Dublin, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The "High-Performance Fluoropolymers Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global high-performance fluoropolymers market is poised for substantial growth, projected to elevate from $4.27 billion in 2022 to $4.61 billion in 2023, exhibiting an impressive compound annual growth rate (CAGR) of 7.9%.
The ongoing Russia-Ukraine conflict has temporarily disrupted the prospects of global economic recovery following the COVID-19 pandemic. This geopolitical turmoil has sparked economic sanctions, propelled commodity prices, and introduced supply chain disruptions, subsequently fueling inflation across various sectors and impacting markets worldwide. Nonetheless, the high-performance fluoropolymers market is anticipated to demonstrate remarkable expansion, forecasted to reach a valuation of $6.07 billion by 2027, driven by a CAGR of 7.1%.
Comprehensive Market Insights
The high-performance fluoropolymers market research report is part of an all-encompassing series, providing comprehensive statistics encompassing the global market size, regional allocations, competitive landscape, detailed market segments, emerging trends, opportunities, and critical data essential for success within the high-performance fluoropolymers industry. With an exhaustive analysis of the present and future industry landscape, this report offers a holistic perspective of the sector.
Emerging Trends: Product Innovation
A notable trend gaining momentum in the high-performance fluoropolymers market is product innovation. Leading companies operating within the industry are vigorously developing innovative products to enhance their market presence.
For instance, in March 2022, Toray Industries, a prominent Japan-based textile company, introduced an innovative high-strength textile crafted from Toyoflon fiber, which is based on low-friction Polytetrafluoroethylene (PTFE) polymers. This unique textile boasts exceptional friction resistance due to its utilization of fluoropolymers, resulting in slide durability 25 times greater than existing counterparts, and a remarkable reduction of friction by less than 50%. Toyoflon fiber offers outstanding tribological properties, chemical resistance, heat resistance, and mold releasability, positioning it as a pioneering solution among synthetic fibers.
Strategic Acquisitions: Fueling Growth
In September 2022, Pexco LLC, a distinguished US-based specialty plastics company, successfully completed the acquisition of Enflo LLC for an undisclosed amount. This strategic move bolsters Pexco's growth strategy and enhances its capability to cater to consumer needs through the development of high-performance polymer solutions. Enflo LLC, a US-based manufacturer of PTFE molded products, aligns seamlessly with Pexco's vision.
Global Market Landscape
In 2022, North America emerged as the leading region within the high-performance fluoropolymers market, while Asia-Pacific is projected to experience the most rapid growth during the forecast period. The report comprehensively covers various regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Additionally, the report provides an in-depth analysis of the high-performance fluoropolymers landscape across key countries such as Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Driving Growth: Photovoltaic Installations
The escalating trend of photovoltaic installations is anticipated to propel the growth of the high-performance fluoropolymers market in the foreseeable future. Photovoltaics involve converting light into electric energy using semiconductor devices. Fluoropolymers play a pivotal role in photovoltaics, enhancing durability and resistance to wear and tear.
As per SolarPower Europe, a leading European solar industry association, global solar PV installations in 2021 reached a record-breaking 168 GW. This number is set to more than double to 2.3 TW by 2025. The increasing adoption of PV installations underscores the pivotal role of high-performance fluoropolymers in supporting this industry's growth.
Market Scope and Insights
The high-performance fluoropolymers market encompasses sales of ECTFE (ethylene chlorotrifluoroethylene) and PCTFE (Polychlorotrifluoroethylene). The market value reflects 'factory gate' values, representing the value of goods sold by manufacturers or creators to downstream entities, including wholesalers, retailers, and end customers. The market value also includes related services offered by the creators of the goods.
Empowering Decision-Makers
"High-Performance Fluoropolymers Global Market Report 2023" serves as a comprehensive resource for strategists, marketers, and senior management, providing insights into industry trends, impacts, and data-driven decisions. This report empowers stakeholders to devise effective strategies and remain ahead in a rapidly evolving market landscape.
A selection of companies mentioned in this report includes
- Gujarat Fluorochemicals Ltd.
- Shanghai Huayi 3F New Materials Co. Ltd
- The Chemours Company
- Hubei Everflon Polymer CO. Ltd
- Daikin Industries Ltd.
- Halo Polymer OJSC
- Jiangsu Meilan Chemical Co. Ltd
- Quadrant AG
- Dongyue Group
- Chenguang R.I.C.I
- The 3M Company
- Solvay S.A.
- Juhua Group Corporation
- Shamrock Technologies
- Shandong Hengyi New Material Technology Co. Ltd.
- BASF SE
- Arkema S.A.
For more information about this report visit https://www.researchandmarkets.com/r/hb0pkg
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