Portland, OR, July 13, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “PVDF Resin Market By Type of Crystalline Phase (alpha, beta, gamma, and delta), By Application (pipes and fittings, films and sheets, coatings, membranes, wire and cable, Li-ion Batteries and others), By End-use Industry (chemical processing, electrical and electronics, building, and construction, oil and gas, automotive and others): Global Opportunity Analysis and Industry Forecast, 2023-2032. According to the report, The PVDF resin market was valued at $2.2 billion in 2022 and is estimated to reach $4.6 billion by 2032, exhibiting a CAGR of 7.6% from 2023 to 2032.
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Prime determinants of growth
Factors driving the growth of the PVDF resin market include increased demand from industrial applications. It is employed in the production of pipes, fittings, valves, tanks, and pumps for chemical processing industries. The increase in demand for chemical processing and manufacturing activities across various sectors is driving the demand for PVDF resin. In addition, an increase in demand for Li-ion batteries will further boost the demand for PVDF resin. However, the High cost of PVDF resin may hinder the market growth. Nevertheless, growing investment in energy and renewable energy industry is expected to provide ample growth opportunities in the upcoming years.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $2.2 billion |
| Market Size in 2032 | $4.6 billion |
| CAGR | 7.6% |
| No. of Pages in Report | 471 |
| Segments Covered | Type of crystalline phase, Application, End-use industry, and Region |
| Drivers | Increased demand from industrial application Increase in demand for Li-ion batteries |
| Opportunities | Growing investment in energy and renewable energy industry |
| Restraints | High cost of PVDF resin |
Alpha Phase to maintain its lead position during the forecast period
Based on the type of crystalline phase, the alpha segment accounted for the largest share in 2022, contributing to more than three-fifths of the global PVDF resin market revenue, and is projected to retain its dominant status during the forecast period. PVDF in the alpha crystalline phase exhibits good electrical insulation properties. This makes it desirable for applications requiring excellent dielectric strength and low electrical conductivity, such as in the electronics and electrical industries. The beta phase is projected as the fastest-growing segment registering a CAGR of 8.1% during the forecasted period. The beta phase of PVDF resins exhibits exceptional electrical properties, including pyro, piezo, and ferroelectric capabilities. Thus, these electroactive features are becoming increasingly essential in applications such as biomedicine, smart scaffolds, energy storage, spin-valve devices, and sensors.
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The Li-ion batteries segment maintains its lead position during the forecast period
Based on application, the Li-ion batteries segment accounted for the largest share in 2022, contributing to around two-fifths of the global PVDF resin market revenue, and is projected to register the fastest CAGR of 8.0% during the forecast period. Governments worldwide are implementing policies and regulations to promote the adoption of electric vehicles and renewable energy sources. These initiatives include financial incentives, subsidies, and emission reduction targets. Such policies create a favorable market environment for Li-ion batteries, leading to increased demand for PVDF resin.
The chemical processing industry segment maintained its lead position during the forecast period
Based on the end-use industry, the chemical processing industry accounted for the largest share in 2022, contributing to nearly one-third of the global PVDF resin market revenue, and is projected to rule the roost during the forecast period. PVDF resin has excellent resistance to a wide range of chemicals, including acids, solvents, halogens, and corrosive substances. These properties make PVDF resins highly desirable for applications involving the storage, handling, and transportation of aggressive chemicals. The automobile industry is projected to register the fastest CAGR of 8.6% during the forecasted period. PVDF resin is highly resistant to chemicals, fuels, and automotive fluids, making it suitable for manufacturing fuel lines and hoses. PVDF-based fuel lines offer excellent resistance to permeation, preventing the loss of fuel and the intrusion of outside contaminants. These fuel lines help maintain the integrity and safety of the automotive fuel system.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific holds the largest market share in terms of revenue in 2022, accounting for more than three-fifths of the global PVDF resin market and is projected to register the highest CAGR of 7.8% during the forecast period. China is one of the largest consumers and producers of PVDF resin in the Asia-Pacific region. The developments in chemical processing, construction, and electrical industries in China drive the demand for PVDF resin. The growing chemical industry, especially in areas such as water treatment, pharmaceuticals, and specialty chemicals, drives the demand for PVDF resin.
Leading Market Players: -
- DAIKIN INDUSTRIES LTD.
- SABIC
- GUJARAT FLUOROCHEMICALS LIMITED
- DONGYUE GROUP LIMITED
- RTP COMPANY
- 3M COMPANY
- SHANGHAI OFLUORINE CO. LIMITED
- KUREHA CORPORATION
- ARKEMA
- SOLVAY
- ZHEJIANG FOTECH INTERNATIONAL CO. LTD
The report provides a detailed analysis of these key players in the global PVDF resin market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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