High-Performance Fluoropolymers Market worth $5.1 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 17, 2022 /PRNewswire/ -- According to the new market research report "High-Performance Fluoropolymers Market by Type(PTFE, FEP, PFA/MFA, ETFE), Form(Granular, Fine Powder & Dispersion), Application, End-use Industry(Industrial Processing, Transportation, Electrical & Electronics, Medical) & Region - Global Forecast to 2026", published by MarketsandMarkets™, the High-Performance Fluoropolymer (HPF) Market is projected to grow from USD 3.7 billion in 2021 to USD 5.1 billion by 2026, at a CAGR of 6.8% during the forecast period. The growth of the high-performance fluoropolymers industry can be attributed to its high demand from various end-use industry and growing demand from renewables.
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PTFE accounted for the largest share in total HPF market
PTFE is the most widely used type of HPF and accounted for the largest market share. There is an increase in the use of dispersion and fine powder PTFE, for various applications, especially in North America and APAC. It is used in a wide range of applications such as semiconductor, automotive components, electrical appliances, and non-stick cookware. The growing applications in the electrical & electronics industry are expected to trigger the demand for PTFE, especially in advanced batteries and fuel cells.
Granular/ Suspension segment accounted for the largest market share in the HPF market
HPF market is segmented into various forms such as suspension/granules, Fine powder & dispersion, and micropowder. HPF in the form of suspension/granules dominate the market. HPF exhibit excellent properties, such as good insulation, low surface energies, and high resistance to oils, UV radiation, chemicals, water, and corrosion. Granular fluoropolymers are processed by compression and sintering to make parts directly or to make billets suitable for machining. HPF in the form of granules are ideal for manufacturing high-performance mechanical/electrical products requiring excellent end-use performance such as skived tapes, films, sheets, machined gaskets, expansion joints, bellows, piston rings, and diaphragms. Suitability of granular form of HPFs in the manufacturing of various components is a major reason for the large market size.
Coatings & Liners segment accounted for the largest market share
Based on applications, the HPF market is segmented into coatings & liners, components, films, and additives. The market in coatings & liners is estimated to account for the largest share during the forecast period. HPF coatings and liners are used to overcome the challenges of protecting large and complex containment vessels and related piping systems. Coatings & liners offer corrosion, abrasion, and wear resistance while maintaining non-stick and high purity characteristics.
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Electrical & Electronics segment accounted for the largest market share
HPFs market is segmented on the basis of end-use industry as industrial processing, transportation, medical, electrical & electronics, and others. The increased usage of HPF in wire coatings, cable coatings, fiber optics, and electrical systems in aircraft, computers, and other applications. Increasing demand from various end-use industries such as electrical & electronics, industrial processing, and automotive to drive the market.
APAC is projected to be the fastest-growing HPF market
APAC is expected to be the fastest-growing market for HPF, owing to the presence of large manufacturing and highly populated countries, such as China and India. China, India, Japan, Indonesia, and South Korea are some of the key countries in the HPF market in this region. In 2020, China accounted for the largest share of the APAC market, owing to the presence of huge chemical, automotive, medical, and electronics industries. The growing production of automobiles, consumer household, medical disposables, and their increasing demand across the region boosts the demand for HPF. Growth in the manufacturing of automobiles and electronics hardware across the region is expected to grow further with changing demographics. Owing to which APAC is projected to be the fastest-growing HPF market.
The recent COVID-19 pandemic is expected to impact the global manufacturing sector. COVID-19 led the manufacturing sector into an unknown operating environment, globally. Government restrictions on the number of people that can gather at one place, severely impacted the industrial output. HPF are used in end-use industries such as transportation, electrical & electronics, medical, food processing, chemical processing, oil & gas, power plants, and building & construction. They are used in the industrial processing, where high thermal and chemical resistance is essential to conduct the operation. Due to the ongoing pandemic, industrial production has been severely affected throughout the world. Workforce shortage, logistical restrictions, material unavailability, and other restrictions have drastically slowed the growth of the industry. The economies have now opened, and industrial production has started to recover. It is expected to further grow when the economies get stabilized from the pandemic effect.
Most active players in the HPF market:
The Chemours Company (US), Daikin Industries (Japan), 3M (US), Solvay (Belgium), AGC, Inc. (Japan), The Dongyue Group (China), GFL Limited (India), FluorosealsSpA (Italy), Halopolymer (Russia), and Hubei Everflon polymer (China) are a few active players in the HPF Market.
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