New York, Feb. 22, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Fluoropolymers Market Size, Growth and Forecast to 2028- COVID-19 Impact and Global Analysis by Type [Ethylene Tetrafluoroethylene Copolymer (ETFE), Polytetrafluoroethylene (PTFE), Perfluoro Alkoxy (PFA), Polyvinylidene Fluoride (PVDF), Fluoroethylene Propylene (FEP), and Others], End User (Industrial Equipment, Automotive, Construction, Electrical & Electronics, Medical, and Others), and Geography. the market is expected to grow from US$ 7 billion in 2022 to US$ 10 billion by 2028; it is estimated to register a CAGR of 5.2% from 2022 to 2028.
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Global Fluoropolymers Market Report Scope, Segmentations, Regional & Country Scope:
| Market Size Value in | US$ 7 Billion in 2022 |
| Market Size Value by | US$ 10 Billion by 2028 |
| Growth rate | CAGR of 5.2% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 150 |
| Historical data available | Yes |
| Segments covered | Type, End User, and Geography |
| Global Fluoropolymers Market Forecast to 2028 - Latest COVID-19 Analysis | https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00011406/ |
Rising Demand in Healthcare Sector
Healthcare spendings of people are increasing significantly due to prevalence of various diseases such as obesity, diabetes, cardiovascular diseases, and cancer, and increasing purchasing power of consumers, as well as rising aging population. According to American Medical Association, healthcare spending in the US accounted for US$ 4.1 trillion in 2020, which is equal to US$ 12,530 per capita. People are significantly investing in healthcare products for disease prevention. Moreover, modern healthcare facilities are available due to transforming healthcare industry across developed and developing economies.
Fluoropolymers are widely used to manufacture medical implants, tubes, surgical tools, and catheters due to their non-porous structure. They are non-reactive and resistant to corrosion from acids and alkalis, making them ideal for manufacturing medical devices. Polytetrafluoroethylene (PTFE) is used in the inner lining of catheters used in cardiology and neurology due to its low friction property. Fluorinated ethylene propylene (FEP) is used for vascular access sheaths and shrink tubing. Thus, the rapidly progressing healthcare industry is significantly driving the growth of the global fluoropolymers market.
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Fluoropolymers Market: Competitive Landscape and Key Developments
3M; AGC Chemicals Americas; Daikin Industries, Ltd.; Fluoroseals SpA; GFL Ltd; Halopolymer; Saint-Gobain; Solvay; Shandong Dongyue Polymer Material Co., Ltd; and The Chemours Company are among the key players operating in the fluoropolymers market. These companies are adopting various strategies such as product innovation, expansion, collaboration, and merger & acquisition to expand their customer base and cater to emerging market trends. In April 2020, AGC Chemicals launched a new product ‘Fluon+ mPEEK’ which is a polyether ether ketone modified with specialty fluoropolymers to improve its impact and wear resistance, flexibility, and electrical properties. Such innovative products are expected to provide lucrative opportunities to the fluoropolymer manufacturers over the forecast period.
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Fluoropolymers Market: Segmental Overview
Based on type, the fluoropolymers market is segmented into ethylene tetrafluoroethylene copolymer (ETFE), polytetrafluoroethylene (PTFE), perfluoro alkoxy (PFA), poly vinylidene fluoride (PVDF), fluoroethylene propylene (FEP), and others. The polytetrafluoroethylene (PTFE) segment held the largest market share in 2021. PTFE fluoropolymers have low dielectric constant, high thermal stability, and high electric insulation. They are widely used in the electrical & electronics industry for insulation of wires. Moreover, due to the high chemical stability, they are used as a non-stick coating material for cookware and bakeware. In the oil & gas industry, they are used in the inner lining of pipes and tanks. They are also used to manufacture gaskets and seals. The rising demand for PTFE fluoropolymers from various end-use industries is driving the market for the segment.
Based on end user, the fluoropolymers market is segmented into industrial equipment, automotive, construction, electrical & electronics, medical, and others. The automotive segment accounted for the largest market share in 2021 and the healthcare segment is expected to register the fastest CAGR from 2022 to 2028. The manufacturers of fluoropolymers are making significant investments in launching new products to cater the rising demand in the healthcare industry. For instance, in March 2020, Zeus Industrial introduced a new product, “StreamLiner OTW,” which is an extruded PTFE catheter liner. With the launch of this product, the company is expecting to expand its foothold across the healthcare industry. Thus, the rising strategic initiatives by key players to meet the increasing demand for fluoropolymers in the healthcare industry is driving the market growth. In 2021, businesses started recovering with relaxation in social restrictions by various governments. A shift in consumer preferences and the successful implementation of mass vaccination drives further favored the resurgence of business activities in 2021. As a result of reviving economies, the Fluoropolymers market is also expected to grow significantly in the coming years as major chemical manufacturers have resumed their operations and normal production capacities.
Asia Pacific held the largest share of the fluoropolymers market in 2021. The growth of automotive industry in the region is one of the significant factors driving the market growth. According to International Trade Administration (ITA), China is one of the largest automobile markets in terms of production output and annual vehicle sale. With rising population and increasing purchasing power of people in Asia Pacific countries, the demand for vehicles is also increasing. Fluoropolymers are widely used to manufacture automotive parts and components due to their unmatched temperature and chemical resistance. Thus, the rapidly advancing automotive industry across Asia Pacific coupled with increasing utilization of fluoropolymers in the automotive industry are a few key factors propelling the fluoropolymers market growth.
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Impact Of COVID-19 Pandemic on Fluoropolymers Market
The COVID-19 outbreak adversely affected many industries, including the chemicals & materials industry. The governments of various countries imposed lockdowns, travel bans, and border restrictions to curb the spread of the virus. This halted the production of many companies operating in the chemicals & materials industry, creating supply shortages. Moreover, due to severe supply chain disruptions, raw material sourcing became difficult, creating a significant raw material shortage. The fluoropolymers market also witnessed a similar impact of the COVID-19 pandemic. Many production facilities remained closed under government mandates, which hampered the overall production volume of companies operating in the fluoropolymers market. Moreover, as the end-use industries such as construction, automotive, and transportation were adversely affected, there was a slowdown in demand for fluoropolymers, which resulted in a decline in profits of many small-scale, mid-scale, and large-scale companies.
However, the healthcare industry witnessed a significant boom because of the COVID-19 pandemic. Fluoropolymer tubing is widely used in various medical equipment such as catheters, bio-containment vessels, syringes, and sutures. This factor had a positive impact on the fluoropolymers market growth during 2020. Further, in 2021, the global marketplace witnessed a positive recovery, and governments announced the relaxation of their previously imposed restrictions. Manufacturers were permitted to operate at full capacity, which helped them overcome the demand and supply gap. Fluoropolymer manufacturers focused on increasing their production capabilities to maximize their profits, which is expected to further boost the fluoropolymers market growth over the forecast period.
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