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Growing at a compound annual growth rate (CAGR) of 7.4%, the Global PI (Polyimide) Varnish Market is forecast to reach revenue of US$ 176.3 Mn by 2027 from US$ 114.9 Mn in the year 2021. Equivalent market volume in the year is estimated at 2,654.4 MT, showing a growth of almost 40% over the forecast period.
The report presents a detailed analysis of the global PI varnish market across 13 chapters totaling 245 pages, with 108 lists of tables and 11 lists of figures. The study period considered is from 2017 to 2027, in which the base year was 2021, and the forecast period is from 2022 to 2027. The report offers a complete analysis of market opportunities and competitive landscape for the major players of the market.
Polyimide is known as nylon which belongs to the class of high-performance plastics. Polyimides are known for their exceptional properties such as thermal stability, high tensile strength, and excellent mechanical properties. Its application is basically in the industries like electronics as cables, it is also used for covering of optical fibers, because of the good adessive property it is used in the automotive industry for mechanical stress buffer. The report takes into consideration consumption demand for the product for all applications described across the industries covered.
The research report provides a detailed analysis of the Global Polyimide Varnish Market growth and opportunity related to the market considering all the growth factors. The regions tracked in the report are North America, Europe, Asia Pacific, and the Rest of the world - the Middle East & Africa, and South America.
Asia Pacific is analyzed to be the leading region for the polyimide varnish market during the forecast period and is expected to account for 1,355.7 MT demand by 2027. The primary factor behind this growth is strong demand from the consumer electronics sector supported by an optimistic economic outlook. Close to one-third of this growth is contributed by China, which is expected to see a CAGR of 9.4% in terms of revenue.
The global polyimide varnish market has been extensively analyzed on be multiple parameters, viz. Type, Application, and Industry. Based on type, polyimide varnish is segmented into black, yellow, and green. Due to excellent mechanical properties and long-term heat resistance, the black varnish segment holds the highest market share of approximately 50% and is expected to see exponential growth in the long term. The yellow varnish segment on the other hand holds the second-largest revenue share of 21% and is expected to grow at 7.6% CAGR in the future.
Based on the application segment, the Polyimide varnish market can be classified into semiconductor components, electrical, avionics, Battery & PV (photovoltaics) LEDs and Displays, and others. Of these, LED Displays and electricals followed by semiconductor components are seen as dominant markets, while the LEDs and displays segment is analyzed to grow as the fastest segment accounting for close to 40% of opportunity share, in terms of revenue growth. Demand for PI Varnish in the segment is driven by the use of portable devices in every sector these days. New research and developments in electronics are also driving factors for the rising demand for chemicals.
Based on industry, the global polyimide varnish market is segmented into Aerospace, Energy, Automotive, IT &Telecommunication, and Consumer Electronics. Consumer electronic products are holding the highest market share and according to research, it is expected to grow in good numbers in nearby future. The main reason behind its growth is the increasing demand and user base of the consumer electronics segment. Due to evolving technology in electronics the segment has a high replacement rate and is witnessing mass-market penetration, thereby leveraging volume demand advantages. The automotive sector is the second-largest segment, with future growth driven by changing trends in automobiles due to the adoption of new technologies such as ADAS feature, connected cars, electric vehicles, so on.
The polyimide varnish market provides a 360-view on the global market covering recent developments in the industry, supply chain management, market size in terms of value and volume, regional analysis, and opportunity.
The global polyimide varnish market provides readers with insights into applications and industries where opportunities are added and novel developments furthering long-term demand. Demand across industry sectors directly influences market growth and an overview of these sectors helps gauge near and long-term impact on market dynamics.
The report also provides price analysis by region from 2017 to 2027 in which Asia Pacific is holding the highest market share as compared to other regions because of the increase in EV production and growing demand for LED and Display applications.
Further, the analysis in the report is related to the covid impact on the market and threats from substitute products or challenges involved. The report also talks about the market share of key players in the global polyimide varnish market and an overview of the competitive strategies implemented by them.
Before Covid-19, the polyimide varnish market was expected to grow by a CAGR of 4.3% and was expected to reach US$ 189 Mn by 2027. As per our research analyst, the post-covid market scenario is expected to see a higher growth rate of 7.4% and reach US$ 176 Mn. The high CAGR value is due to the positive recovery rate in the current time. The pandemic has brought upon negative impact on the consumer electronics, IT & telecommunications, aerospace, energy, aerospace & space, and automotive industries across the world. The previous balance of GDP growth will take some more time and is expected to get back to the pre-covid trend by 2023-2024.
In the global polyimide varnish market, vendors compete based on cost, product quality, and reliability. Key players such as UBE, PI Advanced Materials, Mitsui Chemical, Suzhou Electrical System, and Dupont are some of the major players in the global market, wherein the leading six players collectively accounted for more than 75% of the market share in 2020.
|Market Size Value in 2021||US$ 114.9 Mn|
|Expected Revenue in 2027||US$ 176.3 Mn|
|Unit||Value (USD Mn)|
|Segments covered||By Type, By Application, By Industry, and Region|
|Key Companies||UBE, PI Advanced Materials, Mitsui Chemical, and other prominent players.|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
Global PI varnish market is expected to grow by CAGR of 7.4% during the forecast period 2021-2027.
The global polyimide varnish market is expected to reach US$ 176.3 Mn by the end of the year 2027.
High temperature resistant and long-term stability are some key properties of PI varnish.
Consumer electronics holds the largest market share in industry segmentation of the PI varnish industry.
LED & Display holds highest market share of around 24% in the year 2021.
Asia Pacific is leading the global PI varnish market with 42.7% of the market share.
Growth in the automotive industry and increasing demand for new aircrafts are some major factors influencing the growth of the PI varnish market.
The U.S. holds the highest market share.
Harmful effects of E-waste and standardization of EV charging stations are some major challenges for the PI varnish market.
CR6 ratio of the PI varnish market is 76%.
UBE Industries, Dupont, PI Advanced Materials, Mitsubishi Gas Chemical Company, Mitsui Chemical and Suzhou Jufeng Electrical Insulation System are some major players in the global PI varnish market.
Semiconductor components, electrical, avionics, battery & PV and LEDs & Displays are some major applications of PI varnish.
170 MT of PI varnish was used by battery and PV segment in the year 2021.