Fluoropolymers Market Overview:
Fluoropolymers size is estimated to reach USD 7.23 Billion in 2030 from USD 11.38 Billion in 2021 with a CAGR of 5.17% during the forecast period (2022-2030).
The increased usage of Fluoropolymers in industries like construction, electrical &electronics automotive, medical and chemical industries owing to their properties like non-toxic, high chemical and electrical resistance, and brilliant tensile strength. Thus resulting in fluoropolymers market growth. In the medical sector, medical catheters are made using fluoropolymers. Polytetrafluoroethylene (PTFE) is used for the inner coating of guiding catheters in neurology and cardiology. Fluorinated ethylene propylene (FEP) is used in vascular access rings and heat shrink tubing. Whereas in the automobile sector, they are used in fuel hoses in the fuel system and other components to provide evaporation protection, thermal and chemical resistance
Fluoropolymers belong to the family of resins that contains bonds of carbon fluoride. They are strong durable and lightweight. Along with that, it offers various properties such as electrical and mechanical insulation, chemical resistance, and heat resistance. Furthermore, they are biocompatible, highly lubricant, and have brilliant dielectric properties. There are numerous applications of fluoropolymers in different industries such as automobiles, medicine, electronics construction, and chemical industries.
The growing electronics industry, centered on China, South Korea, and Japan, is expected to boost growth in the near future as domestic demand expands along with the presence of R&D bases.
Market Dynamics:
Driver:
With various beneficial properties offered by fluoropolymers, their demand is increasing in different sectors which are boosting the market growth. Due to their high biocompatibility, they replace the plastics in various surgical instruments such as heart valves and corneas, which increases their demand, hence serving as the key driver for the market. Moreover, the growing demand for the polymer to manufacture semiconductors used in devices like computers and smartphones is fueling the market trends. Due to their high tensile strength and durability fluoropolymers are being used in the automobile industry because these polymers prolong the component’s life for safety, performance, and emission control.
Restraint:
Certain polymers possess risks to the environment. Which stringent regulation followed for the use of fluoropolymers and production executed by numerous regulatory bodies is expected to hamper the market growth. For instance, perfluorooctanoic acid (PFOA), a fluoropolymer used as a raw material is classified as carcinogenic by USEPA. In addition, Unstable prices for raw material challenges the market growth
Opportunities
Fluoropolymers are the most suitable and convenient materials for manufacturing environmentally friendly technological applications, photovoltaic panels from wind turbines. They help in improving constancy by regulating protectionfromextremeweatherconditionsandenvironmentssuchasrain, UV rays, wind moisture, and extreme temperatures. Additionally, increased safety and efficiency, electrical and chemical insulation, corrosion protection, tensile strength, and pressure resistance are factors expected to create opportunities for investors in the global fluoropolymer market in the future.
COVID-19 Impact:
Fluoropolymers have been severely impacted in different parts of the world by the COVID-19 pandemic. Factors such as reduced procurement of materials, limited access to raw materials, and economic slowdown mainly due to reduced foreign direct investment (FDI) globally are the major impacts of COVID-19 that hindered the growth of the market. Supply chain disruptions and manufacturing facility closures affected deliveries during the initial lockdown, leading to drops. The aerospace and automotive industries are the largest consumers of fluoropolymers, but due to the current pandemic, these industries are facing a significant decline. However, demand for fluoropolymer healthcare devices and testers drove the market during the COVID-19 pandemic
Fluoropolymer Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2018-2030 |
| Market Size in 2030 (USD Billion) | 11.3 Billion |
| CAGR (2022-2030) | 5.17% |
| By Product Type | PTFE, PVDF, FEP, Fluoroelastomers, and Others |
| By Application | Coating, Film, Tube, Sheet, Pipe, Membrane, Sealant, Roofing, Additives, and Others |
| By End Use | Automotive, Electrical & Electronics, Construction, Industrial and
Others |
| By Geography | North America, Europe, Asia Pacific, Latin America, Middle East, and Africa |
| Key Players | Daikin Industries Limited; Chemours (DuPont); Solvay SA; Asahi Glass Co. Ltd.; Arkema SA; 3M (Dyneon GmbH); Dongyue Group Ltd; Gujarat Fluorochemicals Ltd. (GFL); Halopolymer Ojsc; Honeywell International Inc. |
Market Segmentation:
By Product Type
The type segment is divided into polytetrafluoroethylene (PTFE), Polyvinylidene difluoride (PVDF), Fluorinated ethylene propylene (FEP), Fluoroelastomers, and Others. The PTFE Fluoropolymers segment is estimated to contribute the largest share in terms of value during the forecast period. They are highly wear-resistant and chemically stable and they are used to manufacture washers, pumps, interiors, gaskets, linings, and seals in the industrial sector. Owing to its no-stick nature this polymer is found in many kitchen utensils such as baking trays, pans, and others FURTHERMORE, PVDF IS ALSO Expected to show steady growth in the market statistics. The properties like low thermal conductivity, flexibility, high chemical resistance, and heat resistance make this polymer a suitable substance to be used in the electronics sector.
