Polyetherimide Market Growth and Development 2023-2035
During the forecast period of 2023-2035, the global polyetherimide market is expected to reach an estimated value of ~USD 1000 million by 2035, by expanding at a CAGR of ~7%. The market further generated a revenue of ~USD 500 million in the year 2022. Major key factors propelling the growth of polyetherimide market worldwide are the increasing usage of PEI for manufacturing electrical motor parts, switches and controls, printed circuit boards, and others.
Market Definition of Polyetherimide
Polyetherimide (PEI) is generally classified as an adaptable and unstructured high-performance engineered thermoplastic. It is amber to transparent in color and retains its mechanical integrity even at high temperatures. PEI owing to its high strength and rigidity even at high temperatures and longer duration of heat resistance, structural stability, and efficient electrical properties is hugely demanded in high-performance industries such as heavy engineering, automotive, aerospace, industrial, and many more. It is largely used as an alternative for metals in various industries.
Global Polyetherimide Market: Growth Drivers
The growth of the global polyetherimide market can majorly be attributed to the growing output of the electronic industry along with the surge in demand for heat-resistant plastics. For instance, it was found that Germany’s electrical equipment and electronics output amounted to USD 110000 million in 2019. Furthermore, the market is estimated to propel on the basis of the growing global aerospace and defense industry which was found to contribute USD 700 billion of revenue in 2021, along with the rising utilization of the PEI in aerospace applications owing to its distinguished chemical stability, chemical resistance, and low moisture absorption.
The global polyetherimide market is also estimated to grow majorly on account of the following:
- Increasing demand for metal substitutes that can resist UV light
- Rising prevalence of 3D printers
- Growing production of circuit boards owing to their use in various industries
Global Polyetherimide Market: Restraining Factor
The manufacturing cost of polyetherimide is high as the early laboratory process involves a costly and difficult synthesis. Hence, this factor is expected to be the major hindrance to the growth of the global polyetherimide market during the forecast period.
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Global Polyetherimide Market Segmentation
- By End User (Electrical & Electronics, Household Goods, Automotive, Aerospace, Medical, and Others)
The automotive segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2035. The growth of the market can be attributed to the rapidly growing automotive sector with global sales of automobiles reaching 66 million units in 2021, coupled with the high utilization of PEI for manufacturing handles, bumpers, and automotive interior components.
- By Form (Sheet, Rod, Granule, and Film); by Grade (Reinforced, and Unreinforced)
- By Region
The Asia Pacific polyetherimide market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions. The surge in investment in medical and health care expenditure, along with the growing foreign investments in the medical devices sector along with the rising use of PEI in medical instrument components, devices, and pharmaceutical applications are some of the major factors anticipated to drive the growth of the market in the Asia Pacific during the forecast period. For instance, as per a report it was found that the foreign investments in the medical devices sector in India grew 98% YoY to ~USD 300 million in FY20, compared to ~USD 151 million in FY19.
The market research report on global polyetherimide also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Polyetherimide Market
Some of the key players of the global polyetherimide market are Solvay SA, RTP Company, Kuraray Europe GmbH, Röchling Group, Ensinger Plastics Pvt. Ltd., 3M Company, Mitsubishi Chemical Advanced Materials AG, Toray Advanced Composites, Honeywell International Inc., SABIC, and others.
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