PUNE, INDIA – The polyimide films market is expected to be $1.52 billion in 2017, says MarketsandMarkets, and is projected to reach $2.45 Billion by 2022, a CAGR of 10%.
Increased demand from the consumer electronics industry, growing automotive industry, and superior thermal and mechanical properties of polyimide films in comparison to other polymers are the key factors driving the growth of the polyimide films market, the firm says.
Based on application, the flexible printed circuit segment is projected to grow at the highest CAGR from 2017 to 2022. There is a high demand for polyimide films in this segment, as flexible printed circuits help reduce the size of electronic devices and improve functionality.
Based on end-use industry, the electronics segment is expected to grow at the highest CAGR from 2017 to 2022. Polyimide films provide excellent electrical insulation properties under harsh conditions, such as high temperature ranges and exposure to aggressive chemicals. They also offer excellent chemical and temperature resistance, and design flexibility for component manufacturers and equipment designers. Hence, the electronics end-use industry is the largest consumer of polyimide films globally, says MarketsandMarkets.
The polyimide films market in the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. China, India, Japan, and South Korea are key countries contributing to the high demand for polyimide films in the Asia-Pacific region. Innovation, price deflation, and rising household incomes, especially in emerging markets in Asia, have resulted in a high demand for consumer electronic products in the region.