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Polyetherimide Market Overview
Polyetherimide Market size is forecast to reach US$802.6 million by 2027, after growing at a CAGR of 6.4% during 2022-2027. Polyetherimide (PEI) is an amorphous thermoplastic with properties similar to polyether ether ketone (PEEK). The growing demand from the transportation industry is a major driver driving the market studied. For instance, as per the data by trade.gov, commercial vehicles sales in China touched 5.23 million units in 2020, increasing 20% from 2019. The material is used to make automobile interior parts such as handles, pistons, bezels, electromechanical devices, thermostat housings, and light sockets. Furthermore, an increasing need for environmental control and smoke emission reduction has propelled the market’s growth. Smoke emissions have increased dramatically as a result of industrialization. As a result, governments have enacted stringent pollution-control regulations, encouraging the use of PEI. Polyetherimide has been declared safe by the FDA, it has a wide range of applications in the food industry. As a result, the global food industry’s expansion has significantly aided the growth of the polyetherimide market. Furthermore, increased demand for heat-resistant plastics in the aerospace and electronics industries has bolstered market growth. Furthermore, due to its high chemical resistance, PEI is widely used in the healthcare industry. This has aided the global polyetherimide market, hastening its growth.
Over the last year, almost every industry in the world has suffered a setback. This can be attributed to severe disruptions in their respective manufacturing and supply-chain operations as a result of various preventive lockdowns and other limitations imposed by governments all over the world. The global Polyetherimide (PEI) market is no exception. Furthermore, consumer demand has decreased as people have been more focused on removing non-essential expenses from their budgets as the general economic situation of most people has been badly impacted by the outbreak. However, the global Polyetherimide (PEI) market, is expected to revive as respective regulatory bodies begin to relax these enforced lockdowns.
Polyetherimide Market Segment Analysis – By Grade
Reinforced PEI dominated the polyetherimide market in 2021 and is growing at a CAGR of 6.7% during the forecast period. Reinforced PEI is designed to suit a variety of engineering requirements. It is divided into two categories: glass reinforced and fibre reinforced. While maintaining high processibility, glass reinforced PEI delivers greater dimensional stability and improved electrical and mechanical qualities. Because of its mechanical strength, fibre reinforced PEI is used in applications such as corrosion protection. Fiber reinforced PEI’s main purposes are to transport loads, give strength and stiffness, and replace metallic materials in a variety of applications. Because of its improved electroplatability and internal mould release qualities, glass fibre filled polyetherimide resin is widely employed in the electrical and electronics industries.
Polyetherimide Market Segment Analysis – By Form
PEI sheet dominated the polyetherimide market in 2021. The qualities of sheets, which give superior thermal performance as well as high strength and stiffness, are responsible for the segment’s growth. Its demand is also driven by its other characteristics, such as flame retardancy, acid resistance, and ease of operation in the presence of steam and hot water. PEI sheet is formed of amorphous PEI, which is a type of high-performance thermoplastic. This sheet has high strength and rigidity, as well as exceptional thermal performance. PEI sheet is flame retardant, acid resistant, and can be used in steam and hot water environments. PEI has excellent heat resistance, tensile modulus, and electrical and insulating qualities. In a variety of environments, PEI sheet exhibits low moisture absorption and great dimensional stability. For good friction and wear properties, it is internally lubricated with carbon fibre.
Polyetherimide Market Segment Analysis – By End-Use Industry
In 2021, electrical and electronics dominated the Polyetherimide market and are growing at a CAGR of 6.8% during the forecast period. Polyetherimide is employed in the electrical and electronics industries because of its features, which include a high strength-to-weight ratio, thermo-oxidative stability, superior mechanical strength, and high-temperature resistance. Electrical switches and controls, electrical motor parts, printed circuit boards, and connectors are all examples of where it is employed. Because of the fast speed of invention, advancement of technology, and R&D operations in the electronics industry, there is a great demand for newer and faster electronic devices. China, India, and other Southeast Asian countries stand out as preferred places for electronics manufacture and supply in the Asia-Pacific region, and this trend is influencing the polyetherimide market growth. For instance, as per the July 2021 data by China.org.cn, exports in the consumer electronics segment maintained a growth trajectory for 12 months in a row. Similarly, according to the Global Electric Market Outlook 2022 report by the German Electro and Digital Industry Association, the South Korean electronic market touched a volume of US$ 218.01 billion in 2020, picking up by 4%. Such a high boost in the global electrical and electronics sector is expected to increase the use of polyetherimide and in turn, this is anticipated to drive the market’s growth during the forecast period.
