Global Polyetherimide Market is valued approximately USD 308.3 million in 2018 and is anticipated to grow with a healthy growth rate of more than 3.8% over the forecast period 2019-2026.
Polyetherimide can be defined as an amorphous thermoplastic polymer which has applications in various industry verticals such as automotive, electrical & electronics, aircrafts and many other industries. Polyetherimide is an important component in the manufacturing of various automotive components such as handles, bumpers and many others. The rising adoption of polyetherimide in aerospace and automotive industry is due to its high strength. The technological advancement in material development has resulted in the growing preference of polyetherimide and serves as a replacement of metal in various applications owing to its strength-to-weight ratio which tends to drive the market share of polyetherimide. The high-performance capability of polyetherimide has led to the rising demand in electronics sector. Advancement in semiconductor industry has forced the manufacturers towards new product development coupled with the integration of polyetherimide in various electronics applications such as semiconductors, aircraft antennas tends to drive the market share of polyetherimide. The ability of the polyetherimide to reduce the overall weight of the automotive components tends to foster the growth of the market.
Moreover, stringent government regulations regarding the usage of Volatile Organic Compounds (VOCs) may surge the demand for polyetherimide owing to its low smoke emission and can withstand steam heat.
The regional analysis of Global Polyetherimide market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Europe is expected to show significant growth over the forecast period due to presence of major automobile manufacturers increasing the demand of polyetherimide. Various organizations are adopting the strategy of merger and acquisition to expand the product portfolio and to extend geographical outreach. For instance, in February 2018, SABIC announced the launch of two production capacity in Asia and Netherland to increase the production of thermoplastic materials, ULTEM and NORYL.