Polyimides Market Overview
The Polyimides Market size is estimated to reach US$38.2 billion by 2027, after growing at a CAGR of 5.6% during the forecast period 2022-2027. Polyimide is an advanced material polymer that offers superior mechanical, electrical and thermal properties, making it an ideal choice for advanced applications in electronics and engineering. Polyimides can be classified as thermoplastics, thermosetting, semi-aromatics thermoplastics, aliphatic and aromatic, which are derived from aromatic dianhydride and diamine. The rising demand from the electronics industry for consumer electronics, integrated circuits and others acts as a driving factor in the polyimides industry. According to the India Brand Equity Foundation (IBEF), the consumer electronics and appliances sector accounted for US$9.84 billion in 2021 and is expected to reach US$21.19 billion by 2025. In addition, the shift towards lightweight and high heat resistance materials in automotive, aerospace, electrical and others is fuelling the growth scope for polyimides. Furthermore, disruption caused by the COVID-19 outbreak impacted the growth of the polyimides market due to disturbance in manufacturing, supply chain disruption, falling demand from major end-use industries and other lockdown restrictions. However, significant recovery is boosting the demand for polyimides for a wide range of applicability and utilization in medical, automotive, electronics and other sectors. Thus, the Polyimides industry is anticipated to grow rapidly and contribute to the Polyimides market size during the forecast period.
Polyimides Market Report Coverage
The report: “Polyimides Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Polyimides Industry.
- Asia-Pacific dominates the Polyimides Market, due to growth factors such as the flourished electronics production, rising automotive base and industrialization, thereby boosting growth in this region.
- The flourishing electronics sector across the world is propelling the demand for Polyimides for major utilization in semiconductors, smartphones, integrated circuits and others, thereby contributing to the Polyimides market size.
- The demand for Polyimides in the automotive sector is significantly rising due to the preference for polyimides as a result of the shift towards lightweight materials for vehicles. This is one of the major factors driving the Polyimides market.
- However, the difficulty in processing and increased manufacturing costs due to advanced technologies requirement act as challenging factors in the Polyimides industry.
Figure: Polyimides Market Revenue Share by Geography, 2021 (%)
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Polyimides Market Segment Analysis – By Product Type
The thermosetting segment held a significant share of the Polyimides market in 2021 and is projected to grow at a CAGR of 5.8% during the forecast period 2022-2027. The growth scope for thermosetting polyimides is high over the thermoplastic variant due to their comparatively high heat melting point, chemical resistance, thermal stability and super dimensional stability. Due to such properties, the utilization of thermosets polyimide is growing across major industries, majorly in electronics for electrical insulation, integrated circuits, semiconductors and others. Thus, with the major utility of thermosetting polyimide type in major industries, primarily in electronics, the thermosetting segment is anticipated to grow rapidly in the Polyimides market during the forecast period.
Polyimides Market Segment Analysis – By End-use Industry
The electrical & electronics segment held a significant share of the Polyimides Market in 2021 and is projected to grow at a CAGR of 6.2% during the forecast period 2022-2027. Polyimide, which is produced from diamine and dianhydride has major demand in the electronics sector for applications in printed circuit boards, consumer electronics, wire and cables and others. The electronics industry is growing rapidly due to a significant rise in consumer electronics manufacturing, demand for smart home appliances and rising income level. According to the LG Electronics annual report, the sales of electronic appliances increased by 28.7% to reach US$65.32 billion in 2021 over 2020. According to OBERLO, the total revenue of consumer electronics in the US is expected to increase by 7.5% in 2023. Thus, with robust scope for electronics production, the utilization of polyimides in consumer electronics, semiconductors, integrated circuits and others is increasing. These activities are anticipated to boost the growth scope for Polyimides in the electrical and electronics industry during the forecast period.
Polyimides Market Segment Analysis – By Geography
Asia-Pacific held the largest share of up to 43.2% in the Polyimides Market in 2021. The robust growth of polyimide with Kelvar or nylon trade name in this region is influenced by the rising production of electronics, an established base for automotive and urbanization trends. The electronics sector is significantly accelerating in APAC due to factors such as robust demand for consumer electronic devices, soaring production base and urbanization. According to the Japan Electronics and Information Technology Industries Association (JEITA), the production of consumer electronic equipment in Japan increased from US$215 million in January 2022 to US$230 million in March 2022. With the robust growth scope for electronics in APAC, the demand for polyimide in consumer electronics, insulation films, integrated circuits and others is rising. This, in turn, is anticipated to boost its growth scope in the Asia-Pacific region over the forecast period.
