New York, USA, Jan. 26, 2023 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global fluoropolymers market is expected to garner $11,924.6 million by 2028 and rise at a stable CAGR of 5.9% in the 2021-2028 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the fluoropolymers market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: Highly diverse and versatile properties of fluoropolymers are predicted to be the primary growth driver of the fluoropolymers market in the forecast period. Additionally, the wide range of applications of fluoropolymers in coatings & industrial film manufacturing, construction industry, and electrical & electronics sector is anticipated to push the growth rate of the market higher in the analysis timeframe.
Opportunities: Growing usage of fluoropolymers in green technology is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, the diverse applicability of fluoropolymers is expected to augment the growth rate of the market.
Restraints: However, according to market analysts, stringent government regulation with respect to carbon emissions may become a restraint in the growth of the fluoropolymers market.
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Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The fluoropolymers market faced a moderate impact of the pandemic. The disruption in global supply chains led to a decline in the demand and supply of fluoropolymers, thus affecting the market in a negative way. However, product launches and innovations by key players in the market helped the market register growth during the pandemic years.
Segments of the Market
The Research Dive report has fragmented the fluoropolymers market across different segments such as type, application, end-use industry, and region.
Type: PVDF Sub-segment to be the Highly Lucrative
By type, the PVDF sub-segment is expected to be highly lucrative sub-segment and generate a revenue of $1,883.7 million by 2028. The increasing use of polyvinylidene difluoride (PVDF) in the manufacturing of insulation material in electrical wires due to its properties like high chemical corrosion resistance and low thermal conductivity is expected to push the growth of this sub-segment in the forecast period.
Application: Film Sub-segment to Grow Rapidly
By application, the film sub-segment of the fluoropolymers market is predicted to be a highly profitable one and garner a revenue of $2,548.0 million by 2028. Fluoropolymer’s properties like high insulation, high-temperature tolerance, and low-coefficient tolerance are anticipated to help this sub-segment grow in the forecast period.
End-Use Industry: Industrial Equipment Sub-segment to Witness Significant Growth
By end-use industry, the industrial equipment sub-segment is expected to witness significant growth and generate a revenue of $4,933.4 million by 2028. An increase in demand from the industrial manufacturing sector for high-performing materials that can withstand harsh chemical and thermal environments is expected to boost the growth of this sub-segment in the forecast period.
Region: Market in the Asia-Pacific Region to be the Most Profitable
By regional analysis, the fluoropolymers market in the Asia-Pacific region is predicted to register a revenue of $6,470.0 by 2028, thereby possessing the highest market share. Presence of major manufacturing hubs, especially in India and China, is predicted to be the primary driver of the market in the forecast period.
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Prominent Market Players
Some prominent players in the fluoropolymers market are
- Daikin Industries Limited
- Arkema SA
- Gujarat Fluorochemicals Ltd. (GFL)
- Chemours (DuPont)
- 3M (Dyneon GmbH)
- Halopolymer Ojsc
- Solvay SA
- Dongyue Group Ltd
- Honeywell International Inc.
- Asahi Glass Co. Ltd.
These players are introducing and coming up with new technological advancements and innovations to gain primacy in the market.
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For instance, in September 2022, Pexco, a leading plastic extruding company based in the US, announced that it was acquiring Enflo LLC, a polytetrafluoroethylene manufacturing company. This acquisition is predicted to help the acquiring company, i.e., Pexco in the long run as it will aid in the company’s fluoropolymer portfolio expansion plans.
Finally, this comprehensive report also summarizes many crucial facets of the global market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
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