The global polyetherimide (PEI) market is estimated to garner a sizeable revenue by recording a CAGR of ~5% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing demand for PEI from end user industries, and rising need for newer and faster electronic products. Along with these, rapidly growing automotive sector coupled with high utilization of PEI for manufacturing handles, bumpers, and automotive interior components, are also expected to drive the growth of the market in the upcoming years. In addition, surge in demand for heat resistant plastics is evaluated to lead the expansion of the market even further. Furthermore, escalating disposable income around the world and significant changes in the consumer pattern are projected to offer ample growth opportunities to the market in the near future. According to the World Bank, the adjusted net national per capita income of the world in 2018 was USD 9,427.278, which increased up to USD 9,483.844.
The market is segmented by end user into electrical & electronics, household goods, automotive, aerospace, medical, and others, out of which, the electrical & electronics segment is anticipated to hold the largest share in the global polyetherimide market. This can be accounted to the high thermo-oxidative stability, superior strength-to-weight ratio, and excellent mechanical strength of polyetherimide. Apart from these, increasing usage of PEI for manufacturing electrical motor parts, switches and controls, and printed circuit boards is also assessed to boost the growth of the market segment by the end of 2030. Additionally, on the basis of form, the segment for sheet is predicted to acquire the largest share over the forecast period owing to the increase in utilization of the product in industrial and aerospace applications as a result of its distinguished chemical stability, chemical resistance and low moisture absorption. CLICK TO DOWNLOAD SAMPLE REPORT
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global polyetherimide market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated gather the largest share and witness noteworthy growth over the forecast period on the back of the rising urbanization, and rapid population growth in the region. Another report by the World Bank suggests that the population of South Asia has only witnessed a hike since 1960. In 2020, the population of the region was 1.857 billion, up from 1.836 billion in 2019. Apart from these, surge in the growth of aircraft parts and assembly manufacturing sector across the globe is also anticipated to drive the region’s market growth in the future. Moreover, the market in Europe is also assessed to acquire a notable share during the forecast period, which can be credited to the high usage of the product in the region’s healthcare sector and escalating awareness regarding chronic diseases.
The global polyetherimide market is further classified on the basis of region as follows:
Our in-depth analysis of the global polyetherimide market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing demand for pei from end user industries and rising need for newer and faster electronic products.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2030.
High manufacturing cost of polyetherimide is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the rising urbanization, and rapid population growth in the region.
The major players in the market are Solvay SA, RTP Company, Kuraray Europe GmbH, Röchling Group, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by form, grade, end user, and by region.
The sheet segment is anticipated to hold largest market size and is estimated to grow at a robust CAGR over the forecast period and display significant growth opportunities.
Select License Type
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization