As per Persistence Market Research, the global polyimide fibres market is expected to increase at a healthy CAGR of around 5% over the forecast period of 2021-2031. Increased demand from the power industry and application in protective clothing, high temperature filtration, and industrial insulation materials are major factors driving demand for polyimide fibres. Over the coming years, the power sector will be characterized by various technological advancements to minimize emissions. High-performance systems and components are anticipated to result from massive investments in research & development. This would open up a plethora of prospects for polyimide fibre manufacturers in the power industry, accelerating market growth.
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Key Takeaways from Market Study
- Owing to various properties of polyimide fibres such as excellent flame retardant characteristics, good chemical resistance, and great mechanical strength, there has been major rise in its demand for application in the production of protective clothing such as outer shells of suits and jackets for firefighters and the military.
- Government mandates to reduce particle emissions from various industries combined with growing cement & mining industries are aiding demand growth for polyimide fibres.
- China is one of the largest markets for polyimide fibres owing to the large consumer base of power generation and construction. China is projected to lead global demand for polyimide fibres through 2031.
- Filter media is one of the most lucrative segments for polyimide fibres. Factors such as substantial expansion of waste to energy production industry and rising government initiatives for environmental protection have stimulated consumption of polyimide fibres in filter media applications.
- Increasing number of space exploratory missions in regions such as India and the U.S. is expected to bolster demand for polyimide fibres as insulating materials used in space craft and spacesuits.
- Robust growth in demand for polyimide fibres is expected to be witnessed across Asia Pacific. Booming chemical industry in the region and expansion of the electronics sector are expected to drive demand for polyimide fibres.
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Competitive Landscape
The global polyimide fibres market has been identified as a significantly consolidated market due to the presence of a limited number of players. Some leading players included in the report, such as Evonik Industries AG, Jiangsu Shino New Materials Technology Co., Ltd, Jiangsu Aoshen Hi Material Co. Ltd, Changchun Hipolyking Co., Ltd., and Ningbo Yide Fine Chemical Co., Ltd., are anticipated to create tough a competitive environment at the global level.
Conclusion
The global polyimide fibres market is expected to grow substantially owing to favorable government mandates in emerging countries bolstering their support for the polyimide industry by putting more focus on the sector and boosting investments in the research & development of polyimide fibres. Steady increase in demand for protective clothing and insulting materials in developing countries such as China, India, and ASEAN is a major key market driver. Furthermore, improved polyimide fiber production processes have been witnessed in recent years, which is another factor expected to boost market expansion in the near future.
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