New Delhi, June 17, 2022 (GLOBE NEWSWIRE) -- The Global Polyimide Varnish Market was valued at US$ 114.9 Mn in 2021 and is projected to reach USD 176.3 Mn by 2027. Despite an expected decline due to significant impact of COVID-19 on global supply chain, there has been an increase in demand of Polyimide Varnish in various industries such as Electronics, Automotive LED & Display due to its key applications. Continuous evolution in technology and growing demand in different sectors are some of the key driving factors responsible for the growth of the global polyimide varnish market. Various trade shows and expos helped manufacturing companies to mark their presence at wide scale and expand their customer base resulting in major contribution to the global PI varnish market.
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Polyimide Varnish is an acid solvent made from condensation polymerization reaction of aromatic diamine and anhydride. It is applied as a coating to base materials and is heated at high temperature. Heat resistance, heat transparency, stability and inactive against various solvents are some of properties of the Polyimide Varnish. It is used in coating of optical fibers, wire coating, smart phones, coating of high tensile steel in automobile sectors, consumer electronics and LED.
Market Outlook, By Industry
Polyimide Varnish has major applications in Consumer Electronics, IT & Telecommunication, Aerospace, Energy, Automotive industries with a marginal share under the other head. Consumer Electronic segment is holding highest market share of 51.2% and is growing at a CAGR of 8.4%, with paced growth, the segment is expected to generate a revenue of US$ 1,419.5 Mn by 2027.
Consumer electronics industry is a high revenue generation industry and significant application of Polyimide Varnish in different ways such as in circuit boards, display screens of television or LED bulbs is contributing astoundingly towards the growth of the global PI varnish industry. Consumer electronics is holding the highest market share in the global marketplace and is expected to grow at the fastest rate as compared to other industries.
The automotive segment holds the second largest market share after Electronics industry and is expected to grow at 6.2% during 2021-2027, owing to changing trends, and evolving technology in this industry. Polyimide Varnish is used for coating high tensile steel body of new cars due to its high temperature property. It is also used in different kinds of paint products which are used on vehicles. The technological advancements like ADAS features and upgraded security features attract new customers and contribute to the growth of industry.
IT and Telecommunication industry is holding a position of second largest after electronics. It is expected to grow at a CAGR of 6.7% during 2021-2027. Use of Polyimide Varnish solvent in IT and telecommunication industry in the form of coatings of optical fibers, circuit of smartphones and different devices will result in positive growth of Polyimide Varnish industry with growing demand of smartphones and different devices in industry.
Market Outlook, By Region
By Region, Asia Pacific Polyimide Varnish (PI Varnish) Market is holding the highest market share of 42.7% and is expected to grow at a CAGR of 8% during the study period. Major factors supporting the growth of the Asia Pacific Polyimide Varnish (PI Varnish) market is increasing EV production and growing demand of LED and Displays.
On the other hand, Europe Polyimide Varnish (PI Varnish) Market is holding the position of second largest market and is holding around 24.5% of the global market share; the Europe PI varnish market is expected to grow at a CAGR 7.3% during the forecast period. Growing production and rising sales of EV in Germany, France, Spain and Italy favored by government policies and incentives is expected to drive the polyimide varnish (PI varnish) demand in the region during the forecast period. North America Polyimide varnish market was valued at US$ 23.6 million in 2021 and is set to witness steady growth driven by established presence of electrical & electronics and aerospace industries.
Covid-19 impact on Polyimide Varnish Market
Covid-19 has had a negative impact on the consumer electronics, IT & telecommunications, aerospace, energy, and automotive industries across the world. The previous condition of GDP will take some more time and expected to get back to normal in 2022, as per experts. After lockdown despite high fuel prices and commodities, increasing demand in sectors such as automotive, electronic will boost the economy and overall GDP growth. Sectors such automotive, consumer electronics and IT & Tele communication are coming back on track. Demand in these sectors and investments on research and development activities are also increasing, which is good sign for economy growth. PI varnish is an application-based industry, hence the strong return of major application industries fueling the overall demand of PI varnish.
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| Report Attribute | Details |
| Market Size Value in 2021 | US$ 114.9 Million |
| Market Outlook for 2027 | US$ 176.3 Million |
| Expected CAGR Growth | 7.4% |
| Historic Data | 2017-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2027 |
| Top Market Players | UBE, Mitsui Chemical, Suzhou Electrical System and Dupont |
| Segments Covered | By Type, By Application, By Industry, By Region |
| Geographies Covered | North America, Europe, Asia Pacific, Rest of the World |
| Customization Options | Get your customized report as per your preference. Ask for customization |
Market Key Players
Global Polyimide Varnish Market have a key presence of some major key vendors, companies are holding a key shareholding pattern and the competition analysis is based on cost, product quality, and reliability. Some of the major key players present in the global PI varnish marketplace are UBE, Mitsui Chemical, Suzhou Electrical System and Dupont are which account for 76% of the market share in 2020.
Global Polyimide Varnish Market- Segmentation Overview
By Type
- Black
- Green
- Yellow
By Application
- Semiconductor Components
- Electricals
- Avionics
- Battery & PV
- LED & Display
By Industry
- Consumer Electronics
- IT and Telecommunication
- Aerospace
- Automotive
- Energy
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- The UK
- Germany
- France
- Italy
- Russia
- Spain
- Poland
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Rest of World
- Middle East & Africa
- South America
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