimide
- Phenylmethane Maleimide
- 4-methyl-1,3-phenylene Bismaleimide
- BANI-M
- Others
The 4,4'-Bismaleimidodiphenylmethane segment is anticipated to hold the largest revenue by the end of 2033. The growth of the segment can be attributed to its increasing use in production of insulated wires. Further there has been rapid growth in exports of insulated wires. The value of insulated wire or cable exports from China reached USD 2451212 in July 2022, up from USD 2375592 in June 2022.
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Global Bismaleimide Monomer Market, Segmentation by End-User
- Aerospace
- Defense
- Electronics
- Other
The aerospace segment is anticipated to garner the largest market share of 50% by the end of 2033. The growth of the segment can be attributed to growing government and companies’ investment in aerospace sector. For instance, India intends to spend $130 billion on military modernization over the next five years in order to achieve self-reliance in the manufacturing of defence goods. Also, the State Government plans to transform Bengaluru, Belagavi, Mysuru, Tumakuru, and Chamarajanagar into aerospace and defence industrial centres with the goal of luring approximately USD 5 billion in investments and creating about 50,000 jobs over the following five years.
Global Bismaleimide Monomer Market, Segmentation by Application
- Resins
- Adhesive
- Composites
- Others
Few of the well-known market leaders in the global bismaleimide monomer market that are profiled by Research Nester are Evonik Industries AG, Solvay SA, Hexcel Corporation, Huntsman International LLC, Teijin Limited, MPI Chemie B.V., TCI Europe N.V., Willing New Materials Technology Co., Ltd., Honghu Shuangma Advanced Materials Tech Co., Ltd., ABR Organics Limited, and other key market players.
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Recent Development in the Global Bismaleimide Monomer Market
- In September 28, 2021, KPX Chemical, a major maker of polyols for polyurethanes in Korea, and Huntsman Corporation, a major supplier of speciality chemicals and MDI-based polyurethanes worldwide, today announced the formation of a joint venture known as KPX HUNTSMAN POLYURETHANES AUTOMOTIVE CO., LTD (KHPUA). From a specialised polyurethanes manufacturing facility at KPX Chemical's Ulsan factory, the joint venture will develop and offer cutting-edge polyurethane system solutions to Korean automakers.
- In March 26, 2021, Hexcel was pleased to share its participation in the recently launched ASCEND (Aerospace and Automotive Supply Chain Enabled Development) project based in the United Kingdom. This project's goal is to create high-rate manufacturing and processing technologies to hasten the creation of novel, lightweight advanced composite materials.
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