BMI Resins Market Trends

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

• 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
• Availability of BMI Resins at Low Cost