PI film has excellent performance and wide downstream application fields. The products of polyimide include film, foam, fiber, photosensitive polyimide and polyimide based composites. PI films account for more than 70%, which is the most important product form of polyimide industry. The manufacturing of PI film needs to go through production processes such as resin polymerization, tape casting, directional tensile amination and post-treatment. The product has excellent characteristics such as high heat resistance, strong mechanical properties, low dielectric constant and low expansion coefficient. It is known as "gold film". Downstream, it is widely used in high-tech industries such as consumer electronics, high-speed railway, wind power, aerospace and flexible display.
Foreign giants occupy the mainstream of the market, and domestic production capacity gradually follows up
Domestic PI film started late, and there is a gap with foreign giants in production capacity, process and technology. As most advanced production technologies are mastered by the United States, Japan, South Korea and other countries, China mainly produces low-end electrical PI films, and high-end products still rely on imports. In recent years, with the continuous accumulation of domestic technology and capital, many new material enterprises have successively put into operation PI films, and the domestic production capacity has gradually expanded.
From the global market, American, Japanese and Korean enterprises, including DuPont, Zhongyuan Chemical Industry Co., Ltd., Toray Co., Ltd., Yubu Xingchan Co., Ltd. and SKC Kolon PI Co., Ltd., occupy nearly 80% of the production capacity of the whole industry. In recent years, the development of domestic professional manufacturers has accelerated, and the domestic PI film has gradually realized import substitution. Among them, the global market of product sales of Shenzhen ruihuatai Film Technology Co., Ltd. accounts for about 6%, indicating that the domestic PI film manufacturers have officially entered the ranks of global competition.
It is estimated that the domestic market will reach 7.24 billion yuan and there is broad space for import substitution
From 2017 to 2020, the compound growth rate of the global PI film market was nearly 8%. By the end of 2019, the global PI film market reached US $1.8 billion, an increase of 11.1% over the previous year and US $2.05 billion in 2020. At present, in the downstream application fields of PI film in the world, FPC of flexible circuit board accounts for the largest proportion, about 48%, followed by special products including aerospace materials and flexible display materials, accounting for about 29%, and other application fields account for 23%.
The growth of FPC output value of flexible circuit board promotes the continuous expansion of electronic grade PI Film Market: flexible copper clad laminate FCCL is an important substrate for manufacturing FPC of flexible circuit board, which has become an important component of electronic products and equipment because of its lightness and flexibility. The global market size of FCCL increased from US $2.64 billion in 2014 to US $4.48 billion in 2019. As the main raw material of FCCL, the demand for electronic grade PI film increased synchronously with FCCL. In 2019, the global demand for PI film in FCCL industry reached 14877.5 tons and the domestic demand was 4869.0 tons, with an increase rate of 8%. From the perspective of FPC output value, the domestic FPC output value increased from 29.07 billion yuan to 52.6 billion yuan from 2014 to 2020, with a compound growth rate of 10.4%. In recent years, the growth rate of FPC demand has slowed down, but the development of new downstream electronic products will inject new growth power into the FPC Industry. It is expected that the output value of FPC will increase to 54.44 billion yuan in 2021, so as to promote the continuous expansion of electronic PI film market.
The rapid development of commercial aerospace and flexible screen promotes the continuous growth of special grade PI Film Market: in the aerospace field, PI film is used as rocket protective material because of its excellent weather resistance and radiation resistance. Since 2015, thanks to policy support and the development of private enterprises, the number of domestic launch vehicles has gradually increased and the launch revenue has increased rapidly, In 2019, the market scale of the whole commercial aerospace industry chain exceeded 800 billion yuan, with a compound growth rate of 22.1%. Since the raw material cost of single launch vehicle can account for 35% of the total cost, the localization of raw materials is bound to greatly reduce the manufacturing cost, so as to promote the growth of special grade PI film. In the field of flexible screen, flexible CPI film is the screen cover material used by most folding mobile phone manufacturers. With the continuous commercialization of flexible display, folding mobile phones have gradually become a new form of mobile phones. According to relevant forecasts, the global shipment of folding mobile phones will reach 45.3 million and the domestic shipment will reach 13.2 million in 2024. As the core component of folding mobile phones, the flexible cover plate will promote the continuous growth of special grade PI film.
With the rapid development of consumer electronics, thermal conductive PI film has ushered in greater demand space: thermal conductive graphite film is a downstream product of thermal conductive PI film, which is mainly used in LED substrate, electronic component heat dissipation and other fields. It is the mainstream heat dissipation material used in the consumer electronics industry. In recent years, the market scale of domestic thermal conductive interface materials has gradually expanded, from 660 million yuan in 2014 to 1.27 billion yuan in 2020, with a compound growth rate of 9.9%. With the advent of the 5g era, the domestic shipment of 5g mobile phones has rapidly increased from 12.982 million in 2019q4 to 55.096 million in 2020q4. The driving of 5g technology will bring greater demand space for thermal conductive PI films.
The market of wind power and high-speed rail industry is rising steadily, and the industrial scale of electrical PI film continues to expand: Electrical PI film is mainly used in high-grade insulation systems such as variable frequency motors and generators, and finally applied to wind power generation, high-speed rail transit and other fields. In the wind power industry, China is the world's largest wind power development market. By the end of 2020, the cumulative installed capacity of domestic wind power had reached 282gw, a year-on-year increase of 34.3%, and the cumulative installed capacity accounted for 36% of the world. Under the background of advocating new energy, with the localization of wind power industry chain, electrical PI film will have broader market prospects. In the high-speed rail transit industry, China's high-speed rail operation mileage ranks first in the world, accounting for more than 60%. By the end of 2019, the domestic high-speed rail operation mileage has reached 35000 km, and the number of EMU locomotives has reached 29000. It is expected that the domestic high-speed rail mileage will reach 37000 km in 2020, and the market scale of electrical PI film will continue to expand.
According to the calculation of the growth rate of global and domestic downstream industries, it is estimated that by 2022, the total scale of global PI film market will reach US $2.45 billion, and the total scale of domestic PI film market will reach 7.24 billion yuan, including 2.63 billion yuan of electronic PI film, 2.69 billion yuan of special PI film, 950 million yuan of thermal conductivity PI film and 970 million yuan of electrical PI film. Source: fpcworld
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