$10.50 bn expected for Global Fluoropolymers Market at 7.5% CAGR by 2020
Deerfield Beach, FL -- (SBWIRE) -- 08/31/2017 -- Zion Market Research has published a new report titled "Fluoropolymers (Polytetrafluoroethylene (PTFE), Polyvinylidene Difluoride (PVDF), Fluorinated Ethylene Propylene (FEP) and Fluoroelastomers) Market for Automotive, Electrical & Electronics, Construction and Industrial Equipment Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020". According to the report, the global fluoropolymers market was valued at approximately USD 6.50 billion in 2014 and is expected to reach approximately USD 10.50 billion by 2020, growing at a CAGR of around 7.5% between 2015 and 2020. In terms of volume, global fluoropolymers market stood at around 650-kilo tons in 2014.
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A polymer that exhibits strong carbon-fluorine bond is called as a fluoropolymer. The fluoropolymer is also known as fluorine polymer. High resistance to solvents, acids, and bases are some of the important characteristics of fluoropolymers. Fluoropolymers demonstrate a low coefficient of friction compared with other polymers, they are inert substances and can withstand high temperatures. They are usually applied to manufactured metal parts by electrostatic powder coating, or attached in large sheets with epoxy to line the interior of large metal and non-metal containers. Some of the fluoropolymers are thermosets while others are thermoplastics. Fluoropolymers are widely