POLYIMIDE FILMS MARKET ANALYSIS

The global polyimide films market is projected to reach around US$ 2228.3 Billion by 2030, exhibiting a CAGR of 6.9% during the forecast period (2023-2030).

Global Polyimide Films Market: Drivers

• Rising demand from the electronic industry: The growing demand from the electronic industry is primarily fueling the growth of the global polyimide films market. Polyimide films are widely used for flexible printed circuits. Flexible printed circuits offer high-temperature resistance and lightweight properties. These products are used in a wide variety of applications such as digital cameras, electronic displays, and portable computers.
• Increasing demand for the aerospace industry: Increasing applications in the aerospace industry are again projected to foster the global polyimide films market growth. The growing delivery of commercial aircraft is propelling the growth of the market. According to Boeing Commercial Market Outlook 2020-2039, 43,110 aircraft are expected to be delivered during 2020-2039 gobally. Out of this, 2,430 units are regional flight deliveries, 32,270 units are single aisle, 7,480 units are wide-body aircraft, and 930 units are freighter deliveries.

Global Polyimide Films Market: Restraints

• Low production of vehicles: The automotive industry is experiencing a decrease in vehicle production, which is likely to impede the expansion of the polyimide film market. High maintenance of costs are likely to deter companies from investing in the market. This is expected to impede the growth of the polyimide film market in the near future.
• Counterbalance: Polyimide films are used in door and tailgate handles, exterior mirrors, front-end grilles, fuel caps and lids, and wheel covers and trims of automobiles in the automotive industry. Steel, aluminum, rubber, and plastic are four commonly used commodities found in cars. The maintenance cost of the heavy equipment needed to cast the metals for the automotive industry needs to be made economical, so that the automotive industry’s production of vehicles does not get impacted.

Global Polyimide Films Market: Opportunity

• Rapid adoption of hybrid and electric vehicles: The growing adoption of hybrid and electric vehicles is projected to provide promising market growth opportunities for key players over the forecast period. According to Electric Vehicle (EV) volumes by 2030, the global electric vehicle stock (excluding two- and three-wheelers) may reach nearly 140 million vehicles, accounting for 7% of the global vehicle fleet. It is projected that 30% of all vehicles, except two-wheelers, may be electric by 2030.
• Rising demand for flexible printed circuits: The increasing demand for flexible printed circuits, particularly in the automotive industry, is expected to present lucrative market growth opportunities. The market is also expected to benefit from the increased use of electronic gadgets and healthcare wearable devices.

Global Polyimide Films Market: Trends

• Increasing use of electronic devices: The rising trend of using electronic devices due to the growing penetration of the internet and disposable income of consumers is expected to increase the demand for digital isolators, which isolate digital signals. This ongoing trend is projected to boost the market growth of polyimide films.

Key players are expanding production capacity

The increasing focus of key players on increasing the production capacity of polyimide films is expected to emerge as another major trend for key players. For instance, in May 2022, DuPont Interconnect Solutions, a business within the electronics and industrial segments, announced the completion of its US$ 250 million capital project to expand the production of Kapton polyimide film and Pyralux flexible circuit materials at the Circleville manufacturing site in U.S.

Global Polyimide Films Market: Key Developments

• In November 2021, Kaneka Corporation declared an increase in the sales price of polyimide films, reflecting an increase in the cost of raw materials and transportation, resulting in a 15% increase in the price per square meter for shipping on and subsequent to January 1, 2022.
• In January 2022, DuPont completed an expansion project at its Interconnect Solutions production site in Circleville, Ohio, U.S. The US$ 250 million investment will help DuPont meet the rising global demand for Kapton polyimide.
• In November 2021, Kaneka Corporation announced a change in the polyimide film sales price in response to increase raw material and transportation costs.
• In February 2022, PI Advanced Materials, a South Korea-based manufacturer of the majority of the polyimide films used to package electric vehicle batteries and other Information Technology (IT) components, was reportedly put up for sale in a deal worth more than US$ 1 trillion.

Global Polyimide Films Market: Regional Analysis

On basis of region, Asia Pacific is expected to dominate the global polyimide films market over the forecast period asthe region is experiencing a rapid increase in demand for electronics. Moreover, the development of infrastructure and the increased digitalization are also expected to promote the growth of the market. The demand for flexible films is further expected to drive the market growth. In addition to this, the region is also experiencing a rapid increase in the demand for electronics products.

The polyimide films market in Europe is also expected to experience significant growth over the forecast period. The region is expected to be a major contributor to the global polyimide films market. Moreover, the market is also expected to experience a high degree of competition. Several leading players are involved in the market. In addition to this, there are several mergers and acquisitions taking place. Furthermore, the rise in the manufacturing of electric vehicles in the region has also contributed to the market growth.

Figure 1. Global Polyimide Films Market Share (%), By Region, 2023

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Regionally, Asia Pacific dominated the global polyimide films market in terms of revenue, in 2022, followed by Europe and North America, respectively.

Global Polyimide Films Market: Segmentation

The global polyimide films market is segmented on the basis of application, end user, and region. Based on application, the market is divided into flexible printed circuit, specialty fabricated product, pressure sensitive tape, wire and cable, and motor/generator. On the basis of application, the market is segmented into electronics, automotive, aerospace, labelling, and other end user industries. On the basis of region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East a&Africa.

Figure 2. Global Polyimide Films Market Share (%), By Application, 2023

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On the basis of application, in 2022, the flexible printed circuit segment accounted for the largest market share of 43% in terms of value, followed by the wire and cable segment.

Global Polyimide Films Market: Impact of Coronavirus (COVID-19) Pandemic

The COVID-19 pandemic has had a negative impact on the polyimide film market, as it is heavily reliant on the electronics, automobile, and aerospace industries. In March 2020, the sales of passenger vehicles (PPVs), commercial vehicles (CVs), and two-wheelers (TWVs) decreased by 51% (88%), 88%, and 40%, respectively, as reported by Society of Indian Automobile Manufacturers (SIAM).

Global Polyimide Films Market: Key Companies

The key companies operating in the global polyimide films market are Arakawa Chemicals Industries Ltd, Du Pont-Toray Co. Ltd, DuPont, Flexcon Company Inc., IST Corporation, Kaneka Corporation, Liyang Huajing Electronic Material Co. Ltd, Saint-Gobain Performance Plastics, Shinmax Technology Ltd, PI Advanced Materials Co. Ltd, Suzhou Kying Industrial Materials Co. Ltd, Taimide Tech Inc., Tianjin Hengji International Trade Co. Ltd, UBE Industries Ltd, Yunda Electronic Materials Co. Ltd, and Zhejiang Hecheng Electric Technology Co., Ltd.

Definition: Polyimide films can be produced on metal substrates by using a process called thermal imidization. This process involves the solution casting of polyimide solutions and results in the curling of the film. Polyimide films are available as machined and uncured resins and in a variety of stock shapes. These films are primarily used in applications such as flexible solar cells and displays. Polyimide films are produced in various industries such as electronics, defense, automotive, and aerospace. In recent years, major market players have made improvements in their products. These innovations have also helped to enhance the demand for these films.