The market for polyimide films is expected to expand at a CAGR of over 7% during the forecast period. Major factors driving the market studied is the increasing demand from the electronics industry. High processing cost of polyimide films is one of the major challenges witnessed in the polyimide films market.
New York, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Polyimide Films Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06028459/?utm_source=GNW
- Increasing adoption of hybrid and electric vehicles is likely to act as an opportunity in the future.
- Europe dominated the market across the globe with the largest consumption from countries, such as Germany and France.
Key Market Trends
Increasing Demand from the Electronics Industry
- The electronics industry is by far the largest end-user segment, accounting for more than 50% of the usage of polyimide films. This is majorly due to its wide application base in the industry, including usage in housing cell phones, computers, electrical chargers, fax machines, pagers, connectors, battery boxes, etc.
- Moreover, polyimide films offer properties that make them highly suitable for the electronics sector. These properties include lightweight and impact- and shatter-resistant qualities, temperature resistance, high service temperature, ductility, and toughness in thin sections.
- The demand for consumer electronic products is on the rise, driven by innovation, rapid urbanization, education attainments, and growing household incomes, particularly in the emerging markets of the Asia-Pacific region (especially in China and India). The smartphone and wearable segment of the industry is the booming product category.
- The electronics industry in Asia-Pacific has been growing at a rate of more than 5% over the past couple of years and is estimated to continue the growth rate for the next few years.
- Hence, with such increasing demand, investments, and production in the electrical and electronics industry, the demand for polyimide films for application in various electrical and electronic products is also expected to increase, during the forecast period.
Asia-Pacific to Drive the Market Growth
- Europe dominated the global market share of more than 35%. But it is highly likely for the Asia-Pacific region to augment Europe in creating the market demand for polyimide films during the forecast period.
- With the growing automotive industry and the increasing demand from the electronics industry in countries, such as China, South Korea, and Japan, the usage of polyimide films is increasing in the region.
- In Asia-Pacific, China provides the major market for the polyimide films of the regional market share. Despite the decrease in the production of the automotive industry in the recent past, the significant development of the aerospace and electronics industry has resulted in the significant growth of the Chinese polyimide films industry.
- 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 aviation base in Zhoushan is also being developed in order to create a robust aircraft manufacturing, repair, and maintenance base to cater to a capacity of nearly 600 aircrafts every year by 2025.
- Moreover, China has the world’s largest electronics production base and offers tough competition to existing upstream producers, such as South Korea, Singapore, and Taiwan. Electronic products, such as smartphones, OLED TVs, tablets, and so on, have the highest growth in the market in the consumer electronics segment.
- Overall, with the consistent growth in the automotive, aerospace, and electrical and electronics industries in the country, the demand for polyimide films is expected to increase at a faster pace in the overall region, in the coming years. The large market size coupled with the huge growth of Asia-Pacific is quite instrumental in the expansion of the polyimide films market.
The polyimide films market is consolidated and the top four players accounted for almost 70% share in the overall market revenue. These companies include DuPont-Toray Co. Ltd, Kaneka Corporation, SKC Kolon PI Co. Ltd, and UBE Industries Ltd, among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Read the full report: https://www.reportlinker.com/p06028459/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: email@example.com US: (339)-368-6001 Intl: +1 339-368-6001