August 31, 2021 06:58 ET | Source: Research and Markets Research and Markets
Dublin, Aug. 31, 2021 (GLOBE NEWSWIRE) -- The "Global Fluoropolymers Market, By Type (ETFE, PFA, ECTFE, PCTFE, PTFE, PVF, PVDF, Others), By Form (Dispersion, Granular, Powder), By Application (Pipe, Others), By End-User Industry (Household, Others), By Region, Estimation & Forecast, 2017 - 2027" report has been added to ResearchAndMarkets.com's offering. The global fluoropolymers market held a market value of USD 7,588.0 Million in 2020 and is forecasted to reach USD 10,196.5 Million by the year 2027. The market is anticipated to register a CAGR of 4.3% during the projected period. The market volume was about 356,660.1 tons in 2020 and was expected to grow at a CAGR of 3.8%. Fluoropolymers are fluorocarbon-based polymers containing multiple carbon-fluorine bonds. They are highly resistant to acids, bases, and solvents. The growing application of fluoropolymer in the industry along with increasing spending on construction activities & infrastructural development projects are expected to boost market growth. However, the high cost of fluoropolymer as compared to conventional material coupled with environmental sustainability is estimated to hinder the market growth. The market experienced a negative impact during the COVID-19 pandemic as companies of the aerospace, automotive, and electronics industry was shut down due to lockdowns. Growth Influencers:
Growing application of fluoropolymer in the automotive industry Fluoropolymers are used in the automotive industry in various parts of the engine of a vehicle for improving its durability and performance. Fluoropolymer tubing also seals and protects parts from dangerous chemicals and high temperatures which can affect an engine's ability to function. Furthermore, trends in the automotive industry, such as emission-free mobility, fuel efficiency, and connected vehicles are also anticipated to boost the market growth. Increasing spending on construction activities and infrastructural development projects Fluoropolymers are used in construction activities and infrastructural development projects owing to their low surface tension. The films manufactured using fluoropolymers are self-cleaning and need only rain to wash away accumulated dirt. Its numerous properties make leads to its popularity as highly durable protective coatings for a range of architectural coating formulations. According to the U.S. Department of Commerce, in the United States, as of June 2021, the construction spending was USD 1,552,200 million. Therefore, increasing spending on construction activities and infrastructural development projects is expected to fuel market growth. Segments Overview:
The global fluoropolymers market is segmented based on the type, form, application, and end-user industry. By Type
The polytetrafluoroethylene (PTFE) segment held the largest volume share of around 46% in 2020. This is owing to its thermal and chemical resistance, high electrical insulation, and very low coefficient of friction. The ethylene chlorotrifluoroethylene (ECTFE) segment is expected to grow at the fastest growth rate of 5.8% by volume and the fluorinated ethylene-propylene (FEP) is expected to hold a market volume of about 40,695.3 tons by 2027. By Form
The granular segment held the largest market share of about 70% owing to the high demand for fluoropolymers in granular form. The powder segment is expected to grow at the fastest rate in terms of both value and volume. By Application
The sheet segment is expected to grow at the fastest rate of 5.3% in terms of value and 4.8% in terms of volume. This is because of the increasing demand for fluoropolymer films in the construction and automotive industry. The membrane segment is expected to hold a volume of 16,156.5 tons by 2025. By End-User Industry
The industrial equipment segment held the largest market share of about 50% owing to the rising use of fluoropolymers in filtration membranes, flue gas heat exchangers, pharmaceutical processing equipment, and coatings. The medical equipment segment is anticipated to grow at a CAGR of 7.7% during the forecast period. Within the transportation equipment, the automotive vehicles segment is estimated to hold a market volume of about 29,938.4 tons by 2027. Regional Overview
Based on region, the global fluoropolymers market is classified into Europe, North America, Asia Pacific, Middle East & Africa, and South America. The Asia Pacific region is expected to be the largest volume contributor and surpass about 200,000 tons by 2024 owing to the rapidly growing construction and automotive sectors, especially in India, Indonesia, and China owing to the supportive regulations for promoting investments in the industries. The North American region is expected to be the second-largest volume contributor. Competitive Landscape
Key players operating in the global fluoropolymers market include 3M, Arkema Group, Asahi Glass Co, Ltd, Daikin Industries, Ltd, Dongyue Group, DowDupont, Inc., Ensinger Inc, Gujarat Fluorochemicals Ltd, Halopolymer, OJSC, Honeywell International Inc., Hubei Everflon Polymer CO., Ltd., Itaflon Srl, Jiangsu Meilan Chemical Co., Ltd., Juhua Group Corporation, Kureha Corporation, W.L. Gore & Associates, Inc, Lee & Man Chemical Company Limited, Polyfluor Plastics bv, Saint-Gobain S.A., Shandong Hengyi New Material Technology Co., Ltd, Shanghai Huayi 3F New Materials Co., Ltd., Solvay S.A., The Chemours Chenguang Fluoromaterials (Shanghai) Co., Ltd., and Zeus Industrial Products, Inc., among others. The cumulative market share of the five major players is near about 68%. These market players are involved in collaborations, mergers & acquisitions, and new product launches to strengthen their market presence. For instance, in May 2021, Arkema acquired Agiplast, a company specializing in the regeneration of high-performance polymers, especially specialty polyamides and fluoropolymers. The global fluoropolymers market report provides insights on the below pointers:
The global Fluoropolymers market report answers questions such as:
Key Topics Covered: Chapter 1. Research Framework Chapter 2. Research Methodology Chapter 3. Executive Summary: Global Fluoropolymers Market Chapter 4. Global Fluoropolymers Market Overview Chapter 5. Global Fluoropolymers Market Analysis, By Type Chapter 6. Global Fluoropolymers Market Analysis, By Form Chapter 7. Global Fluoropolymers Market Analysis, By Application Chapter 8. Global Fluoropolymers Market Analysis, By End-user Industry Chapter 9. Global Fluoropolymers Market Analysis, By Region/Country Chapter 10. North America Fluoropolymers Market Analysis Chapter 11. Europe Fluoropolymers Market Analysis Chapter 12. Asia Pacific Fluoropolymers Market Analysis Chapter 13. Middle East & Africa Fluoropolymers Market Analysis Chapter 14. South America Fluoropolymers Market Analysis Chapter 15. The U.S. Fluoropolymers Market Analysis Chapter 16. Company Profile Companies Mentioned
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