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Agreements and expansions are the key development strategies adopted by leading market players to drive the global PMI foam market and other HPFC market
The global PMI foam market and other High Performance Foam Core (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. The increase in demand for PMI foam and other HPFC from aerospace & defense applications is driving the market.
The major manufacturers profiled in this report are Evonik Industries AG (Germany), Diab Group (Sweden), SABIC (Saudi Arabia), Solvay S.A. (Belgium), 3A Composites (Switzerland), and BASF SE (Germany). These companies have adopted various organic and inorganic growth strategies such as agreements, expansions, and new product & technology developments.
The key companies offering HPFC are mainly involved in agreements to strengthen their position in the PMI foam market and other HPFC market. In addition, the key players in the market actively participated in expanding their global reach, while some companies concentrated more on new product launches between 2013 and 2016.
From 2013 to 2016, agreements and expansions were the key strategies, together accounting for a share of 66% of all the developments in the PMI foam market and other HPFC market. In 2015 and early 2016, many agreements and capacity expansions were undertaken in the PMI foam market and other HPFC market by key players to strengthen their market position. The new product launches and joint ventures were the second most preferred growth strategies adopted by the manufacturers, together accounting for 34% of the overall development strategies of the PMI foam market and other HPFC market.
Evonik Industries AG and Solvay S.A. are the important active players in the PMI foam market and other HPFC market. These companies showed the highest strategic adoptions in the market. These companies adopted agreements, expansion, and new product developments as the major dynamic growth strategies to enhance their geographical presence and customer base. The diverse product portfolio and technologically advanced R&D centers of these companies have also led to its innovation-driven growth in the PMI foam market and other HPFC market.
Evonik Industries AG is a major player in the HPFC market that offer PMI foam. It has established a strong foothold in the Asia-Pacific HPFC market by inaugurating a new PMI foam manufacturing facility in Shanghai, China. The company has a broad and diversified PMI foam core product portfolio, which ensures its consistent growth in the global PMI foam market and other HPFC market. The company is focused primarily on organic growth strategy and has enhanced its global reach by adopting expansions as the key growth strategy. Through this strategy, the company also enhanced its business and expanded its customer base.
Solvay S.A., a supplier of PPSU and PVDF-based foam core material, is primarily focusing on inorganic growth strategy. The company recently entered into an agreement with Airbus for supplying its TegraCore HPFC. Airbus will use these HPFCs in interior aircraft applications. Solvay also signed an agreement with 3A Composites for the development of new HPFC to target the transportation and aerospace & defense industries.
PMI Foam Market and Other High Performance Foam Core Market by Type (PMI, PES), by Application (A&D, Wind, Sporting Goods, Transportation), by A&D Sub-Application (Interior, Exterior), & by Region - Global Forecast to 2021
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