Polyimide Films Market To Reach US$ 1770.1 Mn By 2024 | CAGR 7.5%
The presence of a large pool of strong vendors is the main factor behind the fragmented structure of the global polyimide films market, states a new report by Transparency Market Research (TMR). The global market is predominantly led by DuPont, SKCKOLON PI Co. Ltd., and Kaneka Corp., which accounted for a share of more than 60% in the overall market in 2015. Currently, the key players are emphasizing on increasing research activities for the development of technologically advanced polyimide films. Over the coming years, they are likely to focus more on expanding their regional reach by involving into mergers, acquisitions, and strategic collaborations, reports the research study.
As per the research report, the opportunity in the global market for polyimide films was US$0.92 bn in 2015. Researchers expect this market to expand at a healthy CAGR of 7.50% over the period from 2016 to 2024 and reach US$1.77 bn by the end of the period of the forecast. Flexible PCB has surfaced as the leading application area of polyimide films. With the increasing usage of flexible PCB in consumer electronics, the demand for polyimide films in this segment is expected to remain augmenting over the next few years.
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In terms of the geography, Asia Pacific, North America, the Middle East and Africa, Latin America, and Europe have emerged as the key regional markets for polyimide films across the world. North America, among these, has been leading the global market at present. However, Asia Pacific is likely to offer promising opportunities for market growth over the forthcoming years as manufacturing activities are picking up pace in developing economies, states the report.
Increasing Demand for Electronic Products to Offer Growth Opportunities
“The sales of polyimide films is significantly influenced by the augmenting demand for electronic products, such as across the world,” says the author of this research report. These films are utilized in the manufacturing of flexible circuits, which are deployed in a number of consumer electronic products, such as smartphones and laptops.
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The widening application base of these films – they have found extensive application in the aerospace industry on account of their light weight that assists in improving engine performance and saving fuel – is also boosting the growth of this market substantially.
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Going forward, the increasing demand for lighter electronic products is likely to propel this market in the near future. Flexible displays and wireless communication are expected to offer lucrative opportunities for the market’s growth over the next few years, notes the research study.
High Cost Incurred in Polyimide Film Processing to Hinder Market’s Growth
On the other hand, the global market for polyimide films is projected to face hurdles in its growth trajectory from the high cost incurred in processing of polyimide films in the years to come, since these films are produced through film casting techniques, which need high temperature. The market will also be restrained in the near future by the poor resistance of polyimide films to hydrolysis, making the application of polyimide films complicated in humid weather, states the market report.
The review is based on a report by Transparency Market Research (TMR), titled “Polyimide Films Market (Application – Wires and Cables Insulation, Flexible PCB, Labels, and Barcode) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”
