New York City, NY, 26 November, 2019/ 24 Market Reports: It is estimated for the polyimide films market to reach USD 2.8 billion by 2023 from that of USD 1.5 billion in 2018 at a CAGR of 12.3% during the forecast period of 2018 to 2023. Surging demand for polyimide films in developing nations and preference for transparent polyimide films are the prime factors influencing the growth of the market during the forecast period.
Due to the increasing demand from the electronics industry, it is estimated for the flexible printed circuits application segment to witness the growth at the highest CAGR during the forecast period. The flexible printed circuits are used by end-use industries such as electronics and automotive as these circuits help in providing additional thickness which is required by the end-use industries. Due to the growing demand in mobile devices, computers, and automobile & military electronics the flexible printed circuits segment, based on application is projected to grow at the highest CAGR.
Electronics, automotive, aerospace, and labelling are some of the key end-use industry segments of the polyimide films market. It is estimated for the electronics to be the largest end-use industry segment of the market during the forecast period. It is also the fastest-growing segment and is projected to dominate the market shortly. During the forecast period, it is considered for the automotive segment to be the second-largest segment, whereas the aerospace segment is projected to grow at the second-highest CAGR.
Polyimide films are durable, can withstand very high temperatures, and can be reused and thus possess unique features in comparison to other polymer films. However, polyimide films are costly and the manufacturing of these films also require a high level of technological know-how and special machines. These factors can play a role in restraining the growth of the market during the forecast period.
It is estimated for the Asia Pacific region to be the largest market for polyimide films during the forecast period. China, India, Japan, and South Korea are the major countries in this regional polyimide films market. The high demand for consumer electronics products in emerging Asian markets is due to innovation, price deflation, and rising household incomes thereby contributing to the growth of the polyimide films market in the region.
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