ALBANY, New York, May 9, 2019 /PRNewswire/ -- The global polyimide films market is eminently competitive and fragmented. The key players are calling attention to research and development to introduce technologically advanced products to strengthen their position in the global market. In forthcoming years they are expected to widen their regional reach through partnerships, mergers, and acquisitions, states Transparency Market Research (TMR) report. Some of the prominent players in the global polyimide film market include DuPont, Kaneka Corporation, Saint Gobain Performance Plastics, UBE Industry Ltd and Taimide Tech Inc.
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The global polyimide films market is likely to witness a steady growth due to an increasing demand from aerospace and aircraft sector. They are used in insulating the airplanes because of its capacity to offer light weightiness. Polyimide films have the capabilities to withstand high temperature at any given time. The global polyimide films market is likely to grow at a CAGR of 7.5% during the forecast period 2016 to 2024. Alternatively, the global polyimide films market was valued at US$927.7 mn in 2015 and is projected to reach up to US$1770.1 mn during the forecast period.
In term of regional distribution, Asia Pacific is likely to register a higher growth during the forecast period. This is because of huge demand coming from electronics industry across Taiwan, Japan, and China. Europe is also expected to expand at a steady rate. North America is predicted to follow Asia Pacific in terms of rising consumption. Rising demand from the aerospace sector is likely to be the reason for growth in this region. The global polyimide films market is segmented into wires and cables insulation, flexible PCB, and barcode. However, increasing use of flexible printed circuit boards is expected to expand the global polyimide films market during the forecast period.
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Enormous Demand from Electronics Sector to Penetrate Market
Polyimide films provide high and durable insulation to electronic goods which can withstand high temperatures and vulnerability to chemicals. Moreover, they are design flexible in terms of component manufacturing and equipment designing. This takes the global polyimide films market towards expansion. Polyimide films are the most wanted insulating material, especially flexible circuit board films as they help in reducing the electrons size and improve their utility. There's an increasing trend of using light weight electronics which creates increased demand for flexible circuit board films in the polyimide films market. Thus, driving the global polyimide films market towards a substantial growth during the forecast period.
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High Cost to Restrain Market
The global polyimide films market is likely to face a couple of challenges that may hinder their growth during the forecast period. The cost involved in processing polyimide films is very high due to film casting techniques being used while producing polyimide films. This may restrain growth of the global polyimide films market. Its poor resistance to hydrolysis also may hamper the market growth. This may not sustain humid weather conditions may hinder the growth.
Regardless of the constraints, the global polyimide films market is expected to grow at a healthy rate due to rising sales of polyimide films from electronics manufacturers across the globe. Moreover, accelerated demand from automotive and aerospace sector augment the global polyimide films market. Lastly, in forthcoming years increased demand for electric vehicles is expected to open up new and unexplored avenues in the global polyimide films market.
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The above review is based on a TMR report, 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."
The global polyimide films market is segmented into:
- Wires & Cables Insulation
- Flexible PCB
- Aerospace & Aircraft
- Electricals & Electronics
- North America
- Asia Pacific
- South America
- Middle East & Africa
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