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Polyetherimide Market Segment Analysis – By Geography
Asia Pacific dominated the Polyetherimide market with a share of 34% in 2021 and is growing at a CAGR of 6.1% during the forecast period 2022-2027. The Indian electronics sector is one of the world’s largest and fastest-growing. According to the data by India Brand Equity Foundation, the consumer electronics and appliance sector is projected to grow twice the current market size and is anticipated to become a market value of US$ 21.18 billion by 2025. As per the January 2022 report by China.org.cn, the revenue of China’s home appliance market touched USD 95.3 billion in the first ten months of 2021, increasing 7.1% compared to the same period in 2020. Furthermore, according to the stats by India Brand Equity Foundation, the passenger vehicle segment had a growth of 28.39% as sales touched 279,745 units in March 2021 which was 2,17,879 units in March 2020. Similarly, according to the report by the China Association of Automobile Manufacturers, the annual sales volume of new energy vehicles in China will reach 3 million units by 2025 which was 1.2 million units in 2019. Such massive growth in the various sectors is expected to increase the demand for polyetherimide during the forecast period, as it is widely employed in these industries for various applications.
Polyetherimide Market Drivers
Supportive Government Initiatives are Influencing Market Growth
Polyetherimide exhibits high ductile strength, low smoke emission, flame resistance, and exceptional hydrolytic stability. Owing to the product’s stability, its range of processing is wider than many of its counterparts. Government initiatives with strong R&D have encouraged utilization of the products and have fortified significant investments in technology innovation. PEI is utilized in kitchenware, catering, and tableware due to contamination and quality issues. Food adulteration has an adverse impact on human health, brand image and damages consumer loyalty. FDA has declared the product safe for indirect additives utilized in food contact substances. Therefore, acceptance of polyetherimide to decrease contamination in food, reducing overall automotive weight for curbing emissions along with stringent controlling standards by EU and FDA restraining VOC’s are influencing PEI product demands.
Rising Demand from the Electronics Industry
The demand for PEI as a thermally conductive material has expanded dramatically due to its creep resistance, minimal smoke emission, and flame resistance. Due to fewer production stages and joints, PEI, in combination with thermally conductive fillers, provides a cost-effective metal alternative. PEI is commonly employed as a heat-dissipating alternative to metals in small electrical devices. Because of its high potential qualities, high-performance polymers like polyetherimide are getting a lot of momentum in the electronics industry. As per the October 2020 data by Consumer Technology Association (CTA), the sales of smartphones will increase in 2022 where 76% of all smartphones will have 5G capabilities in 2022. According to recent insights from the Semiconductor Industry Association, China imported around US$378 billion in semiconductors, accumulated 35% of the world’s electronic devices, and was responsible for 30% to 70% of the global PC, TV, and mobile phone exports in 2020. In October 2020, the Semiconductor Industry Association (SIA) stated that global semiconductor industry sales reached up to US$47.2 billion in August 2021, and increased by 29.7% in comparison to the total sales of US$36.4 billion in August 2020. Furthermore, according to the Statistical Handbook of Japan 2021, the production and shipments of electronic equipment reached up to US$52.6 billion during the fourth quarter of 2020, and is expected to increase in the upcoming year. In this way, an increase in demand for electronics products is expected to increase the demand for polyetherimide.
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Polyetherimide Market Challenges
High Manufacturing Cost of Polyetherimide.
Polyetherimide has become increasingly popular. PEI can be processed by extrusion, injection molding, thermoforming casting, electrospinning, and so on. The use of various heated tool temperatures is critical for producing high-strength PEI materials. The concentration of vibratory energy per unit area determines weldability. Due to the higher melting point of PEI resin than most other thermoplastics, more energy is required to cause the material at the joint to flow. As a result, the cost of producing PEI is higher than that of its counterparts, which may limit its market growth.
Polyetherimide Market Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Polyetherimide Market. The key players in the Polyetherimide Market include
In June 2021, SABIC has agreed to sell the ULTEM foam-production line to Diab Group (Helsingborg, Sweden). Under the name Divinycell U, Diab will add the ULTEM resin-based foam into its current range. With the help of SABIC, Diab will continue to develop ULTEM resin-based foam.
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The global polyetherimide industry has seen several technological advancements related to weight reduction, 3D printing, and carbon fibre technologies of polyetherimide products when compared to aluminium for manufacturing aircraft interior components. As a result, this has generated lucrative opportunities for polyetherimide producers to obtain a competitive edge in the international market.
The electrical and electronics segment held the largest share in 2021 in the global polyetherimide market. This can be attributed to polyetherimide’s high thermo-oxidative stability, superior strength-to-weight ratio, and excellent mechanical strength.
In 2021, injection moulding dominated the polyetherimide market. Injection moulding is a method of making plastic items. In terms of size, application, and complexity, the injection moulding method is used to create a wide range of items. Injection-grade PEI is used in medical equipment, instrument trays, and electrical enclosures, among other things
A. PMI Foam Market and Other High Performance Foam Core Market – Forecast(2022 – 2027)
B. Polyether Ether Ketone Market – Forecast(2022 – 2027)
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