Fluoropolymers Market is projected to reach US$ 10,196.5 Million by 2027, owing to rise in growing application of fluoropolymer in automotive industry and increasing spending on construction activities |CAGR: 4.3%: Astute Analytica
NEW DELHI, Feb. 28, 2022 /PRNewswire/ -- The study undertaken by Astute Analytica foresees a tremendous growth in revenue of the global fluoropolymers market from US$ 7,899.1 Million in 2021 to US$ 10,196.5 Million by 2027, registering a CAGR of 4.3% during the forecast period 2022-2027. The growth of the market is majorly driven by the growing application of fluoropolymer in automotive industry and increasing spending on construction activities and infrastructural development projects. Increasing application in construction, automobiles, medical and chemical industries will further drive the market growth.
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Fluoroelastomers segment is estimated to have the highest market share during the forecast period due to increase in demand from automobile manufacturers to design more fuel-efficient vehicle and stringent emission norms regarding environment safety in the automotive industry are the few factors that may strengthen the market share of such products in the global market. Furthermore, the Granular form segment dominates the Global Fluoropolymers Market as they are ideal for producing high performance mechanical/ electrical products as they are typically processed by sintering and compression. Also, the pipe segment holds the highest market share because of their improved corrosion resistance capabilities. Moreover, Industrial equipment segment dominated the market in 2021 and is further projected to grow at a CAGR of 4.4% during the forecast period.
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Market Dynamics and Trends
Drivers
The Global Fluoropolymers Market is majorly driven by factors such as growing application of fluoropolymers in automotive industry and increasing spending on construction activities and infrastructural development projects. With the changing technology and advanced materials in the last few decades have led to technological development in the fluoropolymers market, as it is increasingly utilized in automobile fuel and engine systems to ensure yielding and improved customer satisfaction. Key manufacturers are increasingly manufacturing their automotive parts by fluoropolymer thus allowing automakers to build a more sustainable and dependable business environment. The advent of strict government regulations concerning safety and emission reductions and increasing traffic congestion are some of the factors that are compelling the utility of fluoropolymer.
With the constant development in the construction sector, the demand for raw materials has increased all over the world coupled with increasing usage of fluoropolymer coating (such as polyurethane coating) in construction applications and growing purchasing power has resulted in driving the use of fluoropolymer. Thus, the rise in buildings and construction projects may further fuel the market growth of fluoropolymers.
Restraint
Higher cost of fluoropolymer than conventional material, increased issues regarding environmental sustainability and fluctuating prices of PTFE are expected to inhibit the growth of the global fluoropolymer market. However, stringent regulations enforced on chemical production and end-uses of fluoropolymer by several regulatory bodies are likely to hamper the market growth.
Opportunities and Trends
With the increasing growth in the medical devices, biomedical and healthcare industries the fluoropolymers are meeting the growing demand for new products and procedures as they exhibit exceptional lubricity as compared to other plastics. Fluoropolymers exhibit exceptional lubricity and biocompatibility as compared with other plastics. Rise in medical device production is paving the way to reinforce the global market. Due to the significant demand from emerging applications such as architectural membranes and photovoltaic modules the melt-processable thermoplastic fluoropolymers market is further projected to observe higher growth than PTFE during the forecast period. The growing production capacity of fluoropolymers by the key players coupled with rising acquisition and the development of such materials will reinforce the growth outlook for the fluoropolymers market worldwide.
Regional Analysis
US is the highest shareholder in the North America Fluoropolymers Market
In terms of market share, US holds a major share in North America Fluoropolymers market over the forecast period. Among the type, Fluoroelastomers holds major share in term of revenue in the market industry. Granular segment contributed the major share of 70.0% in the North America market as they are ideal for producing high performance mechanical/electrical products.
Germany holds the highest percentage of Fluoropolymers in European Market
Film application segment contributed the major share of 25.6% in the Europe fluoropolymers market. Where, the sheet application is projected to grow at a fastest CAGR during the forecast period. On the basis of end-use industries, industrial equipment holds the major share in the Europe fluoropolymers market.
China is the highest shareholder in the Asia Pacific Fluoropolymers Market
In terms of revenue, China holds a major share in the marketplace in the forecast period and is growing at a fastest CAGR in Asia Pacific region. Fluoroelastomers holds major share in term of revenue in the market industry during the forecast period. Where, the ethylene chlorotrifluoroethylene (ECTFE) is projected to grow at a highest CAGR of 7.0% during the forecast period. In application segment, pipe contributed the major share in the Asia Pacific fluoropolymers market.
South America fluoropolymer market holds a significant share in the global fluoropolymer market
South America fluoropolymer market holds a significant share in the global fluoropolymer market projecting a CAGR of 4.5% during the forecast period.
In application segment, pipe contributed the major share in the South America fluoropolymers market. Where, the sheet application is projected to grow at a fastest CAGR 5.5% during the forecast period due to rising number of sheet manufacturers as its usage increased in industries is driving its adoption in the global market.
Competitive Landscape
Global Fluoropolymers Market is highly competitive in order to increase their presence in the marketplace. Some of the key players operating in the global market include Chemours, Daikin, 3M (Dyneon), Arkema, Solvay, Ensinger Inc. and Dongyue.
Segmentation Overview
Global Fluoropolymers Market is segmented based on type, form, application, end user industry and region. The industry trends in global fluoropolymers market are sub-divided into different categories in order to get a holistic view of the global fluoropolymers market.
Following are the different segments of the Global Fluoropolymers Market:
By Type Segment of the Global Fluoropolymers Market is Sub- Segmented into:
- Ethylene tetrafluoroethylene (ETFE)
- Fluorinated Ethylene-Propylene (FEP)
- Fluoroelastomers
- Perfluoroalkoxy alkanes (PFA)
- Polychlorotrifluoroethylene (PCTFE)
- Polytetrafluoroethylene (PTFE)
- Polyvinyl Formal (PVF)
- Polyvinylidene Fluoride (PVDF)
- Others
By Form Segment of the Global Fluoropolymers Market is Sub- Segmented into:
- Dispersion
- Granular
- Powder
By Application Segment of the Global Fluoropolymers Market is Sub- Segmented into:
- Additives
- Film
- Membrane
- Pipe
- Roofing
- Sheet
- Tube
- Others
By End User Industry Segment of the Global Fluoropolymers Market is Sub- Segmented into:
- Transportation Equipment
- Automotive Vehicles
- Aerospace
- Others
- Electrical and Electronics
- Wire and Cable
- Batteries
- Others
- Construction
- Industrial Equipment
- Chemical and Pharmaceutical Equipment
- Semiconductor Manufacturing Equipment
- Other Industrial Process
- Household
- Medical Equipment
- Others
By Region Type Segment of the Global Fluoropolymers Market is Sub- Segmented into:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Argentina
- Brazil
- Rest of South America
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About Astute Analytica
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