Fluoropolymers Market to Reach US$10.64 bn by 2024, Buoyed by High Demand in Industrial Processing : TMR
Transparency Market Research has published a new report titled “Fluoropolymers Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.” According to the report, the global fluoropolymers market was valued at US$5.88 bn in 2015 and is anticipated to reach US$10.64 bn by 2024, expanding at a CAGR of 6.8% between 2016 and 2024.
Fluoropolymers are a group of specialty polymers with multiple strong carbon-fluorine bonds. They exhibit excellent resistance to chemical and heat. Fluoropolymers are inert to almost all chemicals including acids, bases, and solvents. They are also able to endure a wide temperature range. Fluoropolymers are mostly used as coatings, resins, and films. The global fluoropolymers market is consolidated; it is dominated by the top companies such as Chemours, Solvay, 3M, Asahi Glass Co., and Daikin Industries. The fluoropolymers market is driven by the growth of automotive and electrical & electronics industries especially in Asia Pacific. However, the environmental & health concerns of fluoropolymers coupled with volatile prices acts as a challenge for the market.
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Polytetrafluoroethylene (PTFE) is the most common product type of fluoropolymers. It accounted for more than 65% volume share of the global demand for fluoropolymers in 2015. PTFE has the preferred product status, as it was the first fluoropolymer to be commercialized by DuPont. PTFE is synonymous with Teflon (DuPont’s PTFE brand name). It is extensively employed in applications such as cookware coatings, automotive parts, chemical processing equipment, electronics, wire & cable insulation, and medical equipment. All fluoropolymers exhibit similar properties. However, their applicability depends upon the demand from end-use applications. PVDF (polyvinylidene fluoride) and FEP (fluorinated ethylene propylene) are the other two fluoropolymers with significant market share across the globe.
Among end-use industries, industrial processing was the largest segment in terms of volume in 2015. Demand for fluoropolymers in electrical & electronics and automotive segments followed that in industrial processing. Industrial processing includes applications such as pipes & valves, anti-stick cookware, chemical processing plants, and telecommunication cables. Electrical & electronics and automotive segments are estimated to expand at brisk pace during the forecast period. Construction is a relatively small segment of the market in terms of volume. However, the segment is estimated to expand at the fastest pace during the forecast period owing to the favorable market conditions in Asia Pacific and Latin America.
Asia Pacific held the largest market for fluoropolymers in terms of demand in 2015. North America closely followed Asia Pacific in terms of demand for fluoropolymers in 2015. The U.S. was the largest country in terms of demand in 2015. It was followed by China. Europe held the third position in terms of demand for fluoropolymers in 2015.
The global fluoropolymers market is consolidated; few companies command major market share. Major companies that dominate the fluoropolymers market include Chemours, Solvay, Daikin Industries, 3M (Dyneon), Asahi Glass Co., and HaloPolymer JSC. Several medium scale manufacturers also operate in China.
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