Global Fluoropolymers Market to Reach US$10.64 bn by 2024; APAC, Led by China, to Exhibit Fastest Growth
Transparency Market Research has published a new report titled “Fluoropolymers (PTFE, PVDF, FEP, Fluoroelastomers, PVF, and Others) Market for Industrial Processing, Automotive, Electrical & Electronics, Construction, and Other End-users – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2024.” According to the report, the global market for fluoropolymers was valued at US$ 5.88 Bn in 2015 and is anticipated to reach US$ 10.64 Bn in 2024, expanding at a CAGR of 6.8% between 2016 and 2024.
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Fluoropolymers are one of the most versatile groups of specialty polymers. These are used in various end-use industries such as industrial processing, electrical & electronics, automotive, and construction. High thermal resistance and chemical inertness exhibited by fluoropolymers is the primary functionality that drives its applications. Polytetrafluoroethylene (PTFE) was the first fluoropolymer to be commercialized. It continues to witness the leading position in terms of demand. Other popular fluoropolymers include PVDF (polyvinylidene fluoride) and FEP (fluorinated ethylene propylene). Among end-user industries, industrial processing accounted for the largest market for fluoropolymers in 2015. Automotive, electrical & electronics and construction are estimated to exhibit promising growth over the forecast period. The growth is expected to be driven by Asia pacific region.
Asia Pacific, led by China, accounted for the largest share of the global fluoropolymers market in 2015. China is one of the largest producers and consumers of fluoropolymers in the world. It is a manufacturing economy with thriving industrial and automotive production. China is also one of the largest manufacturers of electronic devices in the world. Thus, the market for fluoropolymers in China has exhibited the fastest growth rate in the recent past. Presence of other large manufacturing economies such as Japan, India, and South Korea has boosted the market for fluoropolymers in Asia Pacific. The fluoropolymers market in the region is also estimated to exhibit the fastest growth rate during the forecast period.
The U.S. is the largest country in terms of demand for fluoropolymers. North America accounted for the second largest share (after Asia Pacific) in terms of demand for fluoropolymers in 2015. The U.S. alone held more than 75% market share in North America in 2015. Europe was the third largest region in terms of demand for fluoropolymers in 2015. Germany accounted for the largest demand for fluoropolymers in the region in 2015.
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France and Italy also held sizable share in terms of demand for fluoropolymers in Europe. Latin America and Middle East & Africa (MEA) cumulatively accounted for less than 10% share of the global market in 2015. Brazil was the leading country in Latin America, while GCC dominated the MEA market in the year.
Major companies that dominate the fluoropolymers market include Chemours, Solvay, Daikin Industries, 3M (Dyneon), Asahi Glass Co., and HaloPolymer JSC.
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