Polyimides (PI) - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

The Polyimides Market size is estimated at USD 5.46 billion in 2024, and is expected to reach USD 7.60 billion by 2029, growing at a CAGR of 6.84% during the forecast period (2024-2029).

Significant demand for consumer electronics to aid market demand

• Polyimides are high-performance plastics that can withstand high temperatures and corrosive environments. Due to their non-adhesive and low friction properties, they are suitable for applications in various end-user industries like aerospace, electronics, automotive, and telecommunications.
• The electrical and electronics segment occupied the largest market share by volume in 2022. A significant shift of consumers toward consumer electronics like laptops, mobile phones, and smart devices as companies began adopting work-from-home models and people began setting up home offices caused a surge in demand for consumer electronics, which increased the consumption of polyimides. Global consumer electronics revenue is projected to grow to USD 1103 billion in 2023 and is expected to grow annually by 2.17% between 2023 and 2027.
• Aerospace is the second-largest segment and is likely to register a CAGR of 7.78% by value during the forecast period (2023-2029), making it the fastest-growing segment as well. This growth can be attributed to the increased production of aerospace components worldwide. For instance, aerospace production revenue reached USD 466 billion in 2022 compared to USD 430 billion in 2021. The European aerospace segment is the largest consumer of polyimides, of which France held 28.83% of the European market share by volume in 2022, making it the largest consumer of polyimides in Europe. France is home to multiple global aerospace components and aircraft manufacturers, such as Dassault Aviation and Airbus. The well-established nature of the industry has also supported the demand for polyimides.

China and Japan to dominate Asia-Pacific growth of PI

• Asia-Pacific was the largest segment in terms of consumption of polyimides in 2022. It is predicted to register a CAGR of 7.10% in terms of value during the forecast period, making it the fourth fastest-growing segment. This growth can be attributed to countries like China and Japan, which accounted for 59% and 13%, respectively, of the region's overall polyimide consumption in 2022.
• China's electrical and electronics industry is the major consumer of polyimides, accounting for 50% of the country's overall polyimide consumption in 2022. Owing to a significant increase in the demand for consumer electronics like laptops and mobiles as companies began adopting work-from-home models and people started setting up home offices, the demand for polyimides increased in the country. This trend is expected to continue in the future as China's consumer electronics segment is projected to generate a revenue of USD 257.6 billion by 2023.
• The United Arab Emirates is the fastest-growing segment in the Middle East, making it one of the fastest growing regions. It is likely to register a CAGR of 8.98% in terms of value during the forecast period [2023-2029]. The country's electrical and electronics segment is the fastest-growing end user. Electrical and electronics production is expected to reach USD 73 billion in 2029 compared to USD 39 billion in 2022. The electronics market in the country is projected to reach a market volume of around USD 3.32 billion in 2027 from USD 2.41 billion in 2023.

Global Polyimides (PI) Market Trends

Technological advancements in electronics industry may foster the growth

• The rapid pace of technological innovation in electronic products is driving the consistent demand for new and fast electrical and electronic products. In 2022, the global revenue of electrical and electronics stood at USD 5,807 billion, with Asia-Pacific holding a 74% market share, followed by Europe with a 13% share. The global electrical and electronics market is expected to record a CAGR of 6.71% during the forecast period.
• In 2018, the Asia-Pacific region witnessed strong economic growth owing to rapid industrialization in China, South Korea, Japan, India, and ASEAN countries. In 2020, due to the pandemic, there was a slowdown in global electrical and electronics production due to the shortage of chips and inefficiencies in the supply chain, which led to a stagnant growth rate of 0.1% in revenue compared to the previous year. This growth was driven by the demand for consumer electronics for remote working and home entertainment as people were forced to remain indoors during the pandemic.
• The demand for advanced technologies, such as digitalization, robotics, virtual reality, augmented reality, IoT (Internet of Things), and 5G connectivity, is expected to grow during the forecast period. Global electrical and electronics production is expected to register a growth rate of 5.9% in 2027. As a result of technological advancements, the demand for consumer electronics is expected to rise during the forecast period. For instance, the global consumer electronics industry is projected to witness a revenue reach of around USD 904.6 billion in 2027, compared to USD 719.1 billion in 2023. As a result, technological development is projected to lead the demand for electrical and electronic products during the forecast period.

Polyimide (PI) Industry Overview

The Polyimides (PI) Market is fragmented, with the top five companies occupying 32.57%. The major players in this market are DuPont, Kaneka Corporation, PI Advanced Materials Co., Ltd., Toray Industries, Inc. and UBE Corporation (sorted alphabetically).

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