New York, USA, March 28, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global fluoropolymers market is expected to gather a revenue of $11,924.6 million by 2028 and grow at a CAGR of 5.9% over the forecast period from 2021 to 2028. The comprehensive report provides a concise outline of the market’s present scenario including chief facets of the market such as growth elements, challenges, restraints, and various opportunities during the predicted timeframe of 2021-2028. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Fluoropolymers Market:
Drivers: Versatile properties of fluoropolymers like biocompatibility and lubrication along with their dielectric applications are some factors predicted to drive the global fluoropolymers market during the forecast timeframe. In addition, their vital role in medical surgeries like corneas and heart valves is also expected to boost the market growth by 2028.
Opportunities: Increasing utilization of fluoropolymers in green technology applications like wind turbines and photovoltaic panels is projected to offer ample growth opportunities for the global fluoropolymers market during the analysis years. Moreover, improved efficiency and safety, protection against corrosion, tensile strength, etc. are some features estimated to further bolster the market growth by 2028.
Restraints: Stringent government policies regarding carbon emission is the major factor predicted to impede the fluoropolymers market growth.
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Covid-19 Impact on the Fluoropolymers Market:
The outbreak of the Covid-19 pandemic has forced several sectors like retail, petroleum, transportation, tourism industry, etc. to reconsider their business models. Moreover, the global fluoropolymers market has also witnessed a declined growth rate amid the pandemic due to disruptions in the supply chains and imbalance in customer demands. In addition, strict lockdowns and travel bans across the globe led to delays in transporting raw materials that further postponed the manufacturing processes. However, some major market players are coming up with strategic collaborations and product advancements that is estimated to create significant impact on the global fluoropolymers market during the pandemic stress.
Segments of the Fluoropolymers Market:
The report has fragmented the fluoropolymers market into several segments based on type, application, end-use industry, and regional analysis.
Type: PTFE Sub-segment to be Most Profitable
By type, the PTFE sub-segment of the global fluoropolymers market is expected to have the largest market share and gather a revenue of $6,306.5 million by 2028. Polytetrafluoroethylene (PTFE) is a synthetic fluoropolymer that has versatile properties like hydrophobic, non-wetting, resistance to high temperatures, and high density. In addition, PTFE also has improved wear resistance and impressive chemical stability, making it a highly preferred material for manufacturing linings, gaskets, washers, spacers, seals, etc. in the industrial sector. These factors are projected to propel the sub-segments growth by 2028.
Application: Pipe Sub-segment to be Highly Lucrative
By application, the pipe sub-segment of the global fluoropolymers market is predicted to have a significant market share and register a revenue of $3,563.7 million by 2028 due to its exponential surging demand in the building and construction industry. In addition, the growing emphasis on rural water management programs by governmental bodies in countries like India is yet another factor expected to accelerate the sub-segments development during the analysis timeframe.
End-use Industry: Industrial Equipment to be Most Dominant
By end-use industry, the industrial equipment sub-segment of the global fluoropolymers market is anticipated to have a noteworthy growth rate and surpass $4,933.4 million by 2028. The growing demand from industrial manufacturing companies for robust materials that can withstand thermally and chemically harsh environments is the main factor expected to propel the sub-segments growth by 2028. In addition, fluoropolymers’ exceptional resistance to high temperatures, chemical reactions, and corrosion are some factors expected to bolster the sub-segments enhancement by 2028.
Region: Market in the Asia-Pacific Region to Grow Immensely
By regional analysis, the market in the Asia-Pacific region is predicted to register a revenue of $6,470.0 million by 2028 due to the presence of prominent market players and large manufacturing hubs in China and India. In addition, rising demands for consumer and electronics products, high-quality medical, and automotive in South Korea, Japan, and other countries is projected to further intensify the manufacturing of fluoropolymers in the Asia-Pacific region, thus driving the market growth during the forecast period.
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Prominent Fluoropolymers Market Players:
Some prominent market players are
- Asahi Glass Co. Ltd.
- Chemours (DuPont)
- Arkema SA
- Daikin Industries Limited
- 3M (Dyneon GmbH)
- Gujarat Fluorochemicals Ltd. (GFL)
- Dongyue Group Ltd
- Halopolymer Ojsc
- Solvay SA
- Honeywell International Inc., among others.
These players are building several strategies like product development and enhancement, merger and acquisition, partnerships and collaborations to assist the market growth. - Inquire and Check The competitive rivalry among the industry leaders is rather intense
For example, in January 2022, AGC Chemicals Americas Inc., a renowned global supplier of fluorochemicals and materials, announced its plan to expand fluoropolymer compounding facility by adding up to 50% more manufacturing capacity, an office space, and a QC lab.
The report also sums up various crucial facets including financial performance of the market players, SWOT analysis, product portfolio, and the latest strategic developments.
Some Trending Article Links:
- Investments Like That of Arkema S.A. on Increasing Production Capacities by 35% to Propel the Growth of the Global Fluoropolymers Market
- Fluoropolymers: Their Applications and Related Concerns
- The Global Fluoropolymers Market Anticipated To Register A Revenue Of $11,924.6 Million, Growing At A CAGR Of 5.9% From 2021 To 2028
