Fluoropolymers Market Growth 2022-2030
Fluoropolymer is a chemical compound that comprises bonds of carbon fluoride. It provides a range of properties, such as chemical resistance, electrical and mechanical insulation properties, thermal resistance, stress cracking, and others. Such properties open up opportunities for fluoropolymers in many applications, from coatings to industrial films. It is also used in household applications, construction, and electrical electronics, among others.
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As per Market Research Future (MRFR) analysis, the global fluoropolymer market is estimated to reach USD 9,912.5 million with a CAGR 6.45% from 2017 2023 (forecast period). The report provides a comprehensive overview of the global situation, the economic condition, and the COVID-19 impact on the overall market.
Market Dynamics
The market for fluoropolymers is projected to increase significantly during the forecast period. The increasing demand for superior performance materials in architectural coatings and the rising need for lightweight materials in the automobile sector have contributed massively to the growth of the global market for fluoropolymers. According to the MRFR report, the automobile and transport industry held the second-largest share of the global demand for fluoropolymers in 2016 and is expected to rise at a CAGR of more than 7% over the projected years. Furthermore, the high chemical and thermal resistance properties of fluoropolymers make them ideal for use in the semiconductor and aerospace industries. Fluoropolymers are commonly used igniters in the aerospace industry coupled with pipe fittings and wafer handling in the semiconductor industry. Such rising applications in the aerospace and semiconductor industries are anticipated to propel the market during the forecast period. In addition, an increasing perception of environmental impacts has shifted preference to green fluoropolymers, which is projected to be a significant opportunity for the global fluoropolymers market growth.
However, compliance with strict government regulations to minimize carbon emissions in the production of fluoropolymers is estimated to impede the market growth.
Market Segmentation
The global market for fluoropolymers has been segmented based on type, application, and end-use.
Based on type, the global market for fluoropolymers has been segmented into polytetrafluoroethylene (PTFE), polyvinylidene fluoride (PVDF), fluoroelastomers (FKM), fluorinated ethylene-propylene (FEP), ethylene tetrafluoroethylene (ETFE), polychlorotrifluoroethylene (PCTFE), and others.
Based on application, the global market for fluoropolymers has been segmented into paints coatings, films, tubing, additives, and others.
Based on end-use, the global market for fluoropolymers has been segmented into chemical processing, automotive transportation, electrical electronics, construction, industrial equipment, medical, household, and others.
Regional Analysis
The global market for fluoropolymer has been spanned across five major regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East Africa.
The Asia Pacific was the largest market in 2016 and is expected to rise at a CAGR of 7.29% during the assessment period. China is leading the global market, accounting for a market value of USD 776.1 million in 2016. In addition, the Indian fluoropolymer market is expected to be the second-largest market in the forecast period. According to MRFR analysis, the increasing disposable per capita income in the region has led to the development of major end-use industries, which is expected to be a significant driver of market growth. In addition, the increasing adoption of specialty fluoropolymers in the healthcare sector for the manufacture of medical devices is further projected to generate high revenues in the fluoropolymer market.
The U.S. market is predicted to have the highest CAGR of over 6.50%, and the Canadian market is estimated to have a CAGR of over 6%. The chemical processing industry is expected to produce the highest revenue in the region. In addition, growing investment in infrastructure development, particularly in Canada, such as the New Building Canada Fund, is expected to expand the demand for fluoropolymers. Fluoropolymers are commonly used in architectural coatings because they deliver excellent shape and design.
Key Players
Some of the leading participants operating in the global fluoropolymers market are DowDupont,Inc (U.S.), Solvay SA(Belgium), Asahi Glass Co, Ltd (Japan), 3M (U.S.), Daikin Industries, Ltd (Japan), Honeywell International Inc. (U.S.), Saint-Gobain S.A. (France), Arkema Group (France), The Chemours Company (U.S.), Kureha Corporation (Japan), W.L. Gore Associates, Inc (Japan), Zeus Industrial Products, Inc. (U.S), and Gujarat Fluorochemicals Ltd (India).
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