CHICAGO, June 18, 2019 /PRNewswire/ -- According to the new market research report "Polyetherimide (PEI) Market by Form (Film, Sheet, Granule, Tube, Rod), Grade (Reinforced, Unreinforced), Process Type (Injection Molding, Extrusion, Thermoforming, Compression Molding), End-use Industry, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the PEI market size is estimated to grow from USD 522 million in 2019 to USD 714 million by 2024, at a CAGR of 6.5% between 2019 and 2024. The increasing demand from the transportation sector, electrification of vehicles, and replacement of metals and specialty polymers with PEI in heat resistance applications are expected to drive the market.
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The transportation end-use industry to witness the highest growth in the global PEI market during the forecast period.
In the transportation segment, automotive is one of the largest end-use industries of PEI. The use of PEI has been increasing due to its ability to replace metal and other thermosets and bulk molding compounds. PEI is apt for applications that require high heat resistance, strength, and chemical resistance. The largest application of PEI in this segment is in the electrical and lighting systems, followed by under-the-hood applications.
With the rise of electric vehicles, reduction in weight, and increasing demand for fuel-efficient products, the automotive industry is undergoing a transition in terms of material substitution. Therefore the demand for specialty polymers is increasing. PEI is expected to play a key role in this transition of plastics replacing metals in the automotive industry, which is expected to drive the market during the forecast period.
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The injection molding segment to boost the market during the forecast period.
Injection molding is a manufacturing process used for the fabrication of plastic parts. Different varieties of products, in terms of size, application, and complexity, are manufactured using the injection molding process. This process requires an injection molding machine, raw plastic material, and a mold. The process includes melting of the plastic in the injection molding machine and then injecting it into the mold where plastic solidifies into the final product. PEI is ideal for environments that include hot air and water, as it is hydrolytically stable, can be resistant to heat for a long period, and has excellent electrical properties. PEI processed through injection molding is used in applications such as medical devices, instrument trays, and electrical enclosures.
The reinforced PEI segment is expected to have the highest CAGR during the forecast period.
Reinforced PEI is formulated to meet the various engineering demands. It can be categorized into two types, namely, glass reinforced and fiber reinforced. Glass reinforced PEI provides greater dimensional stability and improved electrical and mechanical properties while retaining excellent processability. Fiber reinforced PEI is known for its mechanical strength and hence preferred in corrosion protection applications. Fiber reinforced PEI has a lower expansion rate and higher compressive strength and stiffness as compared to glass reinforced PEI. Reinforced PEI also has higher thermal conductivity than unreinforced PEI, which improves the service life of a component. These properties of reinforced PEI are driving the market in different end-use industries.
The PEI sheet segment to witness the highest growth rate during the forecast period.
PEI sheet is made of amorphous PEI that is commonly used as high-performance plastic material. This sheet provides good thermal performance as well as high strength & stiffness. PEI sheet is flame retardant, resistant to acids, and can be operated in the presence of steam and hot water. PEI provides high heat resistance, high strength modulus, and good electrical & insulation properties. PEI sheet has low moisture absorption and excellent dimensional stability in a variety of environments.
Europe to account for the largest share in the PEI market during the forecast period.
The key countries contributing to the growth of the PEI market in Europe are Germany, France, the UK, Italy, and Spain. Favorable government policies are expected to provide growth opportunities for R&D in the electronics & semiconductor and automotive industries in these countries. The growth in R&D investment in the region is mainly driven by the automotive, information and communications technology (ICT), and healthcare industries, which is expected to boost the demand for PEI in the region.
The leading players in the PEI Market are SABIC (Saudi Arabia), RTP Company (US), Ensinger Plastics (Germany), Röchling Group (Germany), Kuraray Europe (Germany) Mitsubishi Chemical Advanced Materials (Japan), Solvay SA (Belgium), (Denmark), and Toray Industries (Japan).
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