Rapid Industrialization to Spur the Global Fluoropolymers Market Over the Forecast Period 2023 - 2030

Pune, India, July, 2018 /press release/-Market Research Future Published a Half-Cooked Research Report on Global Fluoropolymers Market Research Report.

Market Insight

According to a new report by Market Research Future (MRFR), the global market for fluoropolymers is anticipated to touch a revenue of USD 18 Billion by the end of 2030 due to rapid industrialization. The market is anticipated to expand at a flourishing CAGR of 7.00% during the forecasted period (2023 - 2030). Fluoropolymers offer properties like mechanical insulation and electrical properties, chemical resistance, stress cracking, thermal resistance, and others and are used for applications like industrial films and coatings. Fluoropolymers market are also used in construction, household applications and electrical and electronics.

Future Constraints and Drivers Impacting the Market Growth

The increasing demand for lightweight materials in automobile industry coupled with high-quality performance material in architectural coatings is expected to galvanize the growth of fluoropolymers market globally. Fluoropolymers are highly used as igniters in the aerospace sector along with wafer handling and pipe fittings in the semiconductor industry. With the growing application in the semiconductor and aerospace industry, the global market for fluoropolymer is predicted to expand at a significant rate. Moreover, with the growing consciousness of environmental impacts, there has been an increasing demand for green fluoropolymers which is expected to spur the market growth over the assessment period.

Owing to the lubricity, good dielectric properties, and biocompatibility, fluoropolymers are being used extensively for medical devices which is anticipated to boost the market growth. Fluoropolymers are also used in the development of artificial corneas and heart valves. Fluoropolymers are emerging as one of the extensively used materials due to replacement of plastic products in healthcare and medical industry. It is also used as a substitute for skull, ear, knee, hip, and nose parts owing to its properties like high resistance to heat and chemical, and low coefficient of a fraction. Also, prominent market players are focusing to develop eco-friendly and recyclable polymers which driving the market for fluoropolymers.

Meanwhile, the compliance of strict government mandates to restrict the emission of carbon by fluoropolymer production is predicted to restrict the market growth over the review period. Several fluoropolymers can break down into chemicals that cause cancer. Moreover, the increasing raw material cost can hinder the market growth globally.

Global Fluoropolymers Market Segmentation

The global market for fluoropolymers has been segmented based on application, type, end-user, and region.

The market has been segmented into polyvinylidene fluoride (PVDF), ethylene tetrafluoroethylene (ETFE), polychlorotrifluoroethylene (PCTFE), polytetrafluoroethylene (PTFE), fluoroelastomers (FKM), fluorinated ethylene-propylene (FEP), and others based on type. Among these, the polytetrafluoroethylene (PTFE) segment has been predicted to hold the largest share over the assessment period. PTFE held a market share of 45 % as of 2016 and is predicted to showcase 6.94 % CAGR. Polyvinyl chloride is estimated to be the fastest growing segment with 7 % CAGR.

The market has been segmented into films, additives, tubing, paints & coatings, and others based on application. Among these, the paints & coatings segment is witnessed to dominate the market globally over the assessment period and has been accounted for 89.62 kilotons in 2016 and is estimated to showcase 6 % CAGR over the review period.

The market has been further segmented into construction, chemical processing, automotive & transportation, electrical & electronics, household, industrial equipment, medical, and others based on end-use. Among these, chemical processing segment is estimated to generate the highest revenue and is expected to show its dominance during the assessment period. This segment is expected to expand at 6.33 % CAGR during the forecast period (2023 - 2030).

Asia Pacific to Continue its Dominance Over the Forecast Period

The global market for fluoropolymer has been spanned across Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa.

Asia Pacific is anticipated to hold the largest market share and is estimated to expand at 7.29 % CAGR over the forecast period. China is leading the regional market with a revenue of USD 776.1 million in 2016. The Indian fluoropolymer market is estimated to be the second largest market over the assessment period. With the growing per capita disposable income in this region, the market is sure to expand. Also, the adoption of specialty fluoropolymer in the healthcare industry for the production of various medical devices is expected to spur the market growth during the assessment period.

The North American market is predicted to hold a market share of 86.8 kilotons touch revenue of USD 2,193.8 million by the end of 2023 owing to the extensive application in the healthcare sector especially in pharmaceutical packaging, medical devices, and delivery of drugs. While the Canadian market is estimated to showcase 6 % CAGR, the U.S. market is anticipated to expand at the highest CAGR of 6.50 %. With the growing investment in infrastructural development in Canada, for instance, the New Building Canada Fund, the market for fluoropolymers is expected to boom during the review period.

Industry News

Quadrant is offering a laser-writable polyoxymethylene product to the engineering plastics market. Quadrant, with this development, can meet pharma industries’ need for laser-writable machine components with no risk of food combination.

Competition Analysis

Presence of some of the prominent players like Gujarat Fluorochemicals Ltd (India), DowDupont Inc (U.S.), Arkema Group (France),  W.L. Gore & Associates Inc (Japan), Asahi Glass Co, Ltd (Japan), Kureha Corporation (Japan), 3M (U.S.), Honeywell International Inc. (U.S.), Saint-Gobain S.A. (France), The Chemours Company (U.S.), Daikin Industries Ltd (Japan), Solvay SA(Belgium), Zeus Industrial Products Inc. (U.S), and others, the market is expected to boost significantly over the assessment period.

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