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Polyimide Films Market Present Scenario and the Growth Prospects with Forecast 2023
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Flexible PCB Sees Higher Adoption due to Increasing Sales of Consumer Electronics
According to the research report, the global polyimide films market is expected to be worth US$ 1770.1 mn by 2024 from US$927.7 mn in 2015. During the forecast period of 2016 and 2024, the overall global market is likely to register a CAGR of 7.5%. Flexible PCB accounted for 70% share of the global market in 2015 in terms of volume. This application segment is projected to dominate the global market in the coming years due to their growing uptake in production of consumer electronics. Geographically, North America held a dominant share in the global market. However, Asia Pacific is expected to offer lucrative opportunities to the polyimide films as manufacturing activities pick up pace in emerging economies.
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The growing number of manufacturing activities and increasing sales of electronic products has augmented the demand for polyimide films in recent years. These films are extensively used in the production of flexible circuits that are used in laptops, smartphones, and many other consumer electronics products. In recent years, polyimide films have also found application in the booming aerospace industry as they are light in weight, which saves fuel and improves engine performance. The need for lighter electronic products is also expected to propel the demand for polyimide films in the near future. Wireless communication and flexible displays are projected to offer several lucrative opportunities to the overall market.
Widening Applications of Polyimide Films Favors Market Growth
Polyimide is widely used in the production of pressure sensitive adhesive tapes, which are largely used in electrical products and the electronics industry. The growing usage of these films for insulating cables and wires in satellites, automotive components, generators, motors, and electrical submersible pumps due to their excellent resistance to heat has also had a positive impact on the revenue of the global market. Thus, the widening application of polyimide films in various areas are expected to favor market growth in the coming years.
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High Cost of Processing to Hamper Growth of the Market
On the flip side, the global polyimide films market is likely to face a few tough challenges. For instance, the high cost of processing is likely to hamper market growth. These films are made by film casting techniques, which requires specific temperatures that are very high to achieve. The market is also likely to be restrained by the poor resistance offered by polyimide films to hydrolysis, which means that these films absorb water when exposed while processing. This makes the usage of polyimide films difficult in humid weather.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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