Increasing consumption of fluoropolymer in industrial processing & application is anticipated to create opportunities for growth of the market. According to a new study by Future Market Insights (FMI), over the assessment period between 2021 and 2031, the market will rise at a CAGR of 5.4%.
A fluoropolymer is characterized by high resistance to acids, solvents, and bases. Polytetrafluoroethylene (PTFE) is the most well-known fluoropolymer. It is expected to constitute over half of fluoropolymer sold globally. Fluoropolymers are widely used in industrial processing industries for numerous applications such as heat exchanger coatings, pump impellers, tanks, autoclaves, reaction vessels, flue duct expansion joints, autoclaves, and among others.
Geographically, East Asia is anticipated to dominate the market, accounting for more than one third of market value share. The Fluoropolymer market is estimated to reach a total market value of US$ 12,991.5 Mn by the end of 2031, growing at a rate of 5.3% during the forecast period. Rising demand from end use industries such as industrial processing as well as electrical & electronics are the key factors driving the global Fluoropolymer market during the assessment period.
Due to the COVID -19 crises the automotive and other allied industries has experienced a substantial decline owing to the restriction on trade between the regions, shortage of skilled labor, disruption in supply chain channel and among others. However, the trend is expected to regaining its growing from first half of estimated year and is expected to continue its boost in the near future.
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How the Historical and Future Outlook for Fluoropolymer Market will Match Up?Fluoropolymer consumption is projected to grow by 1.7X during the forecast period. End-use segments are growing at a considerable rate since last few years, which is expected to experience significant growth in the near future.
In terms of regional classification of the market, East Asia and Europe are estimated to dominate at a global level and are expected to continue their dominance in the long run. The increasing consumption of fluoropolymer in the regions owing to rapidly increasing industrial infrastructure and favorable government initiatives will aid the overall expansion. Furthermore, increasing investments by regional governments for industrial development is expected to be one of the key driving factor for the global fluoropolymer market over the coming years.
Leading manufacturers are expanding their production capacities to satisfy the demand created by end users. Leading manufacturers of fluoropolymer are strategically collaborating with end users especially industrial processing application for ensure long-term supply. According to FMI’s analysis, fluoropolymer sales to grow at 5.3% % CAGR between 2021 and 2031.
Fluoropolymer are used in pump, impellers, coating for heat exchangers, tanks, reaction vessels, autoclaves, container, flue duct expansion joints, diaphragms and among others for various end use application owing to its excellent mechanical properties, chemical resistance properties it preference over other polymers gain traction in the market.
The ongoing crisis on account of COVID-19 outbreak has impacted the global economy and industrial sector to a significant extent due to the disruption in the supply chain and reduce demand from the consumers. The same case has remain true for the case of Fluoropolymer, wherein reduce demand from many end use industries like automotive, has impacted the growth rate of the global Fluoropolymer market to a certain extent in the year 2020.
However, with initiatives taken by regional governments to revive the economic growth and to improve the performance of the industrial sector, will have a positive effect on the fluoropolymer sales prospects.
Key Takeaways of Fluoropolymer Market Study
- Driven by application across diverse industries, fluoropolymer market is poised to reach US$ 12.99 Bn by 2031
- Industrial growth will support expansion in the U.S., which is expected to account for over 87% of sales in North America
- Following a year of set-back in 2020, the U.K. market will recover, exhibiting 3.7% y-o-y growth in 2021
- Steady growth in Germany and France is expected as fluoropolymer sales continue to rise across various industries
- China will emerge as a lucrative market within East Asia, accounting for over half of sales registered
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For instance, in 2019, Dongyue Polymer announced its plans of launching a 20,000t fluoropolymer project to be located in Huantai County, Zibo City.
Some of the leading companies operating in the market are:
- Mitsubishi Chemical Advanced Materials
- AGC Chemicals Americas, Inc.
- The Chemour Company
- Honeywell International Inc.
- Huntsman Corporation
- Daikin Industries Limited
- Dongyue Group Ltd.
- Kureha Corporation
- Poly Fluoro Ltd.
- Amco Polymers
- Solvay SA
- Saint-Gobain Performance Plastics
Fluoropolymer Market by categoryBy Product Type
- PolytetraFluoroethylene (PTFE)
- Polyvinylidene fluoride (PVDF)
- Polyvinyl Fluoride (PVF)
- Fluorinated Ethylene Propylene (FEP)
- Polychlorotrifluoroethylene (PCTFE)
- Perfluoroalkoxy Polymer (PFA)
- Industrial Processing & Application
- Electrical & Electronics
- North America
- Latin America
- East Asia
- South Asia Pacific
- Middle East and Africa