The market for bismaleimide monomer is expected to grow at a CAGR of more than 5% during the forecast period. Growing demand from aerospace sector is driving the demand of the market studied. Asia-pacific dominated the market with a significant share and is estimated to continue its dominance during the forecast period.
Key Market Trends
Increasing demand from Electrical and Electronics Sector
- Bismaleimide monomers are being widely used in the electrical and electronics sectors since the past few years.
- They are employed for multi-layer printed circuit boards and also in optoelectronics.
- The increasing electronics industry across the globe is boosting the demand for the market studied. the electronics manufacturing market in the Asia-Pacific region is expected to grow rapidly during the upcoming years, due to the presence of a large number of manufacturers in the region.
- Low cost and the availability of raw materials, coupled with cheap labor, are driving the growth of the sector.
- The companies in the region provide manufacturing and assembling services to companies in Germany, France, and the United States.
- Moreover, these companies are rapidly digitizing their business to achieve end-to-end integration of their operation.
- Such factors are boosting the demand for the market studied.
Asia-Pacific to Witness a Significant Growth
- Asia-Pacific is a manufacturing hub across the globe for various industries including electrical and electronics, aerospace, and automotive with China being a major focus.
- The aircraft parts and assembly manufacturing sector in the country is growing at a rapid pace, with the presence of over 200 small aircraft part manufacturers.
- Major manufacturers are concentrated in Nanchang, Shanghai, Chengdu, Xi’an, Harbin, Shijiazhuang, and Shenyang.
- The Chinese aerospace policy represents one of the most comprehensive attempts to enter the top levels of aerospace development and production. China is expected to be the world’s largest single‐country market for civil aircraft sales over the next 20 years.
- China is the world’s largest electronic production base for decades. With the increase in the disposable income of the middle-class population, the demand for electronic products is projected to grow in the near future.
- But this scenario got disrupted with the threat of a 25% tariff in the China-US trade war. Some movement was already happening before the current US-China tensions, but the tariff war has put more urgency on brands to diversify production.
- China is racing to keep foreign enterprises in-country, dangling special benefits so that the advantages of staying outweigh the heavy tariffs imposed by the United States.
- In addition, the human impact of the corona virus has been profound on the electronics manufacturing community, with an unprecedented quarantine of over 60 million people and hundreds of deaths.
- Such rising demand for various end-users are in turn is likely to boot the demand of the market studied.
The market studied is consolidated among the major players. Some of the key players in the market include Evonik Nutrition & Care GmbH, Huntsman International LLC., Solvay, and HHBM., among others.
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