According to the research conducted by ASTUTE Analytica, the global polyimide varnish (PI Varnish) market is estimated to add an opportunity of more than US$ 62.8 Mn over the forecast period of 2021-2027.
The global PI varnish market is estimated to grow at a CAGR of 7.4% during the forecast period, the market growth is attributed towards various factors such as increasing demand in different sectors such as automotive, electronics and telecommunication, increasing demand of new aircrafts and evolving technology etc. With driving factors for the market there are few restraints such as increasing e-waste and its negative effect on environment, as e-waste breaks down, it releases toxic heavy metals such as heavy metals including lead, arsenic, and cadmium. Polyimide Varnish used in electronics for production of circuits can also negatively affect environment.
Market Dynamics- Global PI Varnish Market
Driver:
As demand in the automotive industry growing at an unprecedented rate, the use of PCBs, TFTS and sensors has grown significantly. As the automotive industry holds the second largest market share in the Polyimide Varnish Market, the automotive industry has seen the significant impact on the industry. The evolution of new technologies related to security, features or engine performance in the automotive industry attracting a huge customer base despite of increase in fuel prices. Polyimide Varnish polymer used for coating on high tensile steel body frames of vehicles due to its high temperature property. It is also used for paint formation which is used in painting.
The growth of the automotive industry, the polyimide varnish is witnessing a positive demand. According to the International Organization of Motor Vehicle Manufacturers, the production and demand of cars grew exponentially. The major factor which drives the automotive industry is technological development and rapidly increasing per capita disposable income among the consumers. Therefore, the growth of the polyimide varnish market is expected to be parallel to the growth of the automotive industry.
The electronics industry is witnessing a significant growth due to technical innovations in same sector and holding the highest market share in polyimide market. Polyimide films are used to manufacture circuit boards used in compact electronic devices, such as portable computers, watches, panel boards, and digital cameras. The demand in electronics is mainly due to high temperature properties and long-term stability.
Trends:
The evolution of new technology in modern age is affecting the automotive industry. OEMs have invested billions to develop new electrified models, from R&D to factory design. Factors such as growing demand for low emission commuting, government is subsidizing electric vehicles and tax rebates on electric vehicles around the world. The Asia Pacific Polyimide Varnish (PI varnish) is projected to see growth as high demand of low cost efficient and low emission vehicles, while North America and Europe are fast growing markets as growth in high performance passenger vehicles. As per research growth of electric car will increase in an upcoming future which led to demand for automotive PCB. Moreover, the key market players are more inclined towards focusing on electric vehicles and have started offering EV range for models including hatchbacks, sedans, large family cars, vans and others, for which there is need for a large number of PCBs. The promotion and marketing for electric cars is going on in full swing in Europe.
Challenges:
E-waste came under real picture in the recent years due to its negative effect on environment and human health. It releases toxic chemicals which are harmful for health and can leads to serious health complications. Improper recycle of E-waste can leads to toxins under groundwater. In the recent years many e-waste centers were created for proper recycling of it, still it will be the challenge to the market to some extent.
Regional Overview: Global Polyimide Varnish Market
The Asia-Pacific PI varnish market accounted for the largest market share in the year 2021, the regional market growth is attributed to presence of well-established electronics & automotive industry in India, China, South Korea and Japan. The regional market growth is expected to witness a high growth in PI varnish demand, owing to increasing EV production and growing demand for LEDs and display application.
The Europe PI varnish market accounted for the second largest market share valued at US$ 28.1 million in the year 2021 and is expected to grow at a CAGR of 7.3% during the forecast period. Growing production and sales of EV in Germany, France, Spain and Italy favored by government policies and incentives is expected to drive the demand of PI varnish in the region during the forecast period.
North America PI varnish market was valued at US$ 23.6 million in the year 2021 and is set to witness a steady growth over the study period, the market growth is driven by strong foothold of the electrical & electronics and aerospace industries across the region.
Competition Landscape:Global Polyimide Varnish Market
The global PI Varnish industry is witnessing a presence of major key players with significant holding from some of the dominating companies such as UBE Industries, Dupont, PI Advanced Materials, Mitsubishi Gas Chemical Company, Mitsui Chemical and Suzhou Jufeng Electrical Insulation System. These players are holding around 76% of the market share and rest of the market share are distributed among small-scale and domestic companies across the world.
Global Polyimide Varnish Market- Segmentation Overview
By Type
By Application
By Industry
By Region
Have Questions? Request a sample or make an Inquiry before buying this report by clicking the link below:
https://www.astuteanalytica.com/request-sample/polyimide-varnish-market