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CHEMICALS AND ADVANCED MATERIALS

BMI Resins Market Analysis by Type (Bismaleimide Resin Powder, and Bismaleimide Resin Solution); by Application (Composites, Adhesive, Moldings, and Others); and by End-User (Aerospace, Automotive, Defense, and Electronics) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Evonik Industries AG Coating & Adhesive Resins has launched a new range of sustainable liquid polybutadienes called Polyvest eCO. By utilizing sustainably produced butadiene in the manufacture of this innovative product line, fossil raw materials can be reduced by 99.9%. 

  • Hexcel Corporation has introduced a new product range called HexPly Nature Range.  With its bio-derived resins and natural fiber reinforcements, Hexcel resin systems can be used in a variety of industries, including automotive, marine, and wind energy applications.

Global BMI Resins Market Size, Forecast, and Trend Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~2.5%

Base Year Market Size (2022)

~ USD 148.7 Million

Forecast Year Market Size (2033)

~ USD 194.5 Million

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)

 

The global BMI resins market is estimated to garner a revenue of ~USD 194.5 million by the end of 2033 by growing at a CAGR of ~2.5% over the forecast period, i.e., 2023– 2033. Further, the market generated a revenue of ~USD 148.7 million in the year 2022. The growth of the market can be primarily attributed to the growing need for lightweight composites in the aircraft and aerospace industries. The use of lightweight composites in the manufacturing of aircraft contributes to improvement in fuel efficiency. For instance, global average annual fuel efficiency improved by 1.7% during the period 2010 to 2020.  

BMI resin market overview imageGet more information on this report:Request Sample PDF

High-performance structural composites use bismaleimides, which are addition-type polyimides that are particularly resistant to heat and have a high level of toughness. The production of bismaleimide involves the polymerization of a prepolymer terminating in two maleimide groups. A bismaleimide is capable of being used at intermediate temperatures (between epoxy and polyimide). Despite their excellent mechanical, electrical, and thermal properties, BMI resins are relatively low in moisture absorption. Moreover, the innovative and advanced product development by key manufacturers along with increasing R&D spending is expected to drive the global BMI resins market over the forecast period. For instance, in march 2019, TEIJIN LIMITED developed the first pre-impregnated carbon fiber sheet made from BMI matrix resin. The material is heat and impact-resistant, making it ideal for aerospace engine materials.

Global BMI Resins Market: Growth Drivers and Challenges

  • Growing Revenue of the Aerospace Industry Throughout the World- The combined annual sales revenue of the aerospace industry in 2019 exceeded 900 billion. That is an increase of 6.5% from the year before. In addition, there are around 2 million employees in the United States are working in the aerospace sector. BMI resins are thermosetting polymers that have been extensively used as a matrix for advanced composite materials in aerospace and aeronautics owing to their good physical properties. By substituting titanium aircraft engine parts with composite materials made from BMI resins, it is possible to develop lightweight and more heat-resistant propulsion technology. Thus, the expansion of the aerospace industry requires the manufacturing of lightweight composite materials on a large scale, which is expected to propel the demand for BMI resins during the forecast period.

  • Revenue Growth in the Chemical Industry - It was observed that the global chemical industry generated approximately USD 5 trillion in revenue during the year 2021 as a result of growth in chemistry, with a growth of 1.6% predicted by 2025.

  • Increasing Expenditures on Research & Development Around the World - As reported by the World Bank, R&D expenditures accounted for 2.63 percent of global GDP in 2020, up from 2.2% of global GDP in 2018.

  • Rising Government Investments in the Aviation Sector- According to estimates, Indian aviation is set to receive USD 5 billion in investments over the next four years. India plans to invest USD1.8 billion by 2026 in airport infrastructure and aviation navigation services.

  • Production of Resins in Large Quantities- For instance, United States emerged as the world’s leader in resin production in 2020 with over 118 billion pounds of resin manufactured.

Challenges

  • Availability of BMI Resins at Low Cost

  • Higher Cost Associated with Raw Materials

The raw materials to make composites are not cost-effective and can hamper the production process negatively. It becomes difficult for vendors and consumers to find ways to get an adequate amount of raw material which further results in the requirement for higher initial investment. Hence, this factor is estimated to be one of the major restraints on the market.

  • Drawbacks Related to Unmodified BMI Such as High Melting Points and Curing Temperature

The global BMI resins market is segmented and analyzed for demand and supply by end-users into aerospace, automotive, defense, and electronics. Among these segments, the defense segment is anticipated to capture the significant market size in the global BMI resins market. Powder forms of BMI resin are widely used in military applications for preparing lightweight materials for aircraft and military equipment. Moreover, the increasing military budget by the government is further expected to propel the demand for BMI resins in military applications which are expected to drive segment growth during the forecast period. For instance, instance, China allocated a military budget of USD 190 billion in March 2022, an increase of 6.7% over the previous year. In 2022, India is expected to spend around USD 68 billion on its military, an increase of 4.3% from last year.

Further, the market is segmented by application into composites, adhesives, mouldings, and others. Out of these, the composites segment holds the highest market share of 56% in 2022. Also, the rise in the use of BMI resins in composites, adhesives, and moulding is estimated to rise the market growth during forecast period.

Global BMI Resins Market Regional Synopsis

The North America market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be ascribed to the aerospace industry's growing demand for advanced materials is expected to drive the BMI resins market in the region. Moreover, the increasing R&D initiatives by the U.S. government and rapid growth in the aerospace and defense industry are expected to fuel the regional market during the forecast period. It was observed that United Airlines announced in March 2021 that it is expanding its purchasing of Boeing/'s 737 MAX airplanes by 24 aircraft. Almost 180 737 MAX planes have been committed to United Airlines so far.

Market Segmentation

Our in-depth analysis of the global BMI resins market includes the following segments:

       By Type

  • Bismaleimide Resin Powder
  • Bismaleimide Resin Solution

       By Application

  • Composites – 56%
  • Adhesive – 15%
  • Moldings – 22%
  • Others – 7%

       By End-User

  • Aerospace
  • Automotive
  • Defense
  • Electronics

Top Featured Companies Dominating the Global BMI Resins Market

  • Hexcel Corporation

  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis
  • 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.

 

 

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