The global polyetherimide (PEI) market size is projected to exceed around USD 845.2 million by 2026, the market is estimated to grow at 5.3% CAGR during the forecast period. The increase in demand for polyetherimide (PEI) in the aerospace and electronics industry is one of the factors that is expected to boost the growth of the global polyetherimide (PEI) market.
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Rapid growth in the automotive industry has upsurged the demand for polyetherimide market. The product is used in the manufacturing of interior components, bumpers, handles, electromechanical systems, and lamp sockets. The continuous development in the electronics industry, with the rising application of high-quality plastics, is expected to boost the growth of polyetherimide market. The increase in disposable income and shift in preferences of consumers is expected to spur the growth of aerospace and electronics industry. Polyetherimide (PEI) is broadly used in electronics and aerospace owing to their heat resistant properties. Rising demand for heat resistant plastics from electronics and aerospace industry will boost the growth of polyetherimide market. The continuous advancement in technology and the huge integration of PEI in diverse applications that include switches, semiconductors, and others are expected to contribute to the growth of various end use industries.
The key manufacturers in the polyetherimide (PEI) market are focused on the development of glass fiber polyetherimide due to its widespread application in the electronics industry. Also, the industry players are taking strategic initiatives that include collaborations, partnerships, and acquisitions that help them in expanding their market presence and strengthening their foothold in the global polyetherimide (PEI) market. For instance, In February 2018, SABIC declared its projects to expand the production capacity of polyetherimide resin in the Netherlands and Asia Pacific region. This factor will positively impact the polyetherimide market profitability.
The Asia Pacific region is expected to dominate the global polyetherimide (PEI) market followed by Europe and North America region. The dominance of polyetherimide (PEI) market in Asia Pacific region is due to its widespread adoption in the automotive sector in various applications such as under hood components, interiors, and bumpers due to its high strength features. Also, the growing population and rapid increase in urbanization will have an impact on the automotive industry. This factor will drive the demand for polyetherimide (PEI) market in the Asia Pacific region. The polyetherimide (PEI) market in the Europe region is mostly driven by the rising demand from the healthcare sector due to the increase in awareness for chronic diseases among people. Furthermore, the key manufacturers in the polyetherimide (PEI) market are focused on continuous product innovation strategy with an objective to expand their product portfolio to compete with other established players in order to strengthen their foothold in the global polyetherimide (PEI) market.
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The global polyetherimide (PEI) market is segmented into grade, form, application, and region. On the basis of grade, the global polyetherimide (PEI) market is segmented into unreinforced and reinforced. The reinforced segment is further segmented into glass fiber and carbon fiber. On the basis of form, the global polyetherimide (PEI) market is segmented into films, rods, sheets, and granules. On the basis of application, the global polyetherimide (PEI) market is segmented into automotive, electronics, aerospace, pharmaceuticals, consumer products, industrial, and food. The automotive segment is further segmented into interiors, fuel systems, underhood components, and bumper. The electronics segment is further bifurcated into switches, coils & fuses, and semiconductors. Also, the aerospace segment is further divided into antenna construction and interiors. The pharmaceuticals segment is further segmented into fixtures and surgical probes. Moreover, the consumer products segment is further divided into kitchenware and appliances. Furthermore, the industrial segment is further divided into oil & gas, telecommunication, fluid handling, and marine cleats. On the basis of region, the global polyetherimide (PEI) market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The major players associated with the global polyetherimide (PEI) market are Ensinger, RTP Company, SABIC, Mitsui Chemicals, Inc., and Quadrant Group, etc. The key manufacturers are involved in strategic alliances that include partnership, mergers & acquisitions, and capacity expansion of production to offer innovative technologies to cater to the rising demand for polyetherimide. Moreover, the key industry players in the polyetherimide (PEI) market are constantly focusing on research and development activities in order to expand its product portfolio and increase their customer base in developing regions.
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