Colorless Polyimide Films Market

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The global Colorless Polyimide Films Market is valued at USD 84.9 Million in 2022 and is projected to reach a value of USD 2540.2 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 62.5% over the forecast period.

Colorless Polyimide Films are widely utilized for their applications in prospective flexible substrates within a wide range of electronics and micro-optical devices. They can be used in fields where glass is usually used in displays, memory, lighting, and solar cells. The global Colorless Polyimide Films is expected to grow significantly during the forecast period owing to rising utilization in the form of flexible displays and printed circuit boards. Additionally, studies have indicated that millennials and the subsequent generation have become fond of using devices such as smartphones and laptops to share and consume data and other entertainment media. This is expected to prompt increased growth for the global Colorless Polyimide Films.

Colorless Polyimide Films also possesses many desirable properties, such as higher thermo-mechanical properties, higher chemical resistance, and widening optical transparency. They are used to replace glass layering applications, which is expected to further the growth of the global Colorless Polyimide Films market. Additionally, these films are lighter, thinner, and less fragmented. This allows them to provide excellent optical transmission. Colorless Polyimide Films are being utilized in manufacturing solar panels, which is expected to be a significant growth driver for the market. According to the data provided by the International Energy Agency (IEA), the power generation sector from solar PV grew from a CAGR of 23% from 2019 to 2020.

The expanding electronics and electrical sectors are expected to contribute considerably to the global Colorless Polyimide Films market. The Indian electronics sector is said to be one of the fastest growing in production and export. Changing consumer spending patterns are being observed within the general population in the region, with increasing sales of consumer electronics being witnessed. According to the International Data Corporation (IDC) Asia Pacific Quarterly Mobile Phone Tracker, the demand for smartphones in India is widening. In the second quarter of 2019, smartphone shipments rose to 36.9 million from 32.1 million during the same period in 2018. The expanding smartphone industry is expected to add value to the Asia Pacific Colorless Polyimide Films market, thereby fuelling the global market growth.

Economic Insights

It has been predicted that there will be a recession in 2023 when the central banks raise interest rates. The recession affects the United States and other wealthy nations, like those in Europe. Numerous countries are already feeling the effects of the recession, and a labor shortage has been noticed. Manufacturing companies are mostly suffering as a result of the same companies. Almost 30% of global trade is expected to come from Russia and Ukraine. Russia's invasion of Ukraine significantly impacted the supply chain. Several manufacturers reported a labor scarcity and a rise in the cost of various raw materials, particularly metals like copper, steel, and iron.

Top Market Trends

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1. Rising Demand for Flexible Displays: In recent years, there have been significant developments for flexible active-matrix organic light-emitting diode (AMOLED) displays as they are thinner, flexible, and less fragmented. Essential developments in research and development have led to these substrates gaining traction for manufacturing flexible displays, namely, ultra-thin glass and metal foil. Colorless Polyimide Films have remarkably similar properties to the popular ultra-thing glass. This is prompting manufacturers to prefer Colorless Polyimide Films. Manufacturers are further developing the next generation of flexible-display smartphones, such as Samsung's Galaxy Fold, Xiaomi's Mix Fold, and Huawei's Mate X, due to their increasing popularity.

2. Rising Usage within the Aerospace Industry: The earliest usage of polyimide films within the aerospace industry can be traced back to the Apollo 11 landing missions. Conventional Kapton polyimide films were used, which further prompted the utilization of advanced polyimide films shortly. For instance, in September 2022, Nasa announced that the upcoming Artemis I mission would be powered by the solar sail manufactured using NeXolve's Colorless Polyimide Films. The sail is said to be extremely thin – More than 40 to 100 times more than a standard A4 sheet.

3. Increasing Utilization Within Various End-Use Industries: Colorless Polyimide Films offers excellent medical properties. They are being utilized in medical tubing manufacturing for a wide range of tubing applications. Studies are identifying novel applicable areas wherein numerous applications can provide excellent potential for the market to flourish.

