Fluoropolymers Market: Flourishing Automotive Industry Escalating Demand, says TMR

Fluoropolymers Market

A recent study by Transparency Market Research as evaluated that Chemours were the leading company in the global fluoropolymers market, holding 24.6% share in 2015, while rest of the market was moderately concentrated with top five companies collectively owning 56.8% shares the same year. The other four prominent players detected by the TMR report in the global market for fluoropolymers are Daikin Industries Ltd., Asahi Glass Corporation, Solvay, and 3M (Dyneon).

According to the reports estimations, the opportunities in the global fluoropolymers market were worth US$5.89 bn in 2016, and estimates it to reach a valuation of US$10.64 bn by the end of 2024, expanding at a healthy CAGR of 6.8% during the forecast period of 2016 to 2024. By volume, the report projects the market to expand at a CAGR of 5.4% during the same forecast period, reaching a volume of 693.8 kilo tons by 2024. 

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Personal Care Applications Driving Demand

Based on product, the report segments the global fluoropolymers market into polyvinylidene fluoride (PVDF), polytetrafluoroethylene (PTFE), fluorinated ethylene propylene (FEP), polyvinyl fluoride (PVF), fluoroelastomers, and others including ECTFE and ETFE. Out of these, PTFE accounted for 65.3% of the demand in terms of volume in 2015, although the report expects it to lose a little ground, it will remain the most profitable product segment by a long margin ahead of PVDF, the second leading product segment. 

By end-user industry, the report bifurcates the market into automotive, industrial processing, electrical and electronics, and others including consumer goods. Among these, industrial processing current produces most of the demand, accounting for 30.2% shares by volume in 2015, closely followed by the automotive industry. Increasing usage of surfactants in hair care and skin care application is driving the demand for fluoropolymers in the industrial processing segment while the automotive industry utilizes the useful attributes of fluoropolymers such as mechanical strength, frictional strength, thermal resistance, and chemical properties. 

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Geographically, the report studies the opportunities available for fluoropolymers market in the regions of North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. In 2015, North America served 32.3% of the demand and is expected to remain most lucrative region, although Asia Pacific region is projected for an above-average growth rate. 

Environmental Concerns Pose Potential Clamp-down Risks

Besides the increasing demand for the industrial purposes, the prosperity of automotive industry is quite apparent to be seen on the global fluoropolymers market, wherein it is used to make fuel hoses, firewall seals, hydraulic o-ring seals, valve liners, jet engines clips, fuel tank bladders, and shaft seals among others. However, the volatility of the price of PTFE is obstructing the market from achieving its full potential. China’s dominance in the PTFE market may lead to further volatility during the forecast period. Moreover, environmental and health concerns may further hinder the growth rate, as scientists have detected the ill-effects of perfluorochemicals. Although the chemical’s effect on human body is yet to be proven, the market is at risk of a potential clamp-down. 

According to the author of the report, “Rapid growth of the construction industry will open new opportunities for the players in the fluoropolymers market. Used to manufacture water-repellent fabrics, architectural fabrics, and anti-corrosive coatings among other applications, the construction industry is thriving in Asia Pacific countries such as India and China, while the U.S. market has also recovered in the recent past.”

Key Segments of the Global Fluoropolymers Market 

 

Global Fluoropolymers Market, by Product Type

 

  • Polytetrafluoroethylene (PTFE)
  • Polyvinylidene fluoride (PVDF)
  • Fluorinated Ethylene Propylene (FEP)
  • Fluoroelastomers
  • Polyvinyl fluoride (PVF)
  • Others

 

Global Fluoropolymers Market, by End User

  • Industrial processing
  • Automotive
  • Electrical & electronics
  • Construction
  • Others (Including consumer goods etc.)

 

The information presented in this review is based on a Transparency Market Research report, titled, “Fluoropolymers Market (Product – Polytetrafluoroethylene (PTFE), Polyvinylidene Fluoride (PVDF), Fluorinated Ethylene Propylene (FEP), Fluoroelastomers, and Polyvinyl fluoride (PVF); End-user – Industrial processing, Automotive, Electrical & electronics, and Construction) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.” 

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