By Application
The application segment is divided into coatings, films, hoses, sheets, pipes, membranes, sealants, roofing, additives, etc. The coating segment is expected to contribute the largest revenue share to fluoropolymers market growth during the forecast period. Fluoropolymer coatings are combinations of fluoropolymer lubricants and high-performance resins. These coatings contain excellent dry film lubricants. The final product produces a smooth, hard, and smooth coating with excellent corrosion and chemical resistance. This coating has a variety of applications in various industries such as aerospace and food processing. It is therefore expected to support the growth of the coatings sector. Moreover, the film segment is estimated to register the fastest CAGR growth during the forecast period. Properties such as chemical resistance, temperature resistance, climate resistance, UV resistance, excellent thermal insulation, and moisture resistance make it a versatile choice in various industries such as pharmaceuticals, food and packaging electronics, and aerospace.
By End Use
The end-user segment is separated into Automotive, Electrical & Electronics, Construction, Industrial, and Others. The industrial segment is expected to contribute the largest revenue share of over 11.1% during the forecast period. They find numerous applications such as filtration membranes and pharmaceutical processing equipment, heat exchangers, and many more which are expected to support the growth of the industrial segment. Additionally, Rising construction spending in India, China, and the Middle East should benefit the industry in the near future amid supportive regulations that encourage infrastructure development. Hence, this resulted in the steady growth of the construction segment in the fluoropolymer market.
By Region
The regional segment includes Asia Pacific, Europe, North America, the Middle East, and Africa, Latin America. Asia-pacific is estimated to contribute the largest share to the industry growth during the forecast period Infrastructure development projects under preparation in the region have had a positive impact on the construction industry and are expected to have a positive impact on the fluoropolymer market during the forecast period.Additionally, countries like china led the market in this region owing to the development of residential and commercial buildings.
North America is anticipated to register the fastest growth in terms of value during the forecast period. Expansion of numerous sectors like automobiles, electronics, and construction are certain reasons why the market is estimated to substantially grow in this region.
Fluoropolymer Market Competitive Landscape:
The industry competitive landscape has been examined in the report, in terms of detailed company profiles of the key players operating in the market. Further, the fierce industrial rivalry, large market concentration, and augmented emphasis on major market share in terms of customer base across the international markets have accelerated the growth of the sample preparation market. Additionally, the competitive edge over other market players including partnerships, strategic alliances, mergers and acquisitions, and large investments are also elaborated in the report. Key players in the market include-
- Daikin Industries Limited
- Chemours (DuPont)
- Solvay SA
- Asahi Glass Co. Ltd.
- Arkema SA
- 3M (Dyneon GmbH)
- Dongyue Group Ltd
- Gujarat Fluorochemicals Ltd. (GFL)
- Halopolymer Ojsc
- Honeywell International Inc.
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