The global colorless polyimide films market is estimated to grow at a CAGR of ~78% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the various advantages of colorless polyimide films, including, thermo-mechanical properties, high chemical resistance, and optical transparency. Colorless polyimide films are used to produce transparent protective layers for various appliances, such as, flexible displays, and solar cells. The growing use of polyimide as a replacement for glass layering, is anticipated to boost the market growth. Moreover, colorless polyimide films are lighter, thinner, and less fragmented, which is further anticipated to generate growth opportunities for the market. Along with this, the excellent optical transmission provided by colorless polyimide films, is projected to promote the growth of the market.
The growing adoption of solar panels is also one of the major growth drivers for the market, as polyimide films are extensively used in making solar cells. According to the data by the International Energy Agency (IEA), the generation of power from solar PV increased by a robust 23% from 2019 to 2020.
The market is segmented by application into flexible displays, solar cells, printed circuits boards, lighting equipment, and others, out of which, the solar cells segment is anticipated to hold the notable share in the global colorless polyimide films market over the forecast period on account of increasing adoption of solar cells, backed by the rising environment awareness amongst the people. CLICK TO DOWNLOAD SAMPLE REPORT
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global colorless polyimide films market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to attain the largest share over the forecast period on the back of growing chemical industry, along with the presence of major market players in the region. Moreover, manufacturing industry is gaining substantial growth in the APAC region, backed by the lower production cost, which is further foreseen to boost the market growth.
The market in the North America region is anticipated to gain significant market share throughout the forecast period owing to the increasing demand for solar panels, and other end-use products, along with increasing production of pharmaceutical products, which require colorless polyimide films.
The global colorless polyimide films market is further classified on the basis of region as follows:
Our in-depth analysis of the global colorless polyimide films market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The increasing demand for transparent coverings is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~78% over the forecast period, i.e., 2022 – 2030.
High manufacturing costs, and limited availability of raw materials, are estimated to hamper the market growth.
The market in the Asia Pacific region is estimated to provide more business opportunities for growth over the forecast period owing to the presence of various market players in the region.
The major players in the market are Kaneka Corporation, Kolon Industries Inc., SK Innovation Co., Ltd., Sumitomo Chemical Company Ltd., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, end-user industry, and by region.
The solar segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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