Polyetherimide (PEI) Market worth 4 million by 2024
Posted by Robin White on July 3rd, 2019
The global market size of PEI is projected to grow from USD 522 million in 2019 to USD 714 million by 2024, at a compound annual growth rate (CAGR) of 6.5% during the forecast period. The major driving factors for the market are increased demand from the transportation sector, electrification of vehicles, and growth in the emerging economies. PEI is widely used to meet weight reduction requirements and increased compactness in under-the-hood components that require high heat resistance
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), and Toray Industries (Japan). These players adopted expansions, acquisitions, and new product developments as their key growth strategies between 2017 and 2018, which helped them increase their capacities and cater to the widening customer base.
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SABIC (Saudi Arabia) announced plans to expand capacity for ULTEM resin production in Singapore, aiming to increase global production by 50%. This has helped the company to localize its production for customers in Asia and meet increasing customer demands. SABIC launched polyetherimide (PEI) film - ULTEM film UTF120. This new product is designed to address the increasing need for high energy density capacitors that can store a large amount of electrical energy for an extended period without the loss of charge. This product has application in the electrical & electronics end-use industry. Potential applications of the product include automotive components, electrical compressors, LED lighting, and LCD backlight in electronics and film capacitors in renewable energy.
In March 2018, RTP Company started a new 86,000 square foot manufacturing facility in Wroclaw, Poland; and this will help the company to support the regional demand and will offer a consistent supply in Europe. In March, 2017, The Röchling Group inaugurated its second plant in Vadodara with an investment of around USD 2.87 million. This expansion will help the company to grow its roots in the Indian subcontinent and meet the demand of the region.
