New York, United States, Dec. 20, 2023 (GLOBE NEWSWIRE) -- A fluoropolymer is a polymer with multiple carbon-fluorine bonds and has high resistance to chemicals, high mechanical power, low friction coefficient, excellent electrical insulation, and high-temperature resistance. The best-known fluoropolymer is polytetrafluoroethylene (PTFE). These unique features have allowed it to penetrate many industries like automobile, healthcare, aviation, building and construction, electrical and electronic industries, etc. High-performance fluoropolymers are also utilized in producing heat exchangers, semiconductors, textiles, cable insulation, water treatment plants, food processing, and other items like paint coating and kitchenware.
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Advancements in Medical Applications Drives the Global Market
According to Straits Research, “The global fluoropolymers market size was valued at USD 7,750 million in 2021. It is projected to reach USD 13,659 million by 2030, growing at a CAGR of 6.5% during the forecast period (2022–2030).” Fluoropolymers are biocompatible, which makes utilizing them in medical operations quite attractive. Fluoropolymer films are used for many medical and pharmaceutical applications, including cap liners, surgical release liners, plunger laminates, surface laminates, stoppers, fluid containers, implants, etc. Additionally, these films create blister packaging and fluid bags for biological liquids, offer negligible moisture absorption, are weather resistant, and do not exhibit any chemical changes or degradation from medicinal fluids. These factors have increased demand for highly purified products in the medical and pharmaceutical industries and are expected to drive the market for fluoropolymer films.
Increasing Use of Fluoropolymer Films in the Construction and Energy Sectors Creates Tremendous Opportunities
Fluoropolymer films protect various construction substrates against intense corrosion, temperature, fading and cracking. They are also used in building greenhouses because they are lightweight and more energy-efficient than glass. As fluoropolymer films are clear, simple to clean, durable, and versatile, they evolve as one of the premium building materials. They are used in the energy sector in photovoltaic front sheets, wind turbines, natural gas expansion joints, and hydrogen fuel cells. These films increase the manufacturing process's quality, energy production, and the life of the machinery and equipment used in this field. The benefits provided by these films are further expected to increase their use in various construction energy sector applications.
Regional Analysis
North America is the most significant shareholder in the global fluoropolymer market and is expected to grow at a CAGR of 6.5% during the forecast period. This is attributed to decent growth reported by various end-use industries such as aerospace, electronics, electrical, and construction. The market for fluoropolymers is operating in the maturity phase; therefore, manufacturers in this region are mainly focusing on new developments to maintain growth stability. Companies have been using strategies such as expansion and product launches to meet the rise in demand for fluoropolymers products in North America. The rise in U.S. production of lithium-ion batteries from Tesla's Gigafactory will boost the demand for fluoropolymer over the long term. The construction market will show the fastest growth of all markets, spurred by a rebound in the non-residential building segment, where fluoropolymers are used the most.
The growth of the fluoropolymer market in the Asia-Pacific region is due to strong demand from the transport and automotive, electrical and computer manufacturing, chemicals, and industrial sectors. China has the lead in PTFE and PVDF use in the Asia-Pacific region. Architectural coatings and new applications such as photovoltaic modules, lithium-ion batteries, water filtration systems, and special films for architectural and automotive glazing are the main drivers for further market growth. Therefore, the market for PVDF is projected to increase significantly over the next five years. Development of the manufacturing industries, an increase in foreign investments, and a universal shift in production capacities from the developed economies to the Asia-Pacific are expected to offer new growth opportunities during the forecast period.
Key Highlights
- Based on product type, the global fluoropolymers market is segmented into PTFE, FEP, PVDF, Fluoroelastomer, PVF, PFA, ETFE, and others. The PTFE (polytetrafluoroethylene) segment owns the highest market share and is projected to grow at a CAGR of 5.7% over the forecast period.
- Based on application, the global fluoropolymers market is segmented into film, tube, sheet, pipe, membrane, sealant, roofing, additives, and others. The pipe segment is the highest contributor to the market and is projected to grow with a CAGR of 6.4% over the forecast period.
- Based on the end-user industry, the global fluoropolymers market is categorized into transportation equipment, electrical and electronics, construction, industrial equipment, and others. The industrial equipment segment owns the highest market share and is projected to grow at a CAGR of 6% over the forecast period.
- North America is the most significant shareholder in the global fluoropolymer market and is expected to grow at a CAGR of 6.5% during the forecast period.
Competitive Players
The major players in the global fluoropolymers market are Arkema SA, Asahi Glass Company Limited, The Chemours Company, Daikin Industries, Dongue Group, Dupont, Honeywell, Mitsubishi Chemical, SABIC Innovative Plastics, Saint-Gobain, Shin-Etsu Chemical, Solvay S.A., and 3M Company.
Market News
- In September 2022, Arkema completed the acquisition of Polimeros Especiales. This Mexican business makes high-performance waterborne resins for various markets, including pressure-sensitive adhesives, textiles, architectural and decorative paints, and construction.
- In February 2022, Daikin Industries announced that it is developing a Fluoropolymer PFA for powder bed fusion.
Global Fluoropolymers Market: Segmentation
By Product type
- Polytetrafluoroethylene (PTFE)
- Fluorinated ethylene-propylene (FEP)
- Polyvinylidene fluoride (PVDF)
- Fluoroelastomer
- Polyvinyl Fluoride (PVF)
- Perfluoroalkoxy Polymer (PFA)
- Ethylene Tetrafluoroethylene (ETFE)
- Others
By Applications
- Film
- Tube
- Sheet
- Pipe
- Membrane
- Sealant
- Roofing
- Additives
- Others
By End-User
- Transportation Equipment
- Electrical and Electronics
- Construction
- Industrial Equipment
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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