Polyetherimide Market to Register a Stout Growth by 2027
Polyetherimide is a thermoplastic material characterized by a transparent appearance and superior heat resistant properties. The material finds widespread use within the global industry for the production of auto components. Rapid advancements in terms of electrical infrastructure have had a major impact on developments in the industry.
The global polyetherimide market is expected to grow at a strong CAGR of ~7 per cent through the forecast period till 2027, to reach a market value of ~ USD 870 million. The rise of the industry can be attributed to the increasing number of applications and end use industries, which are displaying higher levels of adoption to leverage the superior mechanical, electrical, and thermal properties.
Companies Seek to Invest in Expansions under SABIC Oligopoly
Across the world, the market for polyetherimide is expected to remain under the oligopolistic influence of SABIC, which is the largest manufacturer of polyetherimide resins, who accounts for a third of all global supplies. Other tier one manufacturers cumulatively account for a quarter of the industry.
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Newer manufacturers seek to leverage potentially lucrative opportunities from the applications for polyetherimide waste, which allows emerging players opportunities to increase their penetration into the industry.
In addition, the recent growth of the demand for high performance plastic materials has also forced manufacturers to invest into the expansion of production facilities. Most of such activities are focused around countries in the Asia Pacific and European regions, with substantial production and application rises in India, Singapore, and Poland.
3D Printing Tech Opens New Application Avenues
The global polyetherimide industry is growing with the frequent innovations in terms of manufacturing processes, with major focus being on 3D printing, weight reduction, and carbon fiber technology, which has increased the use of polyetherimide materials in interior components for aircraft.
Such applications are playing a major role in helping producers to gain an edge over competitors. In addition, the rising demand coming out of Latin America and Asia is also expected to generate new opportunities in the near future.
Of all the applications, the reinforced variant of polyetherimide is expected to witness significantly greater demand and will account for around 45 per cent of the overall market share, at almost double the rate of growth in comparison to unreinforced polyetherimide.
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Applications in Medical Sector Find Traction
As a high performance thermoplastic material polyetherimide is rapidly becoming a material of choice in a wider range of end use industries including medicine and healthcare, automobile production, and aerospace design.
Until recently, the aerospace and automotive sectors have dominated the global polyetherimide industry in terms of demand, cumulatively covering around 60 per cent of the overall market share. Recent developments have moved the focus towards newer opportunities in the medical sector.
Polyetherimide can be designed into films, rods, and sheets, which combined with its high mechanical strength and resistance to fire is expected to bolster its use in medical devices, with such demand rising at an annual rate of around 6 per cent through the forecast period.