Polyimides Market Size, Share, Opportunities, And Trends By Type (Thermoplastic, Thermosetting), By End-User (Automotive, Transportation, Healthcare, Electronics & Semiconductor, Others), And By Geography - Forecasts From 2023 To 2028

Polyimide is a type of polymer that contains amide monomers and displays properties of high heat resistance, corrosion, and wear resistance. It is of two types, namely, thermoplastic and thermosetting, and is commonly used for films and coatings. Polyimides are also used extensively in electronic and electrical, aerospace, automotive, and healthcare industries due to these characteristics. Polyimides can replace conventional materials like metals, and glass in some applications too. The major drivers for the growth of this market include increased demand in several booming industries such as automotive and healthcare.

The surge in demand for polyimides by the growing healthcare and electronics sector is positively impacting the market growth.

Many daily-use electronic products like smartphones and smartwatches are growing in demand globally. The manufacturing of these products involves the use of polyimide films bonded to copper films. Another added advantage of using polyimides is that it does not make the products significantly heavier, thus keeping them lightweight which is a big selling point for electronics these days. These properties, along with high heat resistance and other electrical and mechanical properties, have helped in creating a demand for polyimides in the electronics industry which is showing significant growth due to rapid technological innovations. For instance, according to National Investment Promotion and Facilitation Agency’s report published in 2021, the electronics industry in India is expected to grow by over 6 times by 2025.

Polyimides find multiple uses in different medical devices due to their chemical and pressure resistance, and flexibility. It is also useful in certain medical applications requiring high-temperature resistance. The healthcare industry is booming all over the world, with national governments increasing their spending on the healthcare sector with newer cures and treatments being researched and developed continuously. Since polyimides are used extensively throughout the healthcare sector due to their superior properties, the demand for polyimides will also continue to grow as the overall healthcare industry grows. Polyimides are also key components in the automotive manufacturing processes and are used as heat-resistant film materials in vehicles and are also used for ground insulation, owing to their extreme resistance properties. There has been a 6% increase in worldwide automotive production in 2022 as per OICA data.

Therefore, with increased automotive production coupled with the widespread adoption of electric vehicles, the demand for polyimides will also increase in the coming years. Key businesses in this market have seen an increase in income over the past few years as a result of such efforts. For instance, according to their yearly reports, Kaneka Corporation had an increase in revenue of over 16.6% from 2021 to 2022 and produced total revenues of roughly ¥691,530 million in 2022.

High manufacturing cost is expected to restrain the industry expansion.

Monomers are key components in the making of polyimides films, however, it involves very high costs related to manufacturing. Additionally, there is also a scarcity of monomers that are available for synthesis. There are also other manufacturing expenses related to polyimides such as purchasing special machinery for its manufacturing that add to the overall cost of the product and make it more expensive. Another additional barrier to market growth is the need for technically skilled and competent labor for the manufacturing process of polyimides.

Key Developments.

• In January 2022: DuPont completed the construction of its Ohio-based manufacturing unit in which it invested US$250 million. This investment was done to help the company meet the growing demands for polyimide materials that are used in various industries such as electronics, and automotive.
• In January 2021: Zeus Industrial Products announced a new polyimide tubing product which is reinforced with braid and coil and will be useful for manufacturers of medical devices. Engineers of medical devices can optimize their catheter designs with the help of polyimides’ properties.
• In September 2019: Evonik launched a new polyimide fiber product called P84 HT. It is claimed to have an improved level of flexibility and mechanical stability at higher temperatures. These products have a wide range of applications including high-temperature filtration, thermal insulation, etc.

The Asia-Pacific region is expected to hold a significant market share.

Asia Pacific is expected to constitute a significant market share owing to the growth in industrial and automotive sectors in the major economies of the region such as China, Japan, and India. For instance, according to the International Organization of Motor Vehicle Manufacturers, in 2022, India witnessed a 24% increase in its automotive production in comparison to 2021. Also, the well-established electronics industries in South Korea, China, and Japan are acting as additional driving factors. According to the Ministry of Industry and Information Technology, in 2021, there was a 14.7% year-on-year increase in the operating revenue of the electronic information manufacturing industry in China. These are key factors that will continue to increase the demand for polyimides in the Asia Pacific market, thereby propelling regional market growth.

Segmentation

• BY TYPE
  • Thermoplastic
  • Thermosetting
• BY END-USER
  • Automotive
  • Transportation
  • Healthcare
  • Electronics & Semiconductor
  • Others
• BY GEOGRAPHY
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East And Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Taiwan
    • Others