Bismaleimide Monomer Market size is expected to reach USD 88 million by the end of 2035, growing at a CAGR of 3% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of bismaleimide monomer was over USD 65 million. The growth of the market is primarily attributed to its certain properties, such as extraordinary spatial stability and high-temperature efficiency, which are driving its demand, particularly in the booming aerospace, automotive, and electrical & electronic industries. For instance, since mid-2020, the global electronics industry demonstrated positive growth. As part of this evolution, electronics exports in several major APAC electronics manufacturing hubs continued to grow strongly till the mid of 2022. South Korean ICT exports increased by 19% year on year to ~USD 124 billion in the first 6 months of 2022, making up 36% of total South Korean exports, whereas India's total electronics exports have boosted by 44% year over year to ~USD 12 billion since the previous financial year 2021–22.
Bismaleimides are addition-type polyimides that are employed in high-performance structural composites that need high temperature and toughness. Monomers are generally created by combining maleic anhydride and aromatic diamine, and the resulting bismaleamic acid is cyclo-dehydrated to form a bismaleimide resin. The maleimide double bond is highly reactive and can undertake a chain reaction. Bismaleimides have a higher service temperature than epoxies. Insulating materials have been becoming more popular in the growing aviation, computer, and construction industries. As per the World Bank, worldwide industrial growth (including the construction industry) reached up to 28.3% in 2021.
Growth Drivers
Growth in the Aerospace and Defense Industry – Post-pandemic, the conditions of air traveling have been improving notably. The global availability of COVID vaccines is paving the way for the liberalization of air travel. On the other hand, to stimulate growth, defense companies are trying to concentrate their efforts on enhancing their fighter jet, space resilience, shipbuilding, and cybersecurity capabilities. Such growth in the aerospace and defense industry is increasing the demand for bismaleimide monomers. For instance, revenue for the global aerospace and defense sector was reported around ~USD 715 billion in 2021, an increase of 6% from 2020.
Striving Boost in Automotive Industry - By the end of 2030, the global automotive industry is predicted to have a potential revenue of nearly USD 1.8 trillion, growing by 31% in the same year.
Upsurge in Computer Manufacturing – Bismaleimide monomers are extensively used in various composite formulations for multi-layer printed circuit boards in high-performance computers. Therefore, the increased growth in the production of large-scale computers is another significant factor that is fueling up the demand for bismaleimide monomers. As of 2021, approximately 344 million PCs were shipped worldwide.
Huge Development in Chemical Industry - In 2021, the chemical industry's estimated worldwide revenue reached its highest level in the previous 16 years, bringing the total to approximately USD 5 trillion.
Rise in Research and Development Expenditure – As per the World Bank, global research and development spending increased to 2.63% of total GDP in 2020.
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~3% |
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Base Year Market Size (2022) |
~USD 65 million |
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Forecast Year Market Size (2035) |
~USD 88 million |
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Regional Scope |
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Type (4,4' Bismaleimidodiphenyl methane, M-Phenylene Bismaleimide, Phenymethane Maleimide, 4-methyl-1, 3-phenylene Bismaleimide, BANI-M, and Others)
The global bismaleimide monomer market is segmented and analyzed for demand and supply by type into 4,4' bismaleimidodiphenyl methane, M-phenylene bismaleimide, phenylmethane maleimide, 4-methyl-1,3-phenylene bismaleimide, BANI-M, and others. Out of which 4,4' bismaleimidodiphenyl methane segment is estimated to significantly grow over the forecast period. On the back of its significant use in the production of insulated wires. The export of insulated wires has rapidly been growing which is estimated to lead to the growth of this segment. For instance, China's exports of insulated wire or cable increased to USD 2,451,212 in July 2022, up from USD 2,375,592 in June 2022.
End User (Aerospace, Defense, Electronics, and Others)
Additionally, the market is segmented and analyzed to demand and supply by end-user into aerospace, defense, electronics, and others. Out of which, the aerospace segment is anticipated to hold the largest market share at 45%, defense at 25%, electronics at 20%, and others at 10%. The increasing investment of governments and companies in aerospace in the import of high-quality composites is estimated to raise the market in the coming years. The import value of the government of Spain fueled from USD 3,811 in 2016 to USD 4,478 in 2019. The availability of raw materials doubled with cheap labor and low costs are driving the growth of this segment.
Our in-depth analysis of the global market includes the following segments:
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By Type |
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By Application |
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By End User |
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APAC Market Statistics
The bismaleimide monomer market in the Asia Pacific is projected to hold a significant market share by the end of 2035. Backed by the massive growth in the automobile industry, and rapid industrialization in countries such as Japan, China, and India. For instance, China's automotive sector produced around 22 million passenger cars in 2021, whereas Japan secured second place for the same by manufacturing nearly 7 million passenger cars in the same year. Asia Pacific is a region that is considered to be the biggest industrial hub in the world, they include sectors like automotive, aerospace, and electronics & electrical industry. Low cost double with cheap labor and easy availability of raw materials is the key factor that is available in the Asia Pacific region that drives the growth of this market.
North American Market Forecast
Further, the North American region held the largest market share in the year 2022. The increase in production capacity and adoption of various organic and inorganic growth strategies are estimated to expand the business and product portfolio. This factor is anticipated to drive bismaleimide monomer market growth in the region during the forecast period. Also, the rise of the aerospace industry in this region is expected to drive the growth of bismaleimide monomer market in the forecast period. Bismaleimide monomers help in reducing the weight of aircraft along with reducing the fabrication cost at the same time making it more demanding in the aerospace sector.
Huntsman Corporation and KPX Chemical launched a joint venture named KPX HUNTSMAN POLYURETHANES AUTOMOTIVE CO., LTD. (KHPUA) to provide Korean automobile manufacturers the innovative polyurethane systems.
Hexcel Corporation has joined the U.K.-based project ASCEND (Aerospace and Automotive Supply Chain Enabled Development) which aims to develop high-speed manufacturing and processing technologies for the development of new, lightweight advanced composite materials.
Author Credits: Smruti Ranjan, Rajrani Baghel
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