BMI Resins Market Analysis by Type (Bismaleimide Resin Powder, and Bismaleimide Resin Solution); by Application (Composites, Adhesive, Moldings, and Others); and by End-User Industry (Aerospace, Automotive, Defense, and Electronics) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
Buy Now Report ID: 4391 | Published Date: Feb 22, 2023
The global BMI resins market is estimated to garner a revenue of ~ USD 194 Billion by the end of 2033 by growing at a CAGR of ~2% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~ USD 148 Billion in the year 2022. The growth of the market can be attributed to the growing need for lightweight composites in the aircraft and aerospace industries in the form of matrix for advanced composites. The use of lightweight composites in the manufacturing of aircraft contributes to improvement in fuel efficiency and they are more oxidative and facilitate moisture absorption quality. For instance, global average annual fuel efficiency improved by 1.7% during the period 2010 to 2020.
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.
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~2% |
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Base Year Market Size (2022) |
~ USD 148 Billion |
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Forecast Year Market Size (2033) |
~ USD 194 Billion |
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Regional Scope |
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Growth Drivers
Growing Revenue of the Aerospace Industry Throughout the World- The combined annual sales revenue of the aerospace industry in 2019 exceeded 900 billion worldwide. 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.
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 USD 1.8 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.
Higher Utilization of BMI Resin in Automotive Industry – For instance, in 2021, more than 75 million units if motor vehicles were manufactured across the globe. BMI resin are heavily used in automotive industry owing to its advanced properties such as, high-strength and high-temperature performance.
Challenges
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.
The global BMI resins market is segmented and analyzed for demand and supply by end-user industry into aerospace, automotive, defense, and electronics. Out of these segments, the defense segment is estimated to gain the largest market share over the projected time frame. 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.
The global BMI resins market is also segmented and analyzed for demand and supply by application into composites, adhesives, moldings, and others. Amongst these segments, the composites segment is expected to garner a significant share. Furthermore, the rise in the use of BMI resins in composites, adhesives, and molding is estimated to rise the market growth during forecast period. Composites are the combination of two materials, physical and chemical properties. Mainly there are 4 types of composites available in the market ceramic matrix composites (CMCs), polymer matrix composites (PMCs), carbon matrix composites (CAMCs), and metal matrix composites (MMCs). Composites materials are highly utilized in swimming pool, boat hulk, shower stalls, racing car bodies, storage tanks, cultured marble sinks, and others. As of 2019, nearly 250,000 deliveries of sports car were made in the United States. Hence, all these factors are anticipated to boost the growth of the segment over the forecast period.
Our in-depth analysis of the global BMI resins market includes the following segments:
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By Type |
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By Application |
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By End-User Industry |
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The North American BMI resins 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 attributed majorly 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. Furthermore, growth in the automotive industry of the region backed by the advanced road network and higher production and sales volume of the car is also expected to enlarge the market size in the region over the forecast period. For instance, in 2020, USA appeared to have world’s largest road network of around 4 million miles. On the other hand, in the United States, more than 75% of the U.S. population was observed to have their own car in 2022 which is projected to boost the production volume of cars in the region. Therefore, all these factors are expected to hike the market growth in the region during the forecast period.
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: Growing revenue of the aerospace industry throughout the world is estimated to majorly boost market growth.
Ans: The market is anticipated to attain a CAGR of ~2% over the forecast period, i.e., 2023 – 2033.
Ans: Higher cost associated with raw materials are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the North American region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are 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, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue-generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, application, end-user industry, and by region.
Ans: The defense segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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