Portland, OR, Jan. 13, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global PVDF resin industry was pegged at $0.82 billion in 2019, and is expected to hit $1.34 billion by 2027, registering a CAGR of 7.4% from 2020 to 2027. The report offers an extensive analysis of changing market trends, key segments, top investment pockets, regional scenario, Porter’s Five Forces, and competitive scenario.
Increase in its demand from end users, its high performance properties, and rise in acceptance of PVDF resin drive the growth of the global PVDF resin market. However, various environmental & health concerns, volatile raw material prices, and high threat of substitutes restrain the growth to some extent. On the other hand, government initiatives & investment in the renewable energy sector and key growth opportunities in the end use industries are expected to offer an array of opportunities to the market in the near future.
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Covid-19 scenario-
- The covid-19 outbreak impacted the market negatively. The market witnessed a sharp decline in demand for PVDF resins from end using sectors including chemical, semiconductor, and defense industries.
- The disruption in supply chain, furthermore, resulted into shortage of raw materials, thereby decreasing the growth of the global PVDF resin market.
- Nevertheless, the market is anticipated to recover soon, as the government bodies in various regions have issued relaxations, thus allowing the firms to restart operations.
The global PVDF resin market is segmented on the basis of type of crystalline phase, application, end-users, and region. Based on metals type, the alpha segment held the highest market share with more than three-fifths of the global PVDF resin market share in 2019, and is expected to rule the roost by 2027. However, the beta segment is expected to manifest the fastest CAGR of 7.8% throughout the forecast period.
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Based on application, the resin segment accounted for the maximum market share with nearly three-fourths of the global PVDF resin market revenue in 2019, and is anticipated to dominate by the end of 2027. On the other hand, the filament segment is anticipated to manifest the fastest CAGR of 8.5% during the forecast period.
Based on region, the global market across Asia-Pacific held the lion’s share in 2019, with around half of the global PVDF resin market. In addition, the market across this region is also expected to register the fastest CAGR of 7.5% by 2027. The roper also studies the market across regions including North America, LAMEA, and Europe.
Key market players profiled in the industry report include Daikin Industries, Ltd., Kureha Corporation, RTP Company, Inc., Shanghai Huayi 3F New Materials Co., Ltd., Arkema S.A., Shanghai Ofluorine Co. Limited, Solvay SA, 3M, Zhejiang Fotech International Co., Ltd., and Zhuzhou Hongda Polymer Materials Co., Ltd.
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