Automotive Fluoropolymers Market Size to Grow at a CAGR of 5.1% to reach US$ 1.4 billion by 2024

Fluoropolymers market in the automotive industry is estimated to top US$ 1.4 billion in sales by 2024, according to a newly added report by Stratview Research. The growth in the demand for fluoropolymers in the automotive industry has been outpacing the growth of the overall automotive industry for the last two eons. Increasing global automobile production, increasing requirement of high-temperature-resistant materials because of engine downsizing, and increased demand for lightweight materials to address the stringent emission regulations are creating a healthy demand for fluoropolymers in the automotive industry.

Currently, the automotive industry accounts for merely 15% of the total fluoropolymers consumption in terms of volume; however, the industry is indisputably one of the fastest-growing end-use segments of fluoropolymers, outpacing the average industry growth, propelled by an incessant rise in the penetration of fluoropolymers in various applications including seals and hoses, especially for charge air coolers. The demand for charge air cooler has been at pinnacle because of rising demand for turbocharged vehicles in both gasoline as well as diesel vehicles, giving an impetus to demand fluoropolymers and creating new revenue pockets for the market participants.

Rising global temperature, changing customer requirements, the introduction of stringent government regulations regarding safety and emission reductions, and rising traffic congestion are some of the factors that are compelling all the industries to build more sustainable business environments. The impact of these factors has been the most on the automotive industry with this decade being the most disruptive one with several megatrends collectively transforming the industry. Among many megatrends, the most noticeable ones are autonomous, emission-free mobility, fuel efficiency, sharing, and connected vehicles. Today, almost all the major automakers are putting efforts for the development of vehicles addressing most of these trends.

Among these megatrends, the development of fuel-efficient vehicle is equally imperative which has efficaciously been being unraveled by automakers by making essential changes in the materials, vehicle design, geometry, aerodynamics, etc. They have been meticulously leveraging the potential of fluoropolymers in the critical sections of vehicle in order to address the tightening carbon emission standards of government or regulatory authorities regarding fuel efficiency enhancements.

The report offers detailed insights in relevant market segments, their growth rates, latest market trends, forecasts, and other important details. The market has been segmented in four ways and the report has more than 150 figures and tables providing the most comprehensive information about the market segments and their growth prospects for the forecast period of 2019-2024.

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As per the report, among different vehicle types, Passenger car is expected to remain the largest market segment over the next five years. The vehicle type (passenger car) is also likely to witness the highest growth during the same period. Large production of cars coupled with high penetration of fluoropolymers has led to the huge dominance of the segment in the market.

Based on the product type, the market is segmented as PTFE, FKM, PVDF, and others. PTFE is likely to remain the most dominant fluoropolymer type consumed in the automotive industry during the forecast period, whereas FKM is likely to witness the highest growth during the same period. FKM is a preferred choice of material in various fuel system applications, such as fuel cap main seal, fuel rail seal, fuel filler hose, fuel pump seal, and fuel injector seals.

Based on the system type the market is segmented as powertrain, fuel system, air management system, and others. Fuel system is the major application area of fluoropolymers and is likely to maintain their dominance in the market in years to come, whereas air management system is likely to be the fastest-growing segment of the market during the same period. The key applications of air management system such as turbocharger hose, SCR injector seal, turbocharger hose seal, and EGR stem seal, are experiencing significant growth; thereby, pushing the growth of the segment.

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Asia-Pacific is projected to remain the largest automotive fluoropolymers market during the forecast period in terms of both value and volume. China and India are the growth engines of the Asia-Pacific’s market. North America and Europe, the next two major markets, are likely to generate sizeable growth opportunities in the coming five years.

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The report further mentions about the key manufacturing players The Chemours Company, Daikin Industries Limited, The 3M Company, Solvay S.A, AGC Inc., Arkema SA, Dongyue Group Co., Ltd., and Honeywell International Inc. who are emerging fast and their roles in the growing market. It also portraits the important mergers, acquisitions, and other current happenings in the automotive fluoropolymers market that can be helpful for the interested clients in analysing the market and taking right decisions accordingly.

Salient Features of the Report
The report on automotive fluoropolymers market is a well-researched work after analysing of various data from different reliable sources. The report included some of the salient features such as:
• Market structure,
• Market environment analysis,
• Market trend and forecast analysis,
• Market segment trend and forecast,
• Competitive landscape and dynamics,
• Attractive market segments and associated growth opportunities,
• Emerging trends,
• Strategic growth opportunities for the existing and new players,
• Key success factors

About Stratview Research:
Stratview Research is a global research company offering custom research and marker research reports for interested client in different sectors such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Healthcare & Life Sciences, and Oil & Gas. All the reports generated are based on proper data collected from reliable sources and are scrutinized carefully before releasing so that the interested clients and companies can make the most out of it.

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Stratview Research
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Direct: +1-313-307-4176

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About Stratview Research
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This release was published on openPR.