Polyimide Coatings Market Share Analysis
The upcoming demand for polyimide coatings is anticipated to surge in developing countries worldwide, presenting promising markets for manufacturers. In the Asia-Pacific region, manufacturers are well-positioned to capitalize on diverse opportunities due to the varied demographics of the region. From advanced countries like Japan, South Korea, Singapore, and Australia to emerging economies such as Indonesia, India, China, Thailand, Vietnam, and Malaysia, the aerospace and electronics sectors stand out as the leading industries.
India, in particular, has witnessed remarkable growth in its civil aviation sector, ranking as the third-largest domestic civil aviation market globally over the past three years (2016–2019). The industry is set to attract an investment of approximately USD 5 billion in the next four years, with the Indian government planning to invest over USD 2 billion in airport infrastructure development and aviation navigation services by 2026. In alignment with the Union Budget 2019–2020, the government aims to foster aircraft financing and leasing activities to bolster India's aviation market. Given these substantial investments and the escalating demand for polyimide-coated optical fibers in the civil aviation sector, the demand for polyimide coatings in India is poised for significant growth in the coming years.
The electronics sector in the Asia-Pacific region contributes significantly to the total value of exports for most countries, accounting for 20–50%. Many consumer electronics, including television sets, computers, radios, and smartphones, are manufactured in the ASEAN region. Southeast Asian economies like Malaysia, Thailand, and Singapore have emerged as major global manufacturing hubs with numerous electronic manufacturing services (EMS) companies. The integrated production networks within ASEAN, facilitating improved trade with larger Asian economies like China and Japan, have propelled the electronics industry's growth in the region. Furthermore, the expansion of the digital economy, characterized by the convergence of fixed, mobile, and broadcast networks and increased device connectivity, is reshaping the manufacturing and services sectors in Asia.
India's consumer electronics and appliances industry is on track to become the fifth-largest in the world by 2025, with a production value of approximately USD 228 billion in 2019. The government is actively supporting the electronics industry through the establishment of electronic hardware technology parks, special economic zones, and an environment conducive to foreign direct investment. Initiatives like the Modified Special Incentive Package Scheme (MSIPS), with a government investment of around USD 1.7 billion over the next five years, further bolster the electronics industry's growth in the country.
China, a global semiconductor market leader and the largest producer of electronic products, accounted for more than one-third of global production in 2018. Forecasts indicate growth in China's electronics output by over 4%, with the electronics equipment and electronic components segments expected to rise by around 3.0% and over 8%, respectively, in the coming years. The thriving electronics industry in Asia-Pacific's emerging economies is poised to drive a substantial increase in demand for polyimide coatings in the region.
In the Middle East, particularly the UAE, the electronics industry is expected to experience robust growth. Predictions suggest a 6% growth in the UAE consumer electronics market in the coming years, supported by favorable economic indicators, a rapidly growing population, and a flourishing tourism industry. This positive environment is expected to boost the adoption of consumer electronics and appliances in the region.
In conclusion, the robust growth of the aerospace and electronics industries in emerging economies, particularly in the Asia-Pacific region and the Middle East, is anticipated to present significant growth opportunities for players in the global polyimide coatings market.
