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BMI resins are also called bismaleimides resins. It belongs to the thermosets class, which provides substantial advantages when compared with other thermoset materials including urethanes, epoxies, phenolics, and polyesters. The BMI resin is available in powder and liquid form. Additionally, the product has the ability to perform in a hot and wet environment. It provides high-strain carbon fibers, non-flammability, improved damage-resistance, and physical and electronic properties. These benefits surge the demand for bismaleimides resins in a wide range of applications such as composites, adhesive, and moldings.
The increasing demand for bismaleimides resins in adhesive applications will fuel market growth. The BMI resin is used as additives in adhesives, owing to its temperature resistant property. In addition, as a base resin, it also helps to produce adhesives, which are flexible, tough, and demonstrate good peel strength. Whereas, those adhesive were further utilized in rubber, paper, packaging, woodworking, and leather & footwear applications. Hence, increasing demand for adhesive in these applications will aid to boost the consumption of bismaleimides resins. This will further help to fuel BMI resin market growth during the forecast timeline.
However, many people are unaware of the use and benefits of bismaleimides resin. This restricts its adoption in various applications and is anticipated to hamper the market growth.
Key Market Driver -
The rising demand for bismaleimides resins in the adhesive applications to drive the market growth.
Key Market Restraint -
Unawareness of BMI resins to hamper the market growth
Based on type, the BMI Resins market is segmented into bismaleimide resin powder and bismaleimide resin solution. Based on application, the market is segmented into composites, adhesive, moldings, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The key players in the BMI resins market include Evonik, Hexcel, Huntsman, Cytec Solvay, HOS-Technik, Renegade Materials, Toray TCAC Holding B.V., 3M, Northern Composites., TEIJIN LIMITED, and CAPLINQ Corporation.
Asia Pacific is anticipated to witness sustainable growth in the BMI resins market. The growth is attributed to the rising demand for powder-based BMI resin in the composite application. The higher adoption of liquid-based bismaleimides resins in the adhesive application will fuel the market growth in North America, in which the US and Canada are the leading countries. In Europe, the growth is due to, increasing use of the product the molding application. The Middle East & Africa is anticipated to witness significant growth, owing to the adoption of the adhesive in the rubber application, thereby raising the demand of BMI resin.
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