Market Segmentation

The global Colorless Polyimide Films market can be categorized on the following: Application, End-Use Industry, and Regions. Based on application, the market can be categorized into flexible displays, flexible solar cells, flexible printed circuit boards, lighting equipment, and others (optical fibers, touch panels, reflectors & connectors for space antennas, and drug delivery tubes). By end-use industry, the market can be segmented across electronics, solar energy, medical, and others (aviation and space research). By Likewise, based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Application

Flexible Displays to Account for the Largest Market Share Owing to Rising Smartphone Sales

The global Colorless Polyimide Films is expected to be dominated by the segment of flexible panels in revenue and share. These films are being highly utilized for producing smartphone and laptop displays. An ongoing trend of flexible displays is on the rise. During the forecast period, immense development has occurred in the flexible active-matrix organic light-emitting diode (AMOLED) displays. This display replaces the hard show with a flexible substrate made of Colorless Polyimide Films. The integration of such films is making flexible displays possible. The current generation of smartphones, and some laptops, are being introduced that carry flexible displays. These factors are expected to add value to the segmental growth. Flexible solar cells are expected to grow with the fastest growing CAGR during the forecast period owing to the increasing utilization of renewable energy sources.

Based on End-Use Industry

Electronics to Occupy Largest Market Share Due to Requirement of Excellent Thermal Properties

The electronics segment is expected to account for the largest market share in revenue and share. Colorless Polyimide Films is heavily utilized in consumer electronics, such as laptops, smartphones, monitors, and smartwatches. Colorless Polyimide Films offers many attractive properties, such as excellent thermo-mechanical properties, higher chemical resistance, and optically transparent nature. Additionally, they can be fabricated at 300 degrees Celsius without disintegrating or color transition. This makes them suitable for manufacturing components such as flexible circuit boards and a wide range of lighting equipment. Also, an ongoing trend of foldable and flexible electronics is pushing the segmental value of electronics towards a higher growth trajectory. Solar energy is expected to account for the fastest-growing CAGR during the forecast period owing to increased production of solar panels.

Based on Region

Asia Pacific to Lead Global Market Share Owing to an Exploding Consumer Electronic Sector

The global Colorless Polyimide Films is expected to be dominated by the Asia Pacific market in terms of revenue and share. All major manufacturers of flexible displays, such as LG Display Co. Ltd, Samsung Electronics, Innolux Corp, AU Optronics, and Japan Display Inc., are located in Asia Pacific. Additionally, the market has witnessed exponential growth in the previous years, owing to the increased spending capacity of consumers in emerging economies. Rising demand for flexible electronics combined with increased consumption of consumer electronics such as laptops, mobiles, monitors, smartwatches, and televisions is expected to add value to the Asia Pacific Colorless Polyimide Films market. Changing consumer preferences combined with booming e-commerce is aiming at a higher growth trajectory for the regional market.

North America is expected to grow with the fastest growing CAGR during the forecast period owing to the increasing focus on smartphone manufacturing, and the general population's higher per-capita spending. Increasing government initiatives for supporting the manufacturing sector and rising research investments are expected to increase the footprint of the North American Colorless Polyimide Films market.

Competitive Landscape

The global market for Colorless Polyimide Films is expected to be highly fragmented due to the presence of numerous players. Prominent leaders identify real-world problems and devise solutions for them regarding Colorless Polyimide Films. Manufacturers are utilizing their already-established capabilities to increase production volume owing to the increasing demand for consumer electronics. Players are also investing heavily in their research and development departments to produce a more comprehensive portfolio of products.

The key players in the global Colorless Polyimide Films market include - DuPont de Nemours & Company (U.S.), Kaneka Corporation (Japan), PI Advanced Material Co. Ltd. (South Korea), Ube Industries Ltd. (Japan), Tammied Tech. Inc. (Taiwan), 3M Company (U.S.), Kolom Industries Inc. (South Korea), Arakawa Chemicals Industries Inc. (Japan), Shina Technology Ltd. (Taiwan), Flexion Company Inc. (U.S.) among others.

Recent Market Developments:

· April 2022: SK Innovation Company Ltd was selected to supply Colorless Polyimide Films for Asus's first foldable display in the ZenBook 17. Asus is set to manufacture 10,000 of this laptops in the first batch and is expected to increase the supply agreement soon.

· December 2021: Kolon Industries announced that they were selected as the preferred supplier of transparent Colorless Polyimide Films for the cover window application in Xiaomi’s first foldable smartphone, the Mi MIX FOLD.

· November 2020: Kaneka Corporation announced that they were introducing their super heat-resistant film, Pixeo-IB, for applications in high-speed, high-frequency 5G. The company is targeting fast-growing technology to gain the first mover technology in the region to gain a competitive edge.

Segmentation of the Global Colorless Polyimide Films Market