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Fluoropolymers Market Size, Share | Industry Trends Analysis Report, 2024
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The estimated market revenue of global fluoropolymers market was US$6.26 bn in 2016 and is anticipated to rise at a CAGR of 6.8% from 2016 to 2024. In terms of revenue, the global market for fluoropolymers is expected to reach a valuation of US$10.64 bn by the end of forecast period.
Substantial Chunk of Demand for Fluoropolymers Comes From Industrial Processing
Based on geography, the global fluoropolymers market is segmented into Asia Pacific, Europe, North America, the Middle East & Africa (MEA), and Latin America. Of these, Asia Pacific leads the market and is expected to maintain its dominance throughout the forecast period. The substantial growth is primarily attributed to rapid pace of industrialization and the soaring demand for polytetrafluoroethylene (PTFE) in the automotive industry. In terms of fluoropolymers consumption, the regional market is expected to surge to a revenue of US$3.95 bn by 2024.
The major end-use segments are industrial processing, automotive, electrical and electronics, construction, and consumer goods; of these, the major demand for fluoropolymers applications will come from industrial processing. The industrial processing segment is projected to remain dominant over the forecast period with the segment anticipated to reach US$3.08 bn by the end of 2024. Owing to remarkable physical and chemical resistant features of fluoropolymers, they find increasing use in several protective coating applications.
Soaring Applications in Automotive Industry to Catalyze Market Growth
The growth of the automotive industry worldwide has led to a stellar demand for fluoropolymers in making several auto parts, thereby propelling the market. The rising application of fluoropolymers in manufacturing components such as steering and transmission systems, gaskets, connection O-rings, and shaft seals, has spurred the demand for fluoropolymers in various regions. The spike in demand for passenger vehicles is expected to contribute to the growth of the fluoropolymers market. Owing to a host of chemical resistance and mechanical properties, fluoropolymers are extensively used in automobile fuel and engine systems, which helps automakers meet various regulatory and design requirements.
The increasing application of polytetrafluoroethylene in protective coatings in products such as cookware, pipes, valves, and telecommunication cables is expected to spur the demand for fluoropolymers.
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However, the volatility in prices of raw materials – fuelled by price wars between key providers in major regions – has restrained the growth of the market to an extent. In addition, the high cost of specialized equipment required to manufacture many fluorinated compounds has impeded commercialization of these compounds. Nevertheless, the increasing applications of fluoropolymers in making a large number of electronic devices is expected to open up lucrative market avenues in the coming years. For instance, the advent of new generation fluoropolymers coatings in the electronics industry will lead to exciting opportunities for several manufacturers.
The study presented here is based on a report by Transparency Market Research (TMR) 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, Construction, and Consumer Goods) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The global fluoropolymers market is segmented based on:
Product
Polytetrafluoroethylene (PTFE)
Polyvinylidene fluoride (PVDF)
Fluorinated Ethylene Propylene (FEP)
Fluoroelastomers
Polyvinyl fluoride (PVF)
Others
End User
Industrial processing
Automotive
Electrical & electronics
Construction
Consumer goods
Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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