The global Fluoropolymers Market was valued at $ 8.7 billion in 2020 and is anticipated to reach $ 10.7 billion by 2026, with a CAGR of 7.4% from 2022 - 2027.
Fluoropolymer Market is called a chemical compound that contains carbon fluoride bonds. It offers different properties such as chemical resistance, electrical and mechanical insulation, thermal resistance, stress cracking, among others. With increasing demand from various end-user industries, the fluoropolymers market is expected to grow during the forecast period. Fluoropolymers are a very diverse family of plastics that are widely used in pharmaceutical and biopharmaceutical processing equipment due to their excellent chemical and thermal resistance. They have become one of the most popular commercial polymer plastics and are used everywhere in many commercial sectors. The widespread use of fluoropolymers as an insulating material for wires has created a significant demand for fluoropolymers in the wire and cable industries. Additionally, fluoropolymers are considered high-performance plastics in the automotive industry due to their unsurpassed chemical and temperature resistance, low friction, and unique electrical performance. They are used in control cables, fuel and brake hoses and tubes, and underhood cables in the automotive industry. The growing emphasis by the automotive industry on manufacturing lightweight, fuel-efficient automobiles is expected to increase the consumption of fluoropolymers during the forecast period.
Recent Developments in the Fluoropolymers Market:
In February 2003, Solvay launched a new fluoropolymer unit.
In June 2017, Arkema launched a new Japanese website and an online database for fluoropolymers and specialty polyamide resins.
In May 2019, Dongyue Polymer launched a 20,000t fluoropolymer project.
The growth of the global fluoropolymers market is mainly driven by increased demand from end-application sectors. Fluoropolymers have several beneficial properties. They are highly lubricious, biocompatible, and have excellent dielectric applications. In doing so, they gain an increasing demand from the medical industry, especially for medical surgery. Today, it is common to use plastic items in many different surgeries, such as corneas or heart valves. These products can affect the body in a toxic way because they are not biocompatible. It also raises important long-term questions about the general health of the patient. The main driver of fluoropolymers is the understanding that these products can increase the life cycle of exterior coatings and therefore increase the time between coats. This complements the products and also reduces infrastructure management costs by eliminating the number of layers.
The growing demand for fluoropolymers in pharmaceutical and biopharmaceutical processing equipment due to their excellent chemical and thermal resistance is a key factor in the growth of the global fluoropolymer market. In addition, the increasing adoption of fluoropolymers in end-use industries such as automotive, food, packaging, etc., is another significant factor that is expected to drive the growth of the global fluoropolymers market over the course of the forecast period. Moreover, the increasing use of fluoropolymers in aircraft to apply cable insulation and the increasing demand for fluoropolymer architectural coatings are other factors that are expected to support the growth of the global fluoropolymer market.
The high price of fluoropolymers is a key factor limiting the growth of the global fluoropolymers market. Moreover, the complex process of manufacturing fluoropolymers is another factor that is expected to hamper the growth of the global fluoropolymers market during the forecast period.
The main opportunities in the fluoropolymer market lie in their growing demand in the industrial maintenance sector, especially due to their chemical and oil resistance properties.
The continued rise in environmental concerns has led to new legislation threatening fluoropolymer manufacturers, and rising raw material costs may challenge overall growth during the period.
Fluoropolymers Market Segmentation
By Product Type
A homopolymer such as polytetrafluoroethylene (PTFE), formerly known as Teflon, holds the largest share in the fluoropolymer market. It is mainly used for kitchen utensils and other non-stick applications. PTFE is a type of perfluorinated compound (PFC). PFCs are a family of fluorine-containing chemicals that have unique properties to stain and stick materials. During manufacturing, perfluorooctanoic acid (PFOA) is used to bond the PTFE coating to pots and pans, making them non-stick. As the prevalence of non-stick cookware grows, the demand for high-performance fluoropolymers market will increase.
By application, the tubes segment accounted for the largest market share of around 32.1% in 2020 and is expected to remain unchanged during the forecast period. Fluoropolymer tubes are commonly used by petrochemicals, pharmaceuticals, chemists, and almost any company involved in handling extremely volatile and corrosive acids and solvents for their manufacturing needs.
By end-use industry, the industrial equipment segment accounted for around 40.8% of the fluoropolymers market share in 2020. Fluoropolymers are widely used in industrial processing industries for various applications such as pumps, turbines, tanks, heat exchanger linings, reaction vessels, autoclaves, chimney expansion joints, and others.
The Fluoropolymers market Report includes the segmentation of Regions
Middle East & Africa
The fluoropolymer market in Asia-Pacific accounted for more than 42% of the global volume in 2020. A positive outlook for the automotive and construction sectors in China, India, and Indonesia is expected in light of the regulations of support to promote investments at the national level have a positive impact on the industry.
The North American fluoropolymers market exceeded 320-kilo tonnes in 2020 and is expected to experience growth given the expansion of the manufacturing base of the automotive, construction, and electronics sectors in the United States. a piezoelectric material in wire and cable insulation is expected to support the growth of the industry in the near future.
The lucrative growth of the construction sector in African countries such as Nigeria and South Africa due to regulatory support to improve infrastructure, along with the positive outlook for the mining industry, is expected to foster positive growth in the near future. Africa is expected to forecast growth at a CAGR of over 18.0% from 2022 - 2027.
The consequences of COVID-19 are unprecedented. There is an uneven impact of the COVID-19 pandemic on the fluoropolymer market due to the blockade put in place in almost every economy in the world to break the chain of the spread of the coronavirus. This resulted in the closure of operations, manufacturing, distribution, and retail stores. Therefore, there is a decrease in the demand for finished products from the various end-use industries due to the shutdown, which in turn has resulted in slow growth in the current year. The automotive and aerospace industries are the most consumed fluoropolymers in the world and, due to the current COVID -9 crisis, these industries have experienced a significant decline. The auto industry faces a sudden and widespread shutdown of economic activity, with workers forced to stay at home, production lines crippled, and factories closed. The lockout, which limited the movement of people and the abrupt cessation of economic activity, resulted in a significant contraction of sectoral production and GDP.
Plant closures in Europe and North America have reportedly led to the removal of a few million passenger cars from production schedules. These production cuts have a cascading effect, affecting OEMs and material suppliers. Both factors have had an impact on the demand for fluoropolymers. The pandemic has also had a significant influence on aircraft manufacturing. For example, Airbus, one of the largest commercial aircraft manufacturing companies in the world, due to the COVID-19 pandemic, has reduced its aircraft production levels by about a third. Boeing also recorded a loss of $ 632 million in the first quarter. This greatly influenced the use of fluoropolymers used in the manufacture of new aircraft, as well as in MRO operations. However, the demand for medical-grade fluoropolymers is bombarding with significant peace. Due to the corona epidemic, there is a high demand for tests and other sanitary equipment. Which, in turn, will drive the global fluoropolymers market in the near future.
Fluoropolymers Market Key Players:
Asahi Glass Company Limited
The Chemours Company
SABIC Innovative Plastics
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