NEW YORK, Aug. 3, 2021 /PRNewswire/ -- As per Persistence Market Research, the global polyimide fibers market is expected to increase at a healthy CAGR of around 5% over the forecast period of 2021-2031.
Significant demand from application in protective clothing in this COVID-19 infection outbreak, filter media for high temperature filtration, and industrial insulation materials are major factors driving demand for polyimide fibers.
There has been substantial development in production of high-performance polyimide fibers used for various range of applications. This would open up a plethora of prospects for polyimide fiber manufacturers in the power industry and protective apparels, accelerating market growth.
Owing to various properties of polyimide fibers such as excellent flame retardant characteristics, good chemical resistance, and great mechanical strength, there has been major rise in its demand for application in the production of protective clothing such as outer shells of suits and jackets for firefighters and the military.
Government mandates to reduce particle emissions from various industries combined with growing cement & mining industries are aiding demand growth for polyimide fibers.
China is one of the largest markets for polyimide fibers owing to the large consumer base of power generation and construction. China is projected to lead global demand for polyimide fibers through 2031.
Filter media is one of the most lucrative segments for polyimide fibers. Factors such as substantial expansion of waste to energy production industry and rising government initiatives for environmental protection have stimulated consumption of polyimide fibers in filter media applications.
Increasing number of space exploratory missions in regions such as India and the U.S. is expected to bolster demand for polyimide fibers as insulating materials used in space craft and spacesuits.
Robust growth in demand for polyimide fibers is expected to be witnessed across Asia Pacific. Booming chemical industry in the region and expansion of the electronics sector are expected to drive demand for polyimide fibers.
"Growing Industrialization coupled with significant growth in end-use sectors such as chemicals & textile industry, especially in developing economies worldwide, are expected to drive demand for polyimide fiber," says a Persistence Market Research analyst.
The global polyimide fibers market has been identified as a significantly consolidated market due to the presence of a limited number of players. Some leading players included in the report, such as Evonik Industries AG, Jiangsu Shino New Materials Technology Co., Ltd, Jiangsu Aoshen Hi Material Co. Ltd, Changchun Hipolyking Co., Ltd., and Ningbo Yide Fine Chemical Co., Ltd., are anticipated to create tough a competitive environment at the global level.
The global polyimide fibers market is expected to grow substantially owing to favorable government mandates in emerging countries bolstering their support for the polyimide industry by putting more focus on the sector and boosting investments in the research & development of polyimide fibers.
Steady increase in demand for protective clothing and insulting materials in developing countries such as China, India, and ASEAN is a major key market driver.
Furthermore, improved polyimide fiber production processes have been witnessed in recent years, which is another factor expected to boost market expansion in the near future.
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Persistence Market Research, a research and consulting firm, has published a market research report on the polyimide fibers market that contains global industry analysis of 2016–2020 and forecast for 2021–2031. The report provides in-depth analysis of the market through different segments, namely, application, end use, and region. The report also provides supply and demand trends, along with an overview of the parent market.
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