Market Trends of Polyimide Films Industry
Expanding Electronics Industry
- Polyimide film is the best substrate for high-temperature applications, so it is widely used in the electric and electronics industries.
- Polyimide film is used in many electric and electronic products, like wires and cables, printed circuit boards, semiconductors, motors, generators, integrated circuits, speakers, tape-automated bonding, rotating machines, computers, medical technology, heavy equipment, and recording devices.
- Moreover, China has the world's largest electronics production base. Electronic products, such as wires, cables, computing devices, and other personal electronic devices, recorded the highest growth in the electronics segment. The country serves the domestic demand for electronics and exports electronic output to other countries, thus providing a huge market for polyimide films.
- China's Ministry of Industry and Information Technology says that the electronic information manufacturing sector made 5.66 trillion yuan in the first five months of 2022. This is a 7.4% increase from the same time last year.
- Also, the Indian electronics industry is one of the fastest-growing industries globally. The domestic electronics manufacturing sector has been expanding at a steady rate, owing to favorable government policies such as 100% foreign direct investment (FDI), no requirement for industrial licenses, and the technological transformation from manual to automatic production processes.
- According to "A Call to Action for Broadening and Deepening Electronics Manufacturing," a study by the Ministry of Electronics and IT, India wants to make USD 300 billion from electronics manufacturing by 2026.
So, because of all of the above, the electronics segment is expected to lead the market during the period covered by the forecast.
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Asia-Pacific to Dominate the Market
- The Asia-Pacific region is expected to dominate the market for polyimide films during the forecast period. In places like China and India, the growth of industries like automotive, electronics, and others has caused the demand for polyimide films to go up.
- China is a global leader in the electric car market, with a significant increase in the sales of new electric vehicles. A total of 3.3 million units of electric vehicles (EVs) were sold in China in 2021, representing an increase of 154% compared to the 1.3 million units sold in 2020.
- Further, according to the China Association of Automobile Manufacturing, the production of New Energy Vehicles in the country witnessed a year-on-year increase of 96.9 percent in December 2022. So, the growing market for electric vehicles is likely to increase the demand for polyimide films over the next few years.
- Also, India witnessed a significant increase in the production of passenger vehicles. For instance, according to the latest data published by the Society of Indian Automobile Manufacturers, the production of passenger vehicles reached 3,650,698 for the FY 2021-2022, representing an increase of 19% compared to the FY 2020-21.
- Furthermore, China is the largest base for electronics production in the world. Electronic products, such as smartphones, TVs, wires, cables, portable computing devices, gaming systems, and other personal electronic devices, recorded the highest growth in the electronics segment.
- The country not only makes electronics for its own people, but it also sells electronics to other countries and is one of the top PCB makers in the world.
- Due to the growth of the automotive, electronics, and other industries in the Asia-Pacific region, it is expected that this region will lead the market over the next few years.
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