Pune, India, Aug. 08, 2018 (GLOBE NEWSWIRE) -- According to a new report published by Market Research Future (MRFR), the Global Fluoropolymers Market size was valued USD 6,814.5 Million in 2017 and is projected to touch USD 9912.5 Mn by 2023, exhibiting a CAGR close to 6.45% during the forecast period of 2017 to 2023.
Fluoropolymers Market Highlights
Fluoropolymers are chemical compounds constituting of fluorine and carbon atoms. It is easily recognized due to its resistance to acids, bases, and solvents. Its properties of stress cracking, thermal resistance, chemical resistance, and electrical & mechanical properties make it enticing enough to be used in industrial films and coatings. In addition, the copolymers derived from fluoropolymers increase the flexibility and durability of products.
The demand for lightweight materials in the automotive sector is the primary driver of the market. Increasing demand for superior performance in architectural coatings can spur market demand over the forecast period. The aerospace and semiconductor sectors are inducing demand for fluoropolymers owing to their need for lightweight parts. Awareness of the environmental impacts of these chemicals has led to manufacturers developing green fluoropolymers.
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Key Players and Competition Scenario
Well-known players in the market include Kureha Corporation (Japan), W.L. Gore & Associates, Inc. (Japan), 3M (U.S.), Daikin Industries, Ltd. (Japan), Honeywell International Inc. (U.S.), Saint-Gobain S.A. (France), Arkema Group (France), The Chemours Company (U.S.), Asahi Glass Co., Ltd. (Japan), Solvay SA (Belgium), DowDupont, Inc. (U.S.), Zeus Industrial Products, Inc. (U.S), and Gujarat Fluorochemicals Ltd (India). The market is controlled by 7 major players, namely Solvay SA, Daikin Industries, DowDuPont Inc., The Chemours Company, 3M, Saint-Gobain, and Arkema Group. They accounted for 60% of the market in 2017. These companies are increasing their production capacity by establishing new units in developing economies to cater to the immense demand by end-use industries.
Industry News
The stringent emission standards outlined by the European Environment Agency (EEA) have made it mandatory for the installation of catalytic converters in exhaust pipes. This is expected to spark the demand for fluoropolymers in the coming years. Recently, fluoropolymer manufacturer Dyneon unveiled a range of fluoroelastomers which meet the requirements of automotive manufacturers. Some of these include Dyneon THV X 815 G and Viton. These possess extreme resistance and abrasion to chemicals and fuels.
Segmentation Analysis
The Fluoropolymers Market is segmented by type, application, end-use, and region. Types of fluoropolymers include polytetrafluoroethylene (PTFE), polyvinylidene fluoride (PVDF), fluoroelastomers (FKM), fluorinated ethylene-propylene (FEP), ethylene tetrafluoroethylene (ETFE), polychlorotrifluoroethylene (PCTFE), and others. The PTFE segment accounted for 45.2% share with an estimated worth of USD 3,081.6 Mn in 2017. It can expand at a remarkable CAGR over the review period. Its application as a coating for stents in the healthcare sector can boost segmental growth. The PVDF segment is projected to grow exponentially at a 7.49% CAGR over the forecast period owing to demand for insulation materials in the electrical sector.
Browse the market data and information spread across 140 pages with 241 data tables and 45 figures of the report “Fluoropolymers Market Report - Forecast 2017-2023” in-depth alongside in-depth table of content (TOC) at:
https://www.marketresearchfuture.com/reports/fluoropolymers-market-3226
Paints & Coatings to be the Biggest Application by 2023
Major applications comprise paints & coatings, additives, films, tubing, and others. The paints & coatings segment had registered 89.62 kilotons in volume in 2016. It can mushroom at a 6% CAGR over the review period. The films segment can showcase remarkable growth owing to application in industries such as semiconductors, machines, electronic components, and automotive parts. The robust growth in the Asia Pacific construction sector can act as a catalyst for the segment demand in the coming years.
Construction Industry to Contribute Maximum Revenue to the Market by 2023
End-use sectors utilizing fluoropolymers include medical, electrical & electronics, industrial equipment, chemical processing, automotive & transportation, household, construction, and others. The construction segment can grow at a CAGR above 7% over the assessment period owing to encouragement given to infrastructural projects in India, China, and the Middle East. The increased inflated budgets for construction of commercial and government complexes are likely to galvanize overall market demand. The chemical processing segment can expand at a CAGR of 6.33% during the review period. The medical segment can contribute to market demand owing to its high demand for standardized materials for materials and devices.
APAC – The Largest Market for Fluoropolymers
Regions discussed include North America, Latin America, the Middle East & Africa (MEA), Asia Pacific (APAC), and Europe. The APAC market was the largest in regards to revenue in 2016, with China and India as its major contributors. It is expected to grow at a 7.29% CAGR over the forecast period. The growing disposable incomes of consumers have boosted the development of medical devices and other end-use industries.
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The North America market volume can touch 86.8 kilotons by 2023. It can reach a market size of USD 2,193.8 Mn in the same year owing to the thriving chemical industry. The U.S. and Canada are expected to exhibit CAGRs of 6% and 6.5% over the forecast period. Investments in infrastructural developments by the New Building Canada Fund are expected to create demand for fluoropolymers till the end of the review period.
Browse Related Reports:
High Performance Fluoropolymer Market Information- by Type [Fluorinated Ethylene Propylene (FEP), Perfluoroalkoxy Polymer (PFA), Polytetrafluoroethylene (PTFE)), Application (Coatings & Liner, Mechanical Parts & Component, Film, Additives), End Use Industry (Aviation & Automobiles, Electrical & Electronics, Industrial Processing, Medical), and Region- Forecast till 2023
https://www.marketresearchfuture.com/reports/high-performance-fluoropolymer-market-4238
Fluoropolymer Films Market information: by Type (PTFE, PVDF, FEP, PFA), Application (Electrical & Electronics, Construction, Automotive, Aerospace), and Region - Forecast till 2023
https://www.marketresearchfuture.com/reports/fluoropolymer-films-market-6069
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