PVDF Resin Market is projected to reach $1.34 billion by 2027, growing at a CAGR of 7.4% from 2020 to 2027

According to a new report published by Report Ocean titled, “PVDF resin market by Type of Crystalline Phase, Application, and End-Use Industry: Opportunity Analysis and Industry Forecast, 2020–2027,” the global PVDF resin market was valued at $0.82 billion in 2019, and is projected to reach $1.34 billion by 2027, growing at a CAGR of 7.4% from 2020 to 2027. PVDF is a specialty plastic used in applications that require purity as well as resistance to solvents, acids, and bases. Compared to other fluoropolymers, such as polytetrafluoroethylene (Teflon), PVDF has a low density (1.78 g/cm3). Moreover, it offers other benefits such as low thermal conductivity and low permeability to most gases and liquids, while exhibiting long-term resistance to ultra-violet radiations, chemical corrosion, abrasion, and heat. In addition, it has excellent mechanical strength. The demand for PVDF resin has witnessed a tremendous growth driven by the growing penetration in chemical processing, electrical & electronics, construction, new energies, oil & gas, and pharmaceuticals industries.

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High performance properties of PVDF resin such as low thermal conductivity, high flame and heat resistance, and excellent chemical corrosion resistance are leading to an increasing acceptance of PVDF resin during the forecast period. However, threat of substitutes and growth in environmental and health concerns coupled with volatile raw material prices may hamper the market growth during the forecast period.

Furthermore, the penetration of PVDF resin across new energies, oil & gas, automotive, and aviation industries is expected to provide significant opportunities to the industry players across the value chain. Besides, significant investment in R&D is anticipated to provide opportunities for the market growth.

On the basis of type of crystalline phase, the alpha phase of PVDF resin segment was the major revenue contributor in 2019, and is expected to continue its dominance during the forecast period, owing to increase in demand from electrical & electronics, chemical processing, and other industries. In addition, advantages of PVDF resins including ease of processing, non-polar conformation, insulation, excellent chemical resistance, low weight, and high mechanical strength are anticipated to drive the demand for PVDF resins.

On the basis of application, the PVDF resin segment dominated the global PVDF resin market by accounting for the highest revenue in 2019. This is attributed to rise in demand for PVDF resin from the applications where high temperature, high chemical resistance, and mechanical strength are required. In addition, increase in demand for energy storage systems, coatings, PV films, tubes, rods, and others are anticipated to witness the rise in demand for PVDF resin during the forecast period.

On the basis of end-use industry, the chemical processing industry dominated the global PVDF resin market by accounting for the highest revenue in 2019. This is attributed to increase in utilization of PVDF resins in chemical processing applications such as filtration & separation equipment, high purity water systems, protective coatings, and others.

On the basis of region, the PVDF resin market size is analyzed across four major regions, which include North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for the dominant PVDF resin market share in 2019, and is anticipated to maintain its dominance during the forecast period. This is attributed to numerous factors such as huge consumer base and presence of key players in the region. In addition, emerging applications such as photovoltaic modules, lithium-ion batteries, and special films for architectural and automotive glazing are the main drivers for further market growth in this region. Furthermore, more than 73.8% of the total Asia-Pacific PVDF resin market share in terms of value is from the highest PVDF resin production countries such as China and India.

The global PVDF resin market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include Arkema S.A., Daikin Industries, Ltd., Kureha Corporation, RTP Company, Inc., Shanghai Huayi 3F New Materials Co., Ltd., Shanghai Ofluorine Co., Limited, Solvay SA, 3M, Zhejiang Fotech International Co., Ltd., and Zhuzhou Hongda Polymer Materials Co., Ltd.

Other players operating in the PVDF resin market are Agiplast, SKC, Sinochem Lantian, Dongyue Group, and others

COVID-19 impact on the market

The PVDF resin market is anticipated to witnessing steady and sluggish growth for the year 2020, owing to the outbreak of the COVID-19 pandemic. The outbreak has negatively impacted various industries and countries across the globe. Owing to the lockdown imposed, globally, decrease has been witnessed in the growth rate of the industries such as transportation, electrical & electronics, automotive, and energy sectors. This has further declined the need for electrical & electronic components, which, in turn, is anticipated to hamper the growth of the PVDF resin market in the next one or two years. In Europe, economies such as Germany, France, Spain, and Italy are following stringent measures such as maintaining social distance and limiting movements to prevent the spread of coronavirus, which has further impacted the growth of the PVDF resin market. Some of the industries including chemicals and pharmaceuticals & biomedical are not that much affected by this COVID-19 pandemic and thus it is expected to witness the growth of the PVDF resin market in this period.

Key Findings Of The Study

By type of crystalline phase, the alpha segment emerged as the global leader by acquiring around 62.7% market share in 2019 in terms of revenue, and is anticipated to be the largest market during the forecast period.
On the basis of application, the resin segment emerged as the global leader, registering 71.0% market share in 2019 in terms of revenue, and is anticipated to continue its dominance during the forecast period.
By end-use industry, the chemical processing segment emerged as the global leader, registering 30.63% market share in 2019 in terms of revenue, and is anticipated to continue its dominance during the forecast period.
Asia-Pacific is the major consumer of PVDF resin among other regions. It accounted for around 48.84% of the global market share in 2019 as a result of rapid growth in the chemical processing & construction sectors across the region.
The pharmaceutical & biomedical segment is expected to grow at a CAGR of 8.8% in terms of revenue during the forecast period, and is accounted for $36.0 million in the year 2019.

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