Fluoropolymer coatings market size is accounted to be USD 1.9 billion by 2028 and the expected CAGR is 3.5% during the forecast period from 2023-2028.
A polymeric structure with a systematic arrangement of the fluoro-ethylene and vinyl-ether molecules is called a fluoropolymer. Fluoropolymer coatings are a mixture of high-performance resins such as ferroelectric polymers and lubricants and have the features like low coefficient of friction, corrosion protection, and chemical resistance. Some other features include electricity resistance, non-wetting, reduced friction, anti-galling, and low-surface tension. Fluoropolymer coatings play a crucial role in the building and construction sector due to the features like protection from corrosion, abrasion, and electric resistance. Fluoropolymer coating has the application in the steel and iron metal coating which has the usage in heavy machinery, automotive, and others. The wider application of fluoropolymer coatings in many sectors drives the demand for the market.
The rise in the production of iron and steel products is acting as a market driver
Fluoropolymer coatings act as an insulating material on the products of iron and steel because of their excellent insulating property. So, the application of fluoropolymer coatings is more in iron and steel products and is acting as a fluoropolymer coatings market driving factor. Various forms of copper, zinc, and ethylene-tetra fluorinated ethylene polymers are used as fluoropolymer coating. According to the World Steel Association, the production of crude steel is more compared past few years resulting in the increased demand for the fluoropolymer coatings market as there is an increased requirement for fluoropolymer coatings with the increased production of iron and steel products.
The electrical vehicles have the wide use of the various steel, iron, and by-products would lead to an increase in the demand for the market
The demand for electric vehicles is growing across the world this would be acting as a fluoropolymer coatings market driving factor. Fluoropolymer coatings are widely used on metallic substrates such as aluminium, zinc, copper, and other metals and for ferroelectric polymers like polyvinylidene difluoride and ethylene-tetra fluorinated ethylene polymers. There is a wide requirement for fluoropolymer coatings for the exteriors of electric cars. In 2020, electric car registrations have a year-on-year increase of 40% as per the International Energy Association (IEA). The use of fluoropolymer coatings on electric cars is to protect from corrosion and rust. The wide applications and advantages of fluoropolymer coatings in the electric cars industry are driving the demand for the market.
Some major restraints in the fluoropolymer coatings market are the high cost of fluoropolymer resins and strict norms regarding hazardous material release. Some of the fluoropolymer resins are very expensive which causes a slight hindrance to the market growth during the forecast period. There is a release of some volatile organic compounds (VOC) during the manufacturing of fluoropolymer coatings. These dangerous volatile gases are released into the water bodies by the factories which are very dangerous to the environment and living beings. The government has set various strict rules and regulations to mitigate the destructiveness which may be caused by the release of these gases. In most countries, there is a limit of 90 parts per million (PPM) of VOC content in the total content, and it is based on the total non-volatile content weight of the paint. Such restrictions may act as a limitation in the adoption of fluoropolymer coatings. Some other challenges in the market are difficulty in facing for procuring raw materials, an increase in the raw materials cost, rise in fuel prices due to various factors of economic, political, and environmental would cause a drastic reduction in the demand for the market.
Fluoropolymer Coatings Market Opportunities
Acceptance of environment-friendly coatings is increasing at a higher rate would provide an opportunity for the growth of the fluoropolymer coatings market. As per the 13th five-year plan of China, there is great market growth and expansion opportunity in this nation because as per the plan, the nation is concentrating on urbanization which involves the development of the public infrastructure. As China is a cost-sensitive market they focus more on products that provide a long lifespan and reduce the cost of maintenance and recoating. Fluoropolymer coatings exactly suit the requirement of the nation and are expected to have huge fluoropolymer coatings market demand in this region.
COVID-19 Impact on the Fluoropolymer Coatings Market
COVID-19 has caused a reduction in the demand and growth for the fluoropolymer coatings market. There are various restrictions in terms of economic and legal across the world. There is a ban on imports and exports across the countries that caused the stoppage of the supply chain activities resulting in the delayed deliveries of raw materials and components. The demand and supply for the market have been disturbed by the sudden implementation of the lockdown in various countries. The manufacturing factories are temporarily stopped working due to the non-availability of the workmen and increased safety concerns over the workforce present in the industries. The number of production cycles has decreased because of the non-availability of raw materials and laborers. The supply chain has seen a drastic hindrance in its operations. The loss in terms of production, distribution, marketing activities, sales, operations, and supply chain is seen in the fluoropolymer coatings market. The slow and tedious nature is seen in the market during the pandemic period
Key developments in the market
By Type
Polyvinylidene Difluoride (PVDF)
Polytetrafluoroethylene (PTFE)
Ethylene Tetrafluoroethylene (ETFE)
Fluorinated Ethylene Propylene (FEP)
Others
The polyvinylidene Difluoride (PVDF) segment is expected to hold a significant market share in the fluoropolymer coatings market. PVDF is generally a thermoplastic fluoropolymer that has been used in applications where there is a requirement for high purity, and resistance to solvents, acids, and hydrocarbons. It has wide applications as chemical tank liners, semiconductor equipment components, architectural coatings, automotive, electronics, aircraft, and others. It has the feature of high electrical resistance, anti-chemical corrosion, and heat resistance so widely used as an insulator in electrical wires. These advantages and applications drive the demand for the segment in the market.
By Application
Food Processing
Automotive
Electrical & Electronics
Chemical Processing
Building & Construction
Others
The building and construction industry holds a significant share of the fluoropolymer coatings market. Various products used in the building and construction sector require Fluoropolymer coatings and there is an increase in construction activities in the world resulting in an increase in demand for the market. The oil & gas industry sector is also having a high market share in the fluoropolymer coatings market. The exploration and recovery of oil & gas have the presence of highly corrosive chemicals, high temperatures, and pressure. To increase the operational life of the materials and withstand these harsh conditions, fluoropolymer coatings are required. Such huge requirements increase the demand for the market.
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Asia-Pacific region is expected to have a significant share in the fluoropolymer coatings market owing to the wide applications of fluoropolymer coatings in numerous end-user segments. Countries in this region like China have planned an outline to focus on the development of airports, railways, and water infrastructure as a part of urbanization that drive the need for fluoropolymer coatings. China is also the largest manufacturer of automotive and auto components which also rise the requirement for fluoropolymer coatings. An increase in consumer purchasing power and an increase in demand for premium cars drive the market in the region. North America also dominates in the market owing to the production development and consumption in the region.
PPG Industries
Whitford
Akzo Nobel N.V.
Daikin Airconditioning India Pvt. Ltd
Desert Coating Solution
DuPont
Nippon Paint Holdings Co. Ltd.
BASF SE
Evonik Industries
The Chemours Company
FAQ's
The expected market size of the fluoropolymer coatings market is having a value of USD 1.9 billion by 2028.
The cost of the fluoropolymer resins and presence of the strict norms and regulations against the chemical released during manufacturing are the major restraints in the market.
The rise in the demand for electric vehicles and increased production of iron & steel metals are the key drivers in the market.
The building and construction segment has a high market share in the market based on the application
The PolyVinylidene Difluoride (PVDF) segment is expected to have a large market share based on the type.
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