Polyimide Coatings Market worth USD 2,457 million by 2028, registering a CAGR of 6.7% – Report by Market Research Future (MRFR)
New York, Sept. 08, 2021 (GLOBE NEWSWIRE) — Polyimide Coatings Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Polyimide Coatings Market: Information By Type, Application, End-Use Industry, Region – Forecast till 2028” the market is likely to register a CAGR of 6.7% to reach USD 2,457 million by the end of 2028 and is soon anticipated to witness much boom.
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Market Competitive Analysis:
The list of prominent market leaders profiled in the polyimide coatings market report are:
- ELANTAS Beck India Ltd (India),
- Kaneka Corporation (Japan),
- Mitsui Chemicals, Inc. (the US),
- Ube Industries Ltd (Japan),
- SOLVER POLYIMIDE (China),
- SKCKOLONPI (South Korea),
- FLEXcon Company, Inc. (US),
- Toray Industries, Inc. (Japan),
- I.S.T Corporation (Japan),
- Kaneka Corporation (Japan),
- Saint-Gobain (France),
- DuPont (US)
- TAIMIDE (Taiwan)
Market USP Covered
Market Drivers
The increase in the adoption of polyimide coatings in the electronics industry is considered being one of the primary aspects boosting the market performance on global level. With some excellent chemical properties that polyimides deliver, such as thermal stability, extraordinary dielectric properties, mechanical toughness and chemical resistance, it has proved to be a vital element in the aerospace and defense industry.
High-performance polyimide powder coatings are available in both solid and liquid forms. The polyimide coatings are applied on the parts’ surfaces that are to be used in electronic and automobiles pieces of machinery in order to get the desired results. Emerging economies like China, India, Brazil and many others are anticipating development in the polyimide coatings market.
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Market Restraints
The polyimide coatings market faces certain challenges as well. The high costs associated with the manufacturing process of polyimide are one of the major challenges that are likely to impede the growth of the polyimide coatings.
COVID-19 Analysis
COVID-19 has nearly impacted all the industry sectors. The impacts were not just limited to physical and mental stress but it also had an influence over the financial matters. Consumers are choosing highly sustainable products and are willing to higher values on it and thus selecting products based on criteria like carbon footprint and circularity. Furthermore, the consumer concern regarding carbon emissions has boosted investment in decarbonization of transportation, energy efficiency and renewable energy. These new trends have had an impact on chemical markets significantly in construction and automotive. The occurrence of the COVID-19 pandemic has intricate the situation even more by depressing the sectors like construction and automotive and disturbing existing supply chains.
Segment Overview
By type, the thermoset polyimide coatings segment led the global polyamide coatings market with largest market share of 92.0%. This was attributed by the increasing use of thermoset polyimide coatings in specialty fabricated products, pressure-sensitive tapes and flexible printed circuits which in turn assisted the market growth.
By application, the electronic parts segment held the maximum market share in 2019 owing to high use of this segment in complicated and smaller electronic packages.
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Regional Analysis
Based on the regions, the polyimide coatings market can be divided into The Middle East and Africa, Europe, Asia Pacific, North America and Latin America. The polyimide coatings market is led by Asia Pacific region with the largest market share of 51% that is likely to be the same or develop more in forecasted era. There are several aspects involved in the dominance of Asia Pacific region, including growth in the end-use industries such as medical, aerospace and electronics and also the rapid industrialization among these regions. The Asia Pacific polyimide coatings market is anticipated to reach the mark of USD 846.6 million by 2025. Among all the countries in the region, China has contributed the maximum market share owing to rise in demand in the fiber optics and aerospace industry and increased industrial growth.
Following Asia Pacific region, North America holds the second position that is anticipated to grow at a CAGR of 5.4% during the projected time. The principal aspect responsible for this is the rise in investment in the civil aviation sector.
Market Scope:
With a high degree of flexibility and a low coefficient of linear thermal expansion, the adoption of polyimide powder coatings is helpful in several electronic gadgets and appliances. Polyimide Coatings are a type of organic insulation that is preferred over inorganic insulators due to their better amenability and low dielectric constant. They also act like interlayer dielectric in multichip modules and semiconductors. Growing demand for electric mobility vehicles is one of the principal factors propelling to the growth of the market. Additionally, the growth in demand for automation and robotics is another factor that boosts the expansion of the polyimide coatings market.
Segmentation of Market covered in the research:
Polyimide Coatings Market: Information By Type (Thermoset, Thermoplastic), Application (Electronic Parts, Tubing, Electrical Insulation, Fiber Optic Cables, Mechanical Parts and Others), End-Use Industry (Electrical & Electronics, Aerospace, Medical and Others), Region (Asia-Pacific, Europe, North America, Latin America and the Middle East & Africa) – Forecast till 2028
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