As per the latest survey conducted by FMI, the global polyimide fibers market is projected to reach US$ 302.2 million in 2021. Increasing applications across power and utilities, construction, and chemical processing among others is favoring the market growth. Driven by this, the sales of polyimide fibers are anticipated to rise at year-over-year growth of 4% by 2021.
Historically, the market grew at a CAGR of 1.8% from 2016 to 2031. Increasing adoption of polyimide fibers in automotive vehicles and aircrafts owing to their lightweight, durability, and heat resistance is favoring the market growth. Polyimide fibers are extensively used in manufacturing multilayer insulations of space shuttles and rockets. On account of these factors, the market is expected to expand at a 4.9% CAGR over the forecast period 2021-2031.
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High-performance materials with excellent flame retardant properties such as polyimide fibers are also gaining traction in the production of protective clothing such as army suits, astronaut spacesuits, firefighter’s jackets, and industrial protective gears. Thus, increasing investment in the military and defense sector intended to offer greater safety to armed forces in countries such as China, India, the U.S., and others are expected to create growth opportunities for the market.
Among application verticals, protective clothing is estimated to emerge as one of the highly remunerative segments, exhibiting sales growth at 3.6% in 2021, as per FMI.
“Product launches have become key to gain competitive edge among market players. Implementation of stringent regulations has resulted in higher focus on standardizing product quality. To comply with these rules, some of the leading companies are introducing hi-tech fabric in their portfolio,” says the FMI analyst.
Key Takeaways from Polyimide Fibers Market Study
- The U.S. is estimated to dominate the market in North America, exhibiting a year-on-year (YoY) growth of 2.8% in 2021.
- The market in China is anticipated to total US$ 96.8 million by the end of 2021, expanding at a YoY growth rate of 5.7% between 2020 and 2021.
- Germany is projected to emerge as the most remunerative market for polyimide fibers in Europe, accounting for nearly 25% of the overall sales in the region.
- In terms of application, filter media is forecast to lead the market, accounting for around 59% of the overall revenue share in the global market.
- Based on end use, the power & utility segment is projected to total US$ 227.8 million by 2031, surging at a CAGR of 5.4% during the assessment period.
Key Drivers
- Increasing number of space research activities and space launches by organizations such as the National Aeronautics and Space Administration (NASA) is propelling the demand for polyimide fibers.
- Surging demand for filter bags made of polyimide fibers for separation of flue gasses such as carbon monoxide, sulfur oxides, and nitrogen oxides in various municipal solid waste incineration is spurring the sales of polyimide fibers across the filter media segment.
Discover more about the polyimide fibers analysis with figures and data tables, along with the table of contents @ https://www.futuremarketinsights.com/reports/polyimide-fibers-market
Key Restraints
- The high cost and complex manufacturing process of polyimide fibers are the factors posing challenges to the market.
- Availability of low-cost substitutes such as synthetic fiber composites, polyamide, and duration among others is hampering the sales of polyimide fibers
Competitive Landscape
As per FMI, top market players in the global market are Jiangsu Aoshen Hi Material Co., Ningbo Yide fine Chemical Co., Ltd, Evonik Industries AG, Changchun Hipolyking Co., Ltd., and Jiangsu Shino New Materials Technology Co., Ltd are. These leading companies are estimated to account for nearly 60% of sales through 2021.
Key players are emphasizing to launching innovative products to expand their market share. Some of the manufacturers are focusing on adopting strategies such as partnerships, strategic alliances, collaboration, and acquisition to strengthen their regional and global distribution networks. For instance,
- In August 2017, Honeywell resins and chemicals announced expanding its Nylon polymer production capacity at its Chesterfield facility to address the demand for high-grade packaging, and other applications. The expansion strategy will assist the company to increase in production capacity by 40,000 metric tons per year for its PA6 and PA66 products.
- Jiangsu Aoshen Hi-tech material Co., Ltd., a leading exporter and supplier of polyimide fiber, announced developed a new type bladder fabric made using Suplon. The new product launch will assist the company to expand its product portfolio and market revenue share. Besides this, the hi-tech fabric is been used as forest protection clothing bladder by China Police.
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Some of the key players operating in the market profiled by FMI are:
- Jiangsu Shino New Materials Technology Co., Ltd.
- Jiangsu Aoshen Hi Material Co.
- Changchun Hipolyking Co., Ltd.
- Ningbo Yide fine Chemical Co., Ltd.
- Lirsot Ltd.
- Swicofil
- Shandong Xingye Environmental Technology Corp.
- Jiangsu Jinqiao Salt International Trade Co. Ltd.
- Baoding Sanyuan Textile Technology Co. Ltd.
- Shanghai Easun Group Imp & Exp Co., Ltd.
- Xiamen Meidasi Environmental Protection Industry Co. Ltd.
- Evonik Industries AG
More Valuable Insights on Polyimide Fibers Market
FMI, in its new report, offers an unbiased analysis of the global polyimide fibers market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in polyimide fibers market with detailed segmentation:
By Application:
- Filter Media
- Protective Clothing
- Insulation Material
- Others
By End Use:
- Construction
- Power & Utilities
- Chemical & Processing
- Mining
- Others
By Region:
- North America
- Latin America & Middle East & Africa (LAMEA)
- Europe
- Southeast Asia and Other APEJ
- China
- Japan
For information on the Research Approach used in the Report, Request Methodology@ https://www.futuremarketinsights.com/ask-question/rep-gb-13755