The Asia Pacific PMI Foam Market would witness market growth of 6.0% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 781.61 thousand square meter, showcasing a growth of 3.2% (2019-2022).
The automotive industry, perpetually driven by the pursuit of fuel efficiency and emission reduction, has embraced PMI foam for lightweight purposes. With applications ranging from interior components to structural elements, it contributes to achieving stringent emission standards while improving vehicle safety and performance. The automotive industry utilizes PMI foam in various components, including interior panels, headliners, and structural elements. The material's weight reduction benefits contribute to achieving fuel efficiency goals and reducing overall vehicle weight.
Furthermore, it is a structural core material in sandwich structures, providing strength and stiffness while maintaining a lightweight profile. Its application extends to components in aerospace, automotive, and marine structures, where weight reduction is critical for overall efficiency. The marine industry has recognized the benefits of PMI foam in boat construction. Its buoyancy, resistance to water absorption, and durability make it an attractive material for marine structures, contributing to the evolution of lightweight, high-performance vessels.
Additionally, the marine environment is known for its harsh conditions, including exposure to saltwater, UV radiation, and varying temperatures. Its durability makes it well-suited for marine applications, providing resistance to degradation over time. This durability ensures that vessels constructed with PMI foam maintain their structural strength and performance, even in challenging marine environments. Its lightweight nature contributes significantly to the overall weight reduction of marine structures. The evolution of lightweight vessels directly results from incorporating PMI foam into boat construction.
India has witnessed a surge in interest and participation in various sports, including cricket, football, badminton, and emerging disciplines such as mixed martial arts. As sports become more widely recognized in the nation, there is a growing need for sophisticated materials that can improve equipment functionality and ensure athletes' protection. According to Invest India's data, the Indian sports goods industry is estimated to grow to $ 6.6 Bn by 2027. The export value of bicycles and their parts from India amounted to over $ 461 Mn in the fiscal year of 2022. Therefore, the growing sports sector in the Asia Pacific will increase demand for PMI foam in the region.
The China market dominated the Asia Pacific PMI Foam Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $7,370.2 Thousands by 2030. The Japan market is exhibiting a CAGR of 6.2% during (2023 - 2030). Additionally, The India market would experience a CAGR of 5.2% during (2023 - 2030).
Free Valuable Insights: The Global PMI Foam Market is Predict to reach $89.4 Million by 2030, at a CAGR of 5.2%
Based on Application, the market is segmented into Aerospace & Defense, Automotive & Transportation, Wind Energy, Sports Goods, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
By Application (Volume, Thousand Square Meter, USD Million, 2019-2030)
By Country (Volume, Thousand Square Meter, USD Million, 2019-2030)
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