Fluoropolymers Market Insight
According to a new report by Market Research Future (MRFR), the global market for fluoropolymers is anticipated to touch a revenue of USD 9,912.5 million by the end of 2023 due to rapid industrialization. The market is anticipated to expand at a flourishing CAGR of 5.34 % during the forecasted period (2017-2023). Fluoropolymers offer properties like mechanical insulation and electrical properties, chemical resistance, stress cracking, thermal resistance, and others and are used for applications like industrial films and coatings. Fluoropolymers are also used in construction, household applications and electrical and electronics.
Future Constraints and Drivers Impacting the Market Growth
The increasing demand for lightweight materials in automobile industry coupled with high-quality performance material in architectural coatings is expected to galvanize the growth of fluoropolymers market size globally. Fluoropolymers are highly used as igniters in the aerospace sector along with wafer handling and pipe fittings in the semiconductor industry. With the growing application in the semiconductor and aerospace industry, the global market for fluoropolymer is predicted to expand at a significant rate. Moreover, with the growing consciousness of environmental impacts, there has been an increasing demand for green fluoropolymers which is expected to spur the market growth over the assessment period.
Owing to the lubricity, good dielectric properties, and biocompatibility, fluoropolymers are being used extensively for medical devices which is anticipated to boost the market growth. Fluoropolymers are also used in the development of artificial corneas and heart valves. Fluoropolymers are emerging as one of the extensively used materials due to replacement of plastic products in healthcare and medical industry. It is also used as a substitute for skull, ear, knee, hip, and nose parts owing to its properties like high resistance to heat and chemical, and low coefficient of a fraction. Also, prominent market players are focusing to develop eco-friendly and recyclable polymers which driving the COVID-19 analysis on fluoropolymers market.
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Fluoropolymers Market Competition Analysis
Presence of some of the prominent players like Gujarat Fluorochemicals Ltd (India), DowDupont Inc (U.S.), Arkema Group (France), W.L. Gore & Associates Inc (Japan), Asahi Glass Co, Ltd (Japan), Kureha Corporation (Japan), 3M (U.S.), Honeywell International Inc. (U.S.), Saint-Gobain S.A. (France), The Chemours Company (U.S.), Daikin Industries Ltd (Japan), Solvay SA(Belgium), Zeus Industrial Products Inc. (U.S), and others, the market is expected to boost significantly over the assessment period.
Global Fluoropolymers Market Segmentation
The global market for fluoropolymers has been segmented based on application, type, end-user, and region.
The market has been segmented into polyvinylidene fluoride (PVDF), ethylene tetrafluoroethylene (ETFE), polychlorotrifluoroethylene (PCTFE), polytetrafluoroethylene (PTFE), fluoroelastomers (FKM), fluorinated ethylene-propylene (FEP), and others based on type. Among these, the polytetrafluoroethylene (PTFE) segment has been predicted to hold the largest share over the assessment period. PTFE held a market share of 45 % as of 2016 and is predicted to showcase 6.94 % CAGR. Polyvinyl chloride is estimated to be the fastest growing segment with 7 % CAGR.
The market has been segmented into films, additives, tubing, paints & coatings, and others based on application. Among these, the paints & coatings segment is witnessed to dominate the market globally over the assessment period and has been accounted for 89.62 kilotons in 2016 and is estimated to showcase 6 % CAGR over the review period.
The market has been further segmented into construction, chemical processing, automotive & transportation, electrical & electronics, household, industrial equipment, medical, and others based on end-use. Among these, chemical processing segment is estimated to generate the highest revenue and is expected to show its dominance during the assessment period. This segment is expected to expand at 6.33 % CAGR during the forecast period (2017-2023).
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of market and industries. Cordially get in touch for more details.