Fluoropolymer Market Estimated to Rise at a Lucrative CAGR of 5.3% From 2017 to 2026
- Fluoropolymer Market
The global fluropolymer market is expected to register robust growth in the near future, thanks to a growing biomedical applications such as artificial corneas and heart valves. According to the recent report by Transparency Market Research, the fluropolymer market will register a 5.3% CAGR during 2017-2026. It is expected to reach US$ 690.3 million in evaluation by 2026 end. The growth is expected to be steady, thanks to growing application and advancements in fluoropolymer.
Fluropolymer are witnessing a growing demand in the market on a large scale. Their effective dielectric application, biocompatibility, and lubricity are leading way for its adoption in medical surgeries. Currently, many surgeries like heart valves and corneas use plastic products which can have a toxic effect on the body. Additionally, these products are not biocompatible, raising concerns for patient safety in the long run. Additionally, fluoropolymer display high-resistance to chemicals, heat and have a low-coefficient of a fraction. Fluropolymer are also used as substitutes in hip, ear, skull, nose, and knee parts. Current major players in the market are also focused on developing recyclable alternatives.
- Polytetrafluoroethylene to Dominate Growth in the Fluoropolymer Market
The fluoropolymer market is divided into polyvinylidene difluoride, polytetrafluoroethylene, fluorinated ethylene propylene, and other products. Among these, the polytetrafluoroethylene is expected to dominate growth in the near future. The product is expected to register total revenues nearing US$300 million. These are popularly used as microporous membranes which serves as a filter between particles and bacteria in critical fluids. Polytetrafluoroethylene is also supplied as a graft material for surgical processes. Moreover, it is also widely used as a coating for catheters. The coating can help stop bacteria and penetration of infectious agents. This application is critical in medical application due to high standards of safety and growing legislations. Its growing use is expected to drive significant growth in the fluoropolymer market.
The information Presented in this Review is Based on Press-Release by TMR
- Asia Pacific to Emerge as a Key Region
The global fluoropolymer market is divided into North America, Asia Pacific (excluding Japan), Europe, Latin America, and Middle East and Africa. Among these, Asia pacific is expected to emerge as a key region in the near future. The region is witnessing the influx of large manufacturing activity and is home to cheap land, labor, and various natural resources. This is expected to drive more growth due to low price manufacturing and expansion of demand in new markets like Vietnam, Indonesia, and Thailand are expected to boost growth of the fluoropolymer market.