Demand of Polyetherimide in Medical Applications on a Strong Growth Trajectory of 6% – Fact.MR Study
The global polyetherimide industry has achieved massive momentum in several domains over the last half decade on the back of increased demand for lightweight and high performance plastic materials. The global polyetherimide market has gained remunerative market opportunities as a potential alternative to polyamide owing to its chemical resistance and flame retardant properties among specialty plastic materials.
The growing demand of polyetherimide in high performance applications such as aerospace, automotive and medical among others is expected to create a boom in the thermoplastics industry across the globe. Furthermore, plastics such as polyetherimide offer numerous advantages over aluminum and other traditional materials and have pushed prominent manufacturers for significant investments in capacity expansion of polyetherimide.
On this backdrop, Fact.MR in its newest study foretells that the global market for polyetherimide will surpass the US$ 870 Mn mark by 2027 while growing at a CAGR of over 7% during the forecast period from 2019-2027.
Key Takeaways of Global Polyetherimide (PEI) Market
- Polyetherimide sheets account for over 30% of the market share per dollar spent on polyetherimide due to its faster printing potential over additive manufacturing processes.
- Improvement in raw material availability and production timelines are expected to upsurge the demand of reinforced polyetherimide segment at a CAGR of ~9% over the long-term forecast period (2019-2027)
- Automotive and aerospace sectors dominate the overall demand in global polyetherimide industry in 2018 as a result of increased application of 3D printed plastic materials in these sectors. Together, both the sectors are anticipated to create an incremental opportunity of ~US$ 190 Mn over the forecast period.
- Global polyetherimide market is expected to grow 1.7x faster over the forecast period owing to its good transparency, higher recycling rates and low refractive index
“Manufacturers need to focus on a stable supply chain and improvement in cost volatility to achieve greater profitability and a strong operational network in global polyetherimide industry” says the Fact.MR analyst.
Europe Accounts for Over 1/3rd of Global Demand of Polyetherimide (PEI) Market, Projects Fact.MR
The European countries have dominated the overall demand of polyetherimide over the historical period, being the manufacturing hub for key automotive and aerospace manufacturers. The European market for polyetherimide was pegged at a more than 15 Kilo Tons in 2018 and is expected to record a Y-o-Y expansion of ~6% by 2019 over 2018. Moreover, increasing production footprint of industry pioneers and rising customer demand for high performance plastics in Asian Countries is expected to transform the overall dynamics of global polyetherimide (PEI) market by 2021 end. As a result, East Asia, South Asia & Oceania regions are projected to witness strong growth with a growth rate of over 8% during the forecast period.