The global market for polyetherimide is expected to register a CAGR of over 5% during the forecast period. Major factor driving the market studied is the increasing demand from the transportation industry. On the flip side, high price when compared to the conventional polymers and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
-The electrical and electronics industry is expected to dominate the global polyetherimide market over the forecast period.
-The Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries, such as China, India, and Japan.
Key Market Trends
Increasing demand from Electrical & Electronics Industry
- Polyetherimide, owing to its properties, such as high strength-to-weight ratio, thermo-oxidative stability, excellent mechanical strength, and high temperatures resistance, among others, are used in the electrical and electronics industry.
- It is widely used in electrical switches and controls, electrical motor parts, printed circuit boards, and connectors.
- There is a high demand for newer and faster electronic products due to the rapid pace of innovation, the advancement of technology, and R&D activities in the electronics industry.
- The electronics industry in the Asia-Pacific region has been witnessing a growth rate, and the scenario is expected to continue in the near future with China, India, and other Southeast Asian countries, standing out as prime locations for electronics manufacture and supply.
- The US electronics market is the largest market in the world in terms of size, and it is expected to remain the leading market over the forecast period, owing to the usage of advanced technology, increase in the number of R&D centers, and the rising demand among consumers.
- Therefore, the demand for polyetherimide from the electronics and electrical industry is expected to grow during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the global polyetherimide market during the forecast period.
- The aircraft parts and assembly manufacturing sector in the country is growing at a rapid pace, with the presence of over 200 small aircraft parts manufacturers. Major manufacturers are concentrated in Nanchang, Shanghai, Chengdu, Xi’an, Harbin, Shijiazhuang, and Shenyang.
- The Chinese aerospace policy represents one of the most comprehensive attempts to enter the top levels of aerospace development and production. China is expected to be the world’s largest single‐country market for civil aircraft sales, over the next 20 years.
- India is a growing economy and holds great potential for future market opportunities. The Indian electronics industry is one of the largest and fastest-growing industries, globally. According to the Indian Brand Equity Foundation (IBEF), the Indian electronics market is expected to witness a CAGR of 41% over the period of 2017-2020 and is estimated to be valued at USD 400 billion.
- The domestic demand for PCB is expected to increase significantly, primarily due to an increase in the demand from the consumer electronics industry. In India, there are around 200 manufacturers of PCB.
- Such factors are expected to further drive the demand for polyetherimide market over the forecast period.
The global polyetherimide market is partially consolidated in nature with many healthy competitions in the market. The major companies are RTP Company, SABIC, Mitsubishi Chemical Advanced Materials, Ensinger, and Rochling, among others.
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