Product ID: SQSG15E2021
Report ID: SQSG15E2021 | Region: Global | Published Date: November, 2022 | Pages: 165 | Tables: 95 | Figures: 76
Global Fluoropolymers Market size was valued at USD 7.23 billion in 2021 and is poised to grow from USD 7.61 billion in 2022 to USD 12 billion by 2030, growing at a CAGR of 5.2% in the forecast period (2023-2030).
Growth is anticipated to be driven by increasing demand for the polymer used in the production of semiconductors used in electrical goods like computers and smartphones. In the near future, growth is anticipated to be boosted by the expanding electronics sector, particularly in China, South Korea, and Japan due to rising domestic demand and the existence of R&D centers.
Due to their outstanding tensile strength and great heat resistance, fluoropolymers are widely employed in a variety of applications for sectors such as the automotive, electrical, and chemical processing. Due to the introduction of new products by automakers like GM, Toyota, and Volkswagen, the automotive industry is expanding in the United States, Mexico, China, India, and Indonesia. This is likely to have a positive impact on Fluoropolymers Market growth in the near future.
For car fuel and engine systems, fluoropolymers like PCTFE, PVDF, and THV are used in the automotive industry. Excessive amounts of aggressive chemicals, persistent vibrations, and fuel mixes are found in automobile engine and fuel systems. Quick-connect O-rings, gasoline seals, fuel fill hoses, and seals are a few of the essential parts that make up fuel systems.
These fuel systems must be resistant to fuel, have a long, trouble-free life, be heat resistant, use aggressive lubricants, have low permeation rates, and adhere to strict emission standards. Utilizing fluoropolymers for distinctive design and regulatory requirements, which are anticipated to drive the market, helps automobile part manufacturers avoid some of the issues they confront. Fluoropolymer deployment has several benefits, including low processing temperature, capacity to connect with polymers based on hydrocarbons, and flexibility with regard to optical clarity.
Fluoropolymers improve the characteristics of coatings used on building materials, contemporary industrial machinery, and home appliances. Fluoropolymer resins are the perfect choice for applications that call for a decrease in friction and a strong resistance to solvents, acids, and bases thanks to their unique features. High chemical resistance, great thermal properties, and high weather stability are just a few of the characteristics that the fluoropolymer resin coatings display. Their popularity has grown as a result of the aforementioned qualities, and this trend is anticipated to last during the projected period.
US Fluoropolymers Market is poised to grow at a sustainable CAGR for the next forecast year.
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The global fluoropolymers market is segmented based on product, application, end-user and regions. Based on product, the Fluoropolymers Market is further sub segmented into Polytetrafluoroethylene (PTFE), Polyvinylidene fluoride (PVDF), Fluorinated Ethylene Propylene (FEP), Polyvinyl Fluoride (PVF) and other segments. On the basis of application, the market can be bifurcated into films, additives, coatings and other segments. Based on the end-user, the market is segregated into industrial equipment, construction, electrical & electronics, automotive and other segments. The regional insights of the fluoropolymers market are into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa.
Fluoropolymers Market Analysis by Product
The segment for polytetrafluoroethylene (PTFE) had the highest CAGR during the projection period. Due to its low cost, the polymer is used in non-stick coatings on several types of kitchen cookware, including baking trays, pans, and other items. PTFE has excellent anti-adhesion qualities, low friction, good heat and cold resistance, flexibility, low water absorption, good electrical insulating power in humid, hot situations, and good resistance to UV, weathering, and light.
During the projection period, the fluorinated ethylene propylene (FEP) segment may experience significant market share growth. Demand is anticipated to increase as a result of expanding uses in the aerospace, food processing, and electronics & electrical industries. FEP coatings are non-porous and have high chemical resistance, which makes them ideal for industries that produce food because they are resistant to hot water, fats, steams, and oils. It also has exceptional mechanical, chemical, and thermal qualities and works well as an insulator.
Fluoropolymers Market Analysis by End-User
During the predicted period, industrial equipment may represent a significant portion of sales. It is frequently employed in industrial settings, including heat exchangers, membrane & filtration systems, pharmaceutical processing equipment, and chemical processing. In industrial applications, fluorine-based polymers are primarily utilized to provide corrosion and thermal resistance. Chemical processing equipment, such as small vessels, filter tanks, reactors, flanges pipelines, and valves, is effectively coated for a variety of products. These polymers are a great option for membrane & filtering applications since they have molecular weights with regulated viscosity and high purity levels. The fluid handling equipment and components used in the chemical processing sector are corrosion-resistant.
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The expansion of the Asia Pacific fluoropolymers market is attributed to rising demand from the construction, electrical, and pharmaceutical industries. The expansion of the regional market will be fueled by the rising demand for polyvinylidene fluoride (PVDF) and fluorinated ethylene propylene (FEP) for the production of wire & cable insulation, coatings, and semiconductor applications. North America is anticipated to have significant expansion as a result of rising demand from the aerospace and electrical & electronics sectors. The market for electronic devices is lucrative, and producers and designers are constantly developing new goods.
During the projection period, Europe is expected to experience significant growth as a result of rising demand from the automotive sector. Europe is the largest private investor in R&D and the top producer of automobiles globally. The Latin American Fluoropolymers Market could increase slowly during the course of the prediction period. The increasing use of FEP and PVDF in wire and cable insulation, semiconductor production, and construction coating applications will propel regional development in the direction of new material and product development.
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Fluoropolymers Market Driver
Fluoropolymers Market Restraint
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Prominent firms are involved in the competitive and fragmented fluoropolymers market share. To increase output, the majority of businesses engage in strategic alliances, capacity expansion, new product development, acquisition, and the formation of new organizations. For instance, the Performance Fluoropolymer Partnership was created by Daikin Industries Ltd., AGC Inc., and Chemours Company LLC (PFP). The use, management, and manufacture of fluoropolymers are all goals of PFP.
Top Players in the Fluoropolymers Market
Fluoropolymers Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global fluoropolymers market is segmented based on product, application, end-user and regions. The segment for polytetrafluoroethylene (PTFE) had the highest CAGR during the projection period. Due to its low cost, the polymer is used in non-stick coatings on several types of kitchen cookware, including baking trays, pans, and other items. During the predicted period, industrial equipment may represent a significant portion of sales. It is frequently employed in industrial settings, including heat exchangers, membrane & filtration systems, pharmaceutical processing equipment, and chemical processing. The expansion of the Asia Pacific fluoropolymers market is attributed to rising demand from the construction, electrical, and pharmaceutical industries.
|Market size value in 2021||USD 7.23 billion|
|Market size value in 2030||USD 7.61 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Fluoropolymers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Fluoropolymers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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