COVID-19 Analysis on Fluoropolymers Market, Development Trends, Key Manufacturers and Competitive Analysis 2023

Fluoropolymers are plastics possessing attractive properties owing to their chemical bonds like carbon fluorine bonds. Fluoropolymers possess desirable properties like water proof, chemicals inertness, non-sticky, temperature, abrasion & galling resistance, and low coefficients of friction.

The global fluoropolymers market is expected to demonstrate a growing demand owing to rapid adoption for industrial use and expansion of end user industries. The electronics, automotive, piping, chemical processing equipment, and cookware industries are the largest end users of the fluoropolymers. Polytetrafluoroethylene or Teflon is the best example of fluoropolymers.

According to Market Research Future (MRFR), the global fluoropolymers market is expected to garner a valuation of USD 9,912.5 MN by the end of 2023. In its recently published analysis, MRFR also asserts that the market would register a CAGR of over 6.45% over the assessment period (2016-2023). Growing applications of fluoropolymers and the growing prosperity of end users is a key driving force behind the substantial market demand.

The construction industry represents an attractive market opportunity especially the growing demand for superior architectural coatings along with lightweight material by the automobile industry is anticipated to drive a large market for the global fluoropolymers market. MRFR concludes the cookware and construction industry to account for the largest share of the global fluoropolymers market followed by the automobile and transportation industry.

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In the aerospace industry, fluoropolymers are being used extensively in igniters and the semiconductor industry has used them for fittings and wafer handling. These two industries represent another opportunity for the market. The growing environmental awareness and the expanding preference for green fluoropolymers are expected to be another significant market opportunity.

Global Fluoropolymers Market – Segments

The report on the market comprises four dynamics to ensure better understanding,

By Type : Polytetrafluoroethylene (PTFE), Polyvinylidene Fluoride (PVDF), Fluoroelastomers (FKM), Fluorinated Ethylene-Propylene (FEP), Ethylene Tetrafluoroethylene (ETFE), Polychlorotrifluoroethylene (PCTFE), among others.

By Applications : Paints & Coatings, Films, Tubing, Additives, among others.

By End-use : Chemical Processing, Automotive & Transportation, Electrical & Electronics, Construction, Industrial Equipment, Medical, Household, and others.

By Regions : North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Global Fluoropolymers Market – Regional Analysis

Asia Pacific can be considered the largest region in terms of market value, which is anticipated to find expansion at a CAGR of 7.29% during the review period, with China accounting for the largest market of USD 776.1 million in 2016. China was followed by India being the second largest fluoropolymer market in the Asia Pacific region.

The growing per capita income, a growing number of end-use industries and the expanding demand for housing are driving a large market. The adoption of specialty fluoropolymer by the medical devices industry is further anticipated to generate high demand for the fluoropolymer market.

The North American market is projected to generate a market value of USD 2,193.8 million with the corresponding market volume share of 86.8-kilo tons by the end of review period of 2023. The U.S. market is expected to achieve a CAGR of 6.5%, followed by the Canadian market at a CAGR of 6.0% during the review period.

The Middle East & Africa market is projected to be dominated by the Gulf states of Saudi Arabia, UAE and Kuwait owing to their large purchasing power and economic clout.

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Global Fluoropolymers Market – Competitive Landscape

The fluoropolymers market is fragmented and competitive due to the presence of several big and small players. Manufacturers rely on large scale raw material purchase and manufacturing capacity to generate the economies of scale necessary to achieve the minimum economies of scale. Vendors are developing a global sourcing network to gain access to cheaper stock material and lower cost of manufacturing.

Close association with end users to develop custom products to develop a relationship with preferred clients is another strategy adopted.

Major Players:

Players leading the global fluoropolymers market include The Chemours Company (U.S.), DowDupont,Inc (U.S.), Zeus Industrial Products, Inc. (U.S), 3M (U.S.), Saint-Gobain S.A. (France), Gujarat Fluorochemicals Ltd (India), Daikin Industries, Ltd (Japan), Asahi Glass Co, Ltd (Japan), Honeywell International Inc. (U.S.), Arkema Group (France), Kureha Corporation (Japan), W.L. Gore & Associates, Inc (Japan), Solvay SA (Belgium), among others.

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About Market Research Future

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This release was published on openPR.