Polyimides Market Drivers
Bolstering Growth of the Medical & Healthcare Sector:
Polyimides have flourishing applications in the healthcare sector for medical tubing, vascular catheters and others due to their chemical resistance, burst pressure resistance and flexibility. The medical and healthcare industry is rapidly growing due to factors such as high spending on drugs, growing healthcare infrastructure and a high rate of chronic health incidents. According to the India Brand Equity Foundation (IBEF), the healthcare market in India is expected to reach US$372 billion by 2022. According to the International Trade Administration (ITA), the medical devices sector in the United States is expected to rise to US$208 billion by 2023. According to the European Federation of Pharmaceutical Industries and Associations (EFPIA), the total pharmaceutical market value for EU member nations at ex-factory prices increased from US$147,686 in 2019 to US$253,027 in 2020. With the robust scope for the medical & healthcare sector, the utilization of polyimides in medical tubing, drug delivery systems and other medical devices is increasing. This, in turn, is driving the Polyimides industry.
Flourishing Growth of the Automotive Sector:
Polyimides are classified as thermosetting and thermoplastics and are produced using diamine and dianhydride. They have a wide range of applications in the automotive sector for passenger vehicles, light commercial vehicles and heavy commercial vehicles due to their superior thermal, electrical, mechanical and lightweight features. The automotive sector is lucratively growing due to growth factors such as rising demand for fuel-efficient vehicles, vehicle electrification and urbanization. According to the International Organization of Motor Vehicles Manufacturers (OICA), the global production of passenger cars increased from 55,834,456 units in 2020 to 57,054,295 units in 2021. According to the Federal Chamber of Automotive Industries, the new vehicle registration in Australia represented an increase of 1.2% with 101,233 units in March 2022, compared to March 2021. Thus, with the rapid increase in automotive vehicle production, the applicability of Polyimides is growing. This, in turn, is driving the Polyimides industry.
Polyimides Market Challenges
Processing Issues and Increased Costs:
The polyimides face difficulty in processing as the high level of technology competency involved in the processing procedure act as a major challenge. The advanced resistance to heat and chemicals leads to difficulties in processing such as lack of solubility, poor adhesion and non-uniformity. Moreover, high costs associated with manufacturing and limited commercial availability of monomers for synthesis create a major impact. Further, the requirement and expenses of technological know-how and specialized machinery are challenging factors. Thus, owing to such factors, the polyimides market faces a major growth hamper and slow down.
Polyimides Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Polyimides Market. The 10 companies in the Polyimides Market are:
- Kaneka Corporation
- Asahi Kadri
- Evonik Industries
- Jiangsu Yabao
- Honghu Shuangma
- Taimide Technology
- In June 2022, Baring Private Equity Asia purchased a major stake in a Polyimide film manufacturing company named PI Advanced Materials Co. for US$1 billion. The polyimide films from PI Advanced are widely used in flexible printed circuit boards, smartphones and batteries.
- In January 2021, Zeus Industrial Products, Inc, a leading polymer provider, announced the launch of braid and coil reinforced polyimide tubing to its wide product portfolio, intending to achieve product line expansion and enhanced service in the medical sector.
- In September 2019, Evonik Industries developed a new generation of Polyimide fibers named P84 HT, which offers improved mechanical stability and flexibility under high temperatures. This contributes to the growth in the Polyimides market.
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LIST OF FIGURES
1.US Polyimides Global Market
Revenue, 2019-2024 ($M)
2.Canada Polyimides Global Market Revenue, 2019-2024 ($M)
3.Mexico Polyimides Global Market Revenue, 2019-2024 ($M)
4.Brazil Polyimides Global Market Revenue, 2019-2024 ($M)
5.Argentina Polyimides Global Market Revenue, 2019-2024 ($M)
6.Peru Polyimides Global Market Revenue, 2019-2024 ($M)
7.Colombia Polyimides Global Market Revenue, 2019-2024 ($M)
8.Chile Polyimides Global Market Revenue, 2019-2024 ($M)
9.Rest of South America Polyimides Global Market Revenue, 2019-2024 ($M)
10.UK Polyimides Global Market Revenue, 2019-2024 ($M)
11.Germany Polyimides Global Market Revenue, 2019-2024 ($M)
12.France Polyimides Global Market Revenue, 2019-2024 ($M)
13.Italy Polyimides Global Market Revenue, 2019-2024 ($M)
14.Spain Polyimides Global Market Revenue, 2019-2024 ($M)
15.Rest of Europe Polyimides Global Market Revenue, 2019-2024 ($M)
16.China Polyimides Global Market Revenue, 2019-2024 ($M)
17.India Polyimides Global Market Revenue, 2019-2024 ($M)
18.Japan Polyimides Global Market Revenue, 2019-2024 ($M)
19.South Korea Polyimides Global Market Revenue, 2019-2024 ($M)
20.South Africa Polyimides Global Market Revenue, 2019-2024 ($M)
21.North America Polyimides Global By Application
22.South America Polyimides Global By Application
23.Europe Polyimides Global By Application
24.APAC Polyimides Global By Application
25.MENA Polyimides Global By Application