Global Fluoropolymers Market Report, published by Variant Market Research, forecast that the global market is expected to reach $10.5 billion by 2024 from $6.2 billion in 2016; growing at a CAGR of 6.9% from 2016 to 2024. By geography, Asia-Pacific and North America are expected to grow at a CAGR of 7.2% and 7.0%, respectively, during the forecast period.Fluoropolymer is a fluorocarbon based polymer comprising several strong carbon-fluorine bonds. The properties of fluoropolymers adapt resistant to corrosion from most of the materials and has a better high-temperature stability than any other plastic. Other outstanding properties of these polymers are low-friction, non-adhesiveness, and other superior electrical properties. They find wide applications in automotive, aircraft, semiconductors, IT, and other sectors.
"Fluoropolymers Market(By Type: Polyvinylidene Fluoride (PVDF), Fluoroelastomers, Polytetrafluoroethylene (PTFE), Fluorinated Ethylene Propylene (FEP), and Other Fluoropolymers; By Application: Automotive & Transportation, Building & Construction, Electrical & Electronics, Industrial Processing, and other Applications; Global Scenario Market Size, Outlook, Trend and Forecast, 2016 – 2024"
Upsurge in demand from various end-use industries drive the growth of the global Fluoropolymers market
Upsurge in demand from several end-use industries such as automotive, electrical & electronics, industrial & chemical processing, and houseware, among others is the primary factor to drive the growth of global Fluoropolymers market. Besides obligatory regulations for the use of Fluoropolymers by the regional environmental organizations, and augmented performance of HPFs have bolstered the market growth. The fluoropolymers are application specific due to its cost which is a major hindrance for the market growth. Moreover, high investments in developing research facilities for PTFE, FEP, and PVDF, and technological advancement are expected to generate numerous growth opportunities for the market in the coming years.
The global Fluoropolymers market is primarily segmented into type, application, and geography. Type segment comprises polyvinylidene fluoride (PVDF), fluoroelastomers, polytetrafluoroethylene (PTFE), fluorinated ethylene propylene (FEP), and other fluoropolymers. Segmentation by application includes automotive & transportation, building & construction, electrical & electronics, industrial processing, and other applications. Furthermore, by geography Fluoropolymers market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
Polytetrafluoroethylene (PTFE) held for the major market share in the type segment, in 2016
Global Fluoropolymer Market, by Type
Polytetrafluoroethylene (PTFE) accounted for the majority of the market share accounting for about half of the total market share. The high growth is witnessed due to is extensive usage in chemical processing, and electrical & electronics industry. Moreover, fluorinated ethylene propylene (FEP), is the fastest growing market with respect to CAGR.
Electrical & Electronics dominated the application segment with largest market share
Electrical & electronics dominated the application segment in the year 2016, with leading market share; accounting for approximately one fourth of the total market share. The high growth is seen, owing to increasing application of Fluoropolymers in jacketing, semiconductor fabrication and lithium-ion batteries, and cable and wire insulation.
Asia-Pacific occupied the highest market share in the global Fluoropolymers market
GLOBAL FLUOROPOLYMER MARKET SHARE BY GEOGRAPHY, 2016 (%)
In 2016, Asia-Pacific generated the highest revenue accounting for 40.5% of the total market share, and is also expected to grow with fastest CAGR throughout the forecast period i.e. 2016 – 2024. Automobile, construction, and electronic industry has grown significantly in APAC region, which in turn is generating the demand for Fluoropolymers and offering growth opportunities for Fluoropolymers manufacturer.
In November 2017, Solvay has inaugurated its Solef polyvinylidene fluoride (PVDF) manufacturing plant in China. The aim is to meet the booming global demand for the thermoplastic polymer in energy-efficient, industrial and environmental applications. The key players operating in the market include Solvay, Shanghai 3F New Materials Co. Ltd., Honeywell International Inc., Kureha Corporation, Daikin Industries, 3M, Dyneon GmbH, Zhejiang Juhua Co. Ltd., Asahi Glass, and Fuxin Heng Tong Fluorine Chemicals Co. Ltd, among others.