CHICAGO, UNITED STATES, November 7, 2022 /EINPresswire.com/ — The global polyimide varnish market size was US$ 114.9 million in 2021. The global polyimide varnish market is expected to grow to US$ 176.3 million by 2027 by registering a compound annual growth rate (CAGR) of 7.4%. In terms of volume, the polyimide varnish market is expected to grow to 2,654.4 MT by 2027, registering a growth rate of 40% over the forecast period.
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Polyimide, also referred to as nylon, is a class of high-performance plastics that has excellent properties like high thermal stability, outstanding mechanical properties, high tensile strength, etc. Polymide finds applications in the electronics industry, majorly in cables, for covering optical fibers.
In terms of application, the polyimide varnish market is segmented into semiconductor components, Battery & PV (photovoltaics), LEDs and display, avionics, etc., wherein the LED and Displays will dominate the market and will also exhibit the highest growth rate. The demand for polyimide varnish in the LED and displays segment is growing. Additionally, new research and developments in the electronics industry will open doors of opportunities for the market.
On the basis of industry, Aerospace, IT & telecommunication, Energy, Automotive, and Consumer Electronics are the categories analysed in the global polyimide varnish market report, wherein consumer electronic products lead with the highest market share. The growth of the consumer electronics industry in the global polyimide varnish market is because of the upsurging demand for consumer electronics, evolving technology industry, and the presence of various low-cost devices. The automotive sector is expected to hold second place due to the growing evolution of the automotive sector with growing trends like ADAS features, connected cars, etc.
On the basis of type, the global polyimide varnish is fragmented into black, yellow, and green. The black varnish segment leads with the lion’s share of 50% because of its long-term heat resistance properties. On the other hand, the yellow varnish segment maintains its foothold in second place by holding a share of 21%. The yellow varnish type will exhibit a CAGR of 7.6%.
On the basis of region, Asia-Pacific will contribute the highest to the polyimide varnish market because of the presence of well-established electronics & automotive in developing economies like South Korea, China, India, China, and Japan. Further, Europe is expected to hold the second-top place in the polyimide varnish market because of the rising EV trend in Germany, France, Italy, etc., along with the strict government mandates. The Europe PI varnish market size was US$ 28.1 million in the year 2021, which will grow at a CAGR of 7.3%.
Factors Influencing the Market
The ever-growing automotive and consumer electronics industry will spark unprecedented growth in the polyimide varnish market due to the high use of TFTs, sensors, and PCBs. On the basis of end-users, the automotive industry holds the second highest share in the polyimide varnish market because of the rising efforts on the development of new technologies aimed at strengthening security, features, or engine performance. Polyimide Varnish polymer is also preferred in the automotive segment because of its high-temperature property.
The electronics industry, which contributes the highest to the polyimide varnish market, will also contribute significantly in the coming years because of growing digitalization and the rising purchasing power of people. Additionally, with the growing technical innovations, the demand to develop circuit boards for applications in digital cameras, portable computers, panel boards, and watches will also grow, thereby presenting attractive prospects for the polyimide varnish market.
The automotive industry is highly driven by the ongoing evolutions in the technology sector as OEMs are pouring billions to develop robust electrified models. Apart from that, low-emission commuting has become a basic need after growing government mandates and rising knowledge among consumers. Government authorities are also subsidizing electric vehicles and offering tax rebates to attract more people. The high cost of electric vehicles is a significant challenge, which will be solved in the coming years as manufacturers are focusing on the development of low cost-efficient and low-emission vehicles. Currently, North America and Europe are the significant contributors due to the strong efforts put in by authorities. For instance, the California government announced to complete ban on gasoline-powered vehicles by 2035. Such efforts will boost R&D and new innovations, thereby presenting attractive opportunities for the polyimide varnish market.
E-waste has become a significant concern as it hampers the environment and human health. The use of polyimide varnish has many disadvantages, such as the release of toxic chemicals and improper recycling of e-waste, which pollutes the groundwater. Therefore, the polyimide varnish market will confront significant obstacles due to these concerns.
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The companies in the polyimide varnish market are putting essential efforts into R&D to combat the existing problems and gain a competitive edge. Some of the key players analyzed in the polyimide varnish market include PI Advanced Materials, UBE Industries, Suzhou Jufeng Electrical Insulation System, Mitsubishi Gas Chemical Company, Mitsui Chemical, Dupont, and others. The above-mentioned industry players hold a cumulative share of 76%.
Battery & Photovoltaics (PV)
LED & Display
IT and Telecommunication
Rest of Europe
Australia & New Zealand
Rest of Asia Pacific
Rest of the World
Middle East & Africa
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