LOS ANGELES, April 03, 2019 (GLOBE NEWSWIRE) -- The global polyetherimide (PEI) market size is anticipated to around USD 845.2 million by 2026, this market is anticipated to grow with 5.3% CAGR during the forecast time period. The rise in the number of favorable government regulations and widespread adoption in the automotive and food industry are the major factors boosting the growth of the global polyetherimide (PEI) market.
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Polyetherimide exhibit high elastic strength, flame resistance, low smoke emission, and outstanding hydrolytic steadiness. Owing to the stability of the product, the processing range is wider than its counterpart. Government initiatives with strong research and developments have encouraged the use of the products and have been equipped with noteworthy investments in technological innovation. The usage of polyetherimide to reduce contamination in food, dropping the overall automotive weight to reduce emissions along with stringent government standards by FDA and European Union restraining VOC’s will increase the demand of polyetherimide market. Also, the food industry is expected to grow significantly. Owing to its usage in appliances and kitchenware due to the stain and quality issues. Moreover, food adulteration is expected to have an adverse effect on the health of consumers. Therefore, FDA has stated the safety of the product for additives that are used in food indirectly. These factors are expected to drive the demand for the global polyetherimide market.
The glass fiber in the product segment is expected to dominate the global polyetherimide (PEI) market with maximum share and is anticipated to witness a rising trend in the upcoming years. This growth is attributed to the key polyetherimide manufacturers that are focusing on continuous product launch to offer high-quality plastics for various applications. 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.
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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, under hood 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.
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Asia Pacific region is projected to hold a major share of the global polyetherimide (PEI) market followed by Europe and North America region. The dominance in the Asia Pacific region is due to its extensive utilization in the automotive sector for several applications such as interiors and bumpers due to its high strength properties. Also, the rise in population and rapid urbanization are the major factors that will have a positive 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 mainly driven by the increase in demand from the healthcare sector owing to the rise in awareness of chronic diseases among consumers. Latin America and MEA are predicted to grow significantly during the forecast period. The prominent players operating in the global polyetherimide (PEI) market are Ensinger, RTP Company, SABIC, Mitsui Chemicals, Inc., and Quadrant Group, etc. The key players 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. These factors are predicted to offer enormous growth opportunities for the key industry players in the global polyetherimide (PEI) market.
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