Global Polyimide Monomer Market to Grow at a CAGR of 9.4% from 2020 to 2028
Pune, India, March 31, 2021 (GLOBE NEWSWIRE) — The Global Polyimide Monomer (IMIDE) Market Size has been estimated to be USD xx.xx million in 2020 and is projected to reach USD 5,912.2 million by 2028, at a CAGR of 9.4% during the forecast period in the COVID-19 period. However, without the COVID-19 impact, the polyimide monomer (IMIDE) market has been expected to be grow at a CAGR of 10.2%.
Polyimide monomer (IMIDE) is a functional group that consists of two acyl groups bound to a nitrogen. This group is more resistant to hydrolysis and is used for making various high strength synthetic polymers, such as polyetherimide, polyamide-imides, polyimide, and others. The main raw materials used for the manufacture of polyimide monomers (IMIDE) are anhydrides, dicarboxylic acid, ammonia, and some amines. Polyimide monomers (IMIDE) offer superior mechanical and thermal stability, and they can be used in various end-use industries, such as electronics, automotive, and aerospace & defense industries.
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Polyimide is one of the major products of polyimide monomers (imides), which are a group of extremely strong synthetic polymers having exceptional resistance to chemicals and heat. In many industrial applications, this product has the ability to replace steel and glass due to its light weight and therefore, it can be used to minimize the overall weight and achieve higher fuel efficiency in aircraft and other applications.
The growing use of polyimide monomers in electronics, automotive, and aerospace & defense industries, is driving the growth of the market. Growing penetration of electric vehicles and increasing demand for consumer electronic products, along with rising per capita disposable income, are the factors that can boost the growth of the polyimide monomers (IMIDE) market over the forecast period. Rising investments in the aerospace & defense sector are further accelerating the growth of this market.
Some Noted Developments Considered in the Report:
- August 2020 – Evonik acquired the Porocel Group for USD 210 million to accelerate the growth of its catalytic converter business. Based in Houston, Texas (USA), Porocel offers a highly efficient rejuvenation technology for desulfurization catalysts that are increasingly in demand for low-sulphur fuel. The technology reduces carbon dioxide emissions by more than 50 percent compared to the production of new desulfurization catalysts. In addition, Porocel has a production capacity that will enable Evonik to accelerate the expansion of its existing fixed-bed catalyst business.
- November 2019 – Berry Global Group, a plastic packaging manufacturer based in Evansville, Indiana, announced that it was partnering with SABIC, a Saudi Arabia-based global chemical industry leader, to drive the innovation and use of chemically recycled polyolefin resins. In order to help advance sustainability in the packaging industry, Berry Global Group is working with companies such as Sabic.
- January 2018 – MPD Chemicals acquired the specialty chemical manufacturer, Norquay Technology. MPD Chemicals (MPD), a US-based manufacturer of specialty chemicals and custom synthesis solutions, announced the expansion of its manufacturing capabilities, product portfolio, and customer base with the acquisition of Norquay Technology, Inc.
COVID-19 Impact on the Global Polyimide Monomer (IMIDE) Market
The QMI team has closely monitored the impact of COVID-19 on the polyimide monomer (IMIDE) market, and it has been observed that the demand for polyimide monomer (IMIDE) has slowed down during the pandemic time. But it is anticipated to grow with a healthy pace from mid-2021. To control the pandemic, many countries across the globe have put strict lockdown norms, which have hampered all kinds of business activities. Demand & supply of products, raw materials, and manufacturing facilities have been completely disrupted, which has resulted in weak product and service demand. COVID-19 impact on some of the leading countries for polyimide monomer (IMIDE) market are discussed below:
International hospitals and healthcare facilities have faced catastrophic financial problems due to the COVID-19 pandemic. The pandemic has largely impacted the medical device manufacturers. The raw materials required for the production of medical devices got affected by COVID-19, as many countries were under lockdowns. Polyimide monomers are widely used for manufacturing medical implants and insulation of active implants, the demand for which is anticipated to be negatively impacted due to the COVID-19 outbreak in the U.S.
The electronics industry is facing heavy headwind due to the COVID-19 pandemic. The pandemic has disrupted the supply chain of the major consumer electronic brands in the UK. Also, this has led to the disruption in the production of rotating machines, integrated circuits, tape-automated bonding, flexible printed-circuit boards, and electric wires, where polyimide is widely used.
COVID-19 has directly impacted the production of and demand for polyimide monomers. Also, the pandemic has had a significant impact on the medical devices industry in Germany. Suppliers have either shut down production or are unable to manufacture enough products to meet the high demands due to the pandemic. This has impacted the demand for polyimide monomers in Germany.
