PMI foam and other High Performance Foam Core (HPFC) have high demand in the aerospace & defense application because of its properties such as mechanical strength, lightweight, closed cell structure, good impact resistance, and FST retardant properties. The global PMI foam market and other HPFC market is estimated to grow from USD 43.1 million in 2015 to USD 77.1 million by 2021, at a CAGR of 10.2% between 2016 and 2021.
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The aerospace & defense application has the largest market share in the PMI foam market and other HPFC market globally, which is expected to continue during the forecast period. As aircraft, missiles, and helicopter components require thermally stable, high strength, and corrosion-resistant products, HPFCs are utilized in large volume in the aerospace & defense sector. Increasing need for fuel efficiency in vehicles and rails is also expected to drive the PMI foam market and other HPFC market during the forecast period.
The PMI foam market and other HPFC market in the aerospace & defense application is expected to witness the highest CAGR between 2016 and 2021. There is a significant rise in the use of HPFC in the aerospace application as lightweight components with high toughness can be easily manufactured using HPFC. HPFC is widely used to manufacture structural components and interior parts of aircraft. PMI foam is a preferred HPFC in many exterior components, while PEI and PES foams are increasingly being used in interior aircraft components.
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Europe dominated the PMI foam market and other HPFC market globally owing to high demand for these foams from companies, such as Airbus SAS (France), Airbus Helicopters (France), Westland Helicopters (U.K.), as well as composite part manufacturers from Europe. North America is the second-largest market in aerospace & defense application. High growth in demand for HPFC products is anticipated from North America and Europe. Asia-Pacific is anticipated to be the fastest-growing market for PMI foam market and other HPFC market between 2016 and 2021. The high growth rate is attributed to growing demand for PMI foam from China’s large commercial airliner C919, which is scheduled to be commercialized by 2018. Apart from the aerospace & defense industry, growth of the PMI foam market and other HPFC market in Asia-Pacific is backed by its increasing consumption in various industries such as wind energy, sporting goods, and transportation.
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