For the Quarter Ending September 2025
APAC
• In China, the Polyimide Price Index fell by 13.42% quarter-over-quarter, reflecting supply easing and competitive discounts.
• The average Polyimide price for the quarter was approximately USD 19133.33/MT, based on FOB Qingdao.
• Polyimide Spot Price softened during the quarter as domestic sellers increased discounts to clear inventories.
• Polyimide Price Forecast indicates modest recovery into Q4, contingent on restocking and improved export logistics.
• Polyimide Production Cost Trend eased due to lower feedstock and energy inputs, supporting margin pressure relief.
• Polyimide Demand Outlook remains mixed; automotive NEV strength offsets weaker consumer electronics and smartphone segments.
• Polyimide Price Index volatility reflected inventory destocking, promotional selling, and order flows from NEV manufacturers.
• Elevated export inquiries partially supported pricing, while domestic overcapacity and festival holidays pressured short-term availability.
Why did the price of Polyimide change in September 2025 in APAC?
• Improved domestic supply and inventory destocking created oversupply, triggering downward pricing pressure in September 2025.
• Easing feedstock and energy costs reduced production costs, while port congestion and holidays disrupted supply timing.
• Aggressive discounting by producers and cautious downstream procurement amplified negative market sentiment, weakening price realizations.
North America
• The Price Index for polyimide fluctuated through Q3 2025 as spot tightness for certain film grades alternated with periods of softening; the Polyimide Spot Price moved up and down on short-cycle order flows.
• Why September 2025 changed: Prices increased in September 2025 after semiconductor suppliers and flexible PCB fabricators accelerated restocking ahead of new product ramps, tightening available merchant film and substrate lots and supporting spot premiums.
• Downstream uses (drivers): Primary end-uses driving demand include flexible printed circuits (FPCs), semiconductor insulation and packaging, aerospace insulation and films, high-temperature adhesives/coatings, and medical device components — sectors that require PI for thermal/electrical performance.
• Production cost & supply: The Polyimide Production Cost Trend showed intermittent upward pressure from aromatic monomer costs, specialty solvent and energy inputs, and selective capacity constraints at high-purity film lines; these factors amplified short-run spot volatility.
• Demand & outlook: The Polyimide Demand Outlook into Q4 is constructive for electronics and aerospace segments; the Polyimide Price Forecast assumes continued short-run fluctuation with a mild upward bias if semiconductor/flex-PCB restocking continues.
Europe
• Europe’s Price Index for polyimide displayed swings through Q3 2025; Polyimide Spot Price volatility reflected uneven demand from electronics, automotive, and aerospace converters.
• Why prices in September 2025 changed: Prices decreased in September 2025 as some converters curtailed purchasing after summer restocking and imported lower-cost film lots improved availability, relieving previous supply tightness.
• Downstream uses (drivers): Key applications include flexible circuitry and FPC substrates, high-temperature insulating films for aerospace and defense, automotive sensors and EV components, and specialty coatings/adhesives — sectors that set baseline PI demand.
• Production cost & supply: The Polyimide Production Cost Trend eased modestly toward quarter end as some monomer and energy costs softened and imports competed with local film output, constraining manufacturers’ ability to push through higher prices.
• Demand & outlook: The Polyimide Demand Outlook for Q4 is cautiously positive as new electronics and aerospace programs may re-ignite offtake; the Polyimide Price Forecast indicates a sideways-to-moderate recovery profile, dependent on semiconductor and automotive program cadence.
For the Quarter Ending June 2025
APAC
• The Price Index for Polyimide Spot Price fell sharply—down from USD 23000/MT (April) to USD 21400/MT (FOB Qingdao) by June.
• Despite strong automotive and high-tech demand, intense supply-side competition, rising inventories, and stable input costs pushed the soft pricing trend.
• The Polyimide Price Forecast suggests continued mild softness into Q3, leveling off as demand and supply rebalance.
• Why did the price change in July 2025?
In July 2025, the Price Index decreased further, albeit at a reduced rate, as downstream hesitancy and elevated stock levels persisted, even as demand improved in EV and aerospace applications.
• The Polyimide Production Cost Trend remained stable. Feedstock prices and manufacturing input costs (e.g. precursor monomers, energy) did not rise significantly. Domestic producers absorbed margin pressure while clearing inventory.
• The Polyimide Demand Outlook remains cautiously optimistic. Automotive and NEV-related demand continues robust, but broader uptake in electronics and aerospace remains moderate. Demand growth may improve if inventory digestion supports restocking.
Europe
• The Price Index for Polyimide fluctuated through Q2 2025, with softening price support amid mixed demand from electronics and automotive sectors. Import competition and logistics volatility added to pricing uncertainty.
• Why did the price change in July 2025?
In July 2025, the Price Index likely decreased modestly, as European tyre tiers and tyrene industrial users tread cautiously amid weak OEM orders and subdued restocking by processors.
• Production Cost Trend: The Polyimide Production Cost Trend stayed relatively flat. Rising logistics and compliance costs offset mild raw material relief, but upstream cost volatility remained contained.
• The Polyimide Demand Outlook is subdued to steady. Demand from high-performance applications such as aerospace and e-mobility are supportive, but broader chemical and compound segments await recovery in industrial and consumer electronics.
North America
• North American Price Index for Polyimide showed a modest downward trend across Q2 2025, mirroring global softness and cautious buyer sentiment in varied application markets.
• Why did the price change in July 2025?
In July 2025, the Price Index likely edged lower, as downstream players delayed procurement amid inventory normalization and uncertainty in EV/semiconductor-linked demand.
• Production Cost Trend: The Polyimide Production Cost Trend remained stable, with moderate feedstock pricing and manufacturing costs. No significant disruptions occurred in precursor supply chains.
• The Polyimide Demand Outlook points to measured appreciation, dependent on recovery in high-tech manufacturing, EV-related growth, and overall industrial momentum.
For the Quarter Ending March 2025
North America
In Q1 2025, the North American polyimide market experienced fluctuating prices, influenced by sectoral demands and economic conditions. January saw a modest price increase due to steady demand from the aerospace and electronics sectors. However, February witnessed a slight dip as construction activity remained subdued, impacted by high mortgage rates and cautious investor sentiment. March brought renewed price pressures, driven by rising raw material costs and supply chain disruptions.
The automotive sector's performance notably impacted polyimide demand. While overall vehicle sales showed a modest uptick, the electric vehicle (EV) segment, which heavily relies on polyimide for battery insulation and electronic components, faced challenges due to economic uncertainties and reduced consumer confidence. This tempered the demand growth for polyimide in automotive applications.
In the construction sector, activity remained subdued, with high interest rates and material costs dampening new projects. This stagnation limited demand growth for polyimide in construction-related applications. Overall, the North American polyimide market navigated a complex interplay of sectoral performances and economic policies, leading to a dynamic pricing environment.
Asia
The APAC polyimide market in Q1 2025 is characterized by steady supply conditions and moderate demand growth, underpinned by robust manufacturing activity and expanding automotive sectors, particularly in new energy vehicles. Despite stable production and raw material availability, competitive pressures and improved efficiencies have tempered price momentum. Market sentiment remains cautiously optimistic, with inventory levels sufficient to meet demand, and a slight easing in pricing anticipated as the quarter progresses. In China, polyimide prices increased by 2.13% from Q4 2024 to an average of 24,813 USD/MT in Q1 2025, exhibiting a relatively flat intra-quarter trend. This stability reflects balanced supply and demand dynamics, supported by steady domestic production and strong automotive sector performance. Competitive pricing and efficient manufacturing have moderated price gains, resulting in a broadly stable market outlook with a near-term expectation of continued ample availability exerting downward pressure.
Europe
During Q1 2025, Europe's polyimide market experienced price fluctuations influenced by sectoral demands and economic conditions. January witnessed price increases due to tight supply and robust demand from the electronics and aerospace industries. February saw stabilization as supply chains improved, but March brought renewed price pressures from rising energy costs and feedstock availability concerns.
The construction sector showed signs of recovery, with EUROFER forecasting a 1.1% growth in 2025 after years of decline. This resurgence, supported by EU funding and infrastructure projects, bolstered demand for polyimide in construction-related applications.
Conversely, the automotive sector faced challenges. Volvo announced significant job cuts amid declining sales and revenues, citing unprecedented industry challenges. These difficulties in the automotive industry tempered demand for polyimide derivatives used in vehicle manufacturing.
Overall, Europe's polyimide market in Q1 2025 was shaped by a recovering construction sector and a struggling automotive industry, leading to a nuanced pricing landscape influenced by varying sectoral demands and economic factors.
For the Quarter Ending December 2024
North American
In the USA, Polyimide prices in Q4 2024 followed a similar pattern to Europe, showing seasonal fluctuations influenced by demand and supply dynamics. In December, prices were relatively stable, but weak demand from the automotive and electronics sectors kept any significant growth in check.
The manufacturing sector's slowdown in the U.S. led to moderate demand, especially in the construction and electronics markets. However, the stable production of Polyimide and steady feedstock costs provided some balance, mitigating larger price declines. In November, prices rose slightly by about 2%, largely due to steady demand from the high-performance manufacturing sector, particularly in NEV applications.
Despite rising competition and manufacturing cost pressures, there was moderate support from increased activity in key industrial sectors. By October, Polyimide prices had risen by 3.5% as automotive production and high-tech sectors saw continued growth, particularly driven by the expanding electric vehicle market. Seasonal trends in the U.S. suggest a stable start to 2025, with ongoing pressures from supply chain constraints and inflation, though the outlook remains cautiously optimistic for gradual price growth and demand recovery in the first half of the year.
APAC
In Q4 2024, Polyimide prices in China saw fluctuations influenced by various demand and supply dynamics. In December, prices declined by 1.4%, driven by a steady supply of material and stable domestic production. The strong performance of China’s automotive sector, particularly in New Energy Vehicles (NEVs), provided ongoing demand support, though competition and improved production efficiency led to a price reduction. Meanwhile, methanol price increases, influenced by Methanex's contract price adjustments, are expected to affect Polyimide production costs, although the overall market remains stable with moderate demand from high-tech industries. In November, Polyimide prices rose by 2% due to robust demand from high-tech industries, particularly the automotive sector, where the growing NEV market drove significant consumption. Supply faced constraints due to the limited availability of precursor materials, but strategic partnerships ensured a steady flow for critical applications in electronics and automotive sectors. In October, Polyimide prices rose by 3.5%, fueled by high demand in the automotive and electronics sectors, as well as increased investments in China's high-tech manufacturing. These market conditions point to continued growth and investment in Polyimide for the coming year, particularly in the NEV sector.
Europe
In Q4 2024, Polyimide prices in Europe saw fluctuations primarily driven by seasonal demand variations and supply chain dynamics. In December, prices experienced a decline due to reduced demand from the automotive sector and slower growth in high-tech industries. The impact of global economic uncertainties, including weak demand in Europe’s key markets and supply chain disruptions, contributed to the downward price pressure. While the automotive sector, especially in the NEV segment, supported some stability, it was not enough to offset overall market weakness. Additionally, increased competition and price pressure from domestic manufacturers, along with limited availability of precursor materials, added to the decline. During November, Polyimide prices saw a slight increase of around 2%, driven by moderate demand from key sectors like automotive and electronics. The winter slowdown, typical in European manufacturing, coupled with constrained supply, led to a tightening in the market. October saw a 3.5% price rise due to higher demand, particularly from the NEV market, as well as investments in high-tech manufacturing. However, the European market’s seasonal trends suggest that the first quarter of 2025 may see a gradual recovery, with price stability likely to depend on economic conditions and supply chain adjustments.