Due to the COVID-19 pandemic, the Indian auto industry has faced zero production and sales in passenger and commercial vehicles segment in 2020. Most provinces and hubs of electronic component production in China went into lockdowns after the virus outbreak. As India relies heavily on China for most electronic components, this is having a negative impact on the Indian polyimide monomer market.
Global Polyimide Monomer (IMIDE) Market, By Application
Based on application, the market has been segmented into resins, films, fibers, and others. Among these, the films segment is expected to register significant growth during the forecast period. It has accounted for USD XX.XX million in 2020 and is projected to reach USD XX.XX million by 2028, at a CAGR of 10.0% in the COVID-19 period.
However, without the COVID-19 impact, the films segment has been estimated to be at USD XX.XX million in 2020 and USD XX.XX million in 2028, at a CAGR of 10.6%. Polyimide films offer excellent electrical, thermal, physical, and chemical properties over a wide temperature range in a lightweight package, making them suitable for electrical insulation applications. This has been driving the growth of this segment in recent times.
Global Polyimide Monomer (IMIDE) Market, By End-Use Industry
Based on the end-use industry, the market has been segmented into aerospace & defense, electrical & electronics, transportation, healthcare, and others. Among these, the electrical & electronics segment is dominating the global polyimide monomer (IMIDE) market. It has accounted for USD XX.XX million in 2020 and is projected to reach USD XX.XX million by 2028, at a CAGR of 9.9% in the COVID-19 period. However, without the COVID-19 impact, the electrical & electronics segment has been estimated to be at USD XX.XX million in 2020 and USD XX.XX million in 2028, at a CAGR of 10.7%.
Polyimide monomers can be used to support micronized circuits as a high-temperature adhesive, mechanical stress buffers, and as a film. They are useful as an insulating film on magnet wires in the manufacturing of electrical cables. The growth of the polyimides films is expected to be increased by the widespread use of flexible printed circuits in consumer electronics, such as cell phones, next-generation flexible displays, and automobiles.
Global Polyimide Monomer (IMIDE) Market, By Region
By region, this market has been segmented as North America, Asia Pacific, Europe, Middle East & Africa, and South America. The Asia Pacific polyimide monomer (IMIDE) market has accounted for USD XX.XX million in 2020, while it is expected to reach USD XX.XX million in 2028, with a CAGR of 10.2% during the COVID-19 period. On the other hand, without the COVID-19 impact, the Asia Pacific polyimide monomer (IMIDE) market has been estimated to be at USD XX.XX million in 2020 and USD XX.XX million in 2028, at a CAGR of 11.0%.
Asia pacific has recorded the highest CAGR in the polyimide monomer (IMIDE) market across the world. High demand for consumer electronic products in the region has been induced by innovation, increasing household incomes, and price deflation. These are the factors that are driving the growth of the market in the Asia Pacific region. China is anticipated to grow substantially with the fastest CAGR, as the country has the world’s biggest manufacturing base for electronics & semiconductor products.
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Some Major Findings of the Polyimide Monomer (IMIDE) Market Report Include:
- Major global market trend & forecasts analysis along with a country-specific market analysis for up to 25 countries.
- An in-depth global polyimide monomer (IMIDE) market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors.
- Profiles of the major market players operating in the global polyimide monomer (IMIDE) market, which include DuPont de Nemours, Inc., SABIC, Kaneka Corporation, Mitsui Chemicals, Inc., Mitsubishi Chemical Corporation, Solvay S.A., Evonik Industries, Daken Chemical Limited, Tokyo Chemical Industry UK Ltd., SOLVER POLYIMIDE, Feiming Chemical Limited, Taimide Technology Inc., Monomer-Polymer, and Dajac Labs, JFE Chemical Corporation, and others.
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players along with their major investments in the last five years.
- Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global polyimide monomer (IMIDE) market.
- Impact of COVID-19 on the global polyimide monomer (IMIDE) market
Browse key industry insights spread across 114 pages with 62 market data tables and 71 figures & charts from the report, “Polyimide Monomer (IMIDE) Market, By Product Type (Polyimide, Polyetherimide, Polyamideimides, and Others), By Material Type (Thermoplastic and Thermosetting), By Application (Films, Resins, Fibers and Others), BY End-Use Industry (Electrical & Electronics, Aerospace & Defense, Healthcare, Transportation, and others), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting (2016-2028)”, in-depth analysis along with the table of contents (ToC).
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