COVID-19 Impact on Polyimide Binders Market
The COVID-19 outbreak has hindered the demand for polyimide binders in several ways. Governments of various countries across the globe enforced lockdown measures to curb the spread of the coronavirus. This resulted in slowdown and even halt in manufacturing operations, thus hampering the demand for polyimide binders. Major end-users of polyimide binders are automobile and electronics sectors. Lockdowns imposed across the world hindered construction and production activities around the world. The consumer goods market was also affected due to the lockdowns. Demand for automobiles, wires and cables, pipes, and other goods, wherein plastic is used, plummeted. This hampered the polyimide binders market. The COVID-19 outbreak has directly affected production activities of various non-essential goods. Industrial shutdown caused by the COVID-19 pandemic created disruption in the production of polyimide binders. Disruption in supply of raw materials also hampered full-scale operations of companies operating in the market
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Key Drivers and Restraints of Global Polyimide Binders Market
The global polyimide binders market is expected to expand significantly due to the advancements in processing technologies. Growth of the automotive industry has further boosted the demand for polyimide binders, as they act as an important battery materials. Therefore, they are largely used in manufacture of Li-ion batteries. Strength and high durability are few properties of polyimide binders that are required while manufacturing battery separator materials. Demand for EV is expected to rise due to various factors such as depleting fossil fuel reserves and environmental concerns regarding emissions from conventional vehicles. This is expected to boost the production of Li-ion batteries significantly. Thus, the polyimide binders market is expected to expand considerably during the forecast period. Cost is one of the most important criteria while producing polyimide binders. Assuming that more than one binder meets all other requirements for a given application, price usually determines which binder material would be chosen. The prices of polyimide binders may vary widely due to differences in raw material and processing costs. This is the major restrain of the global polyimide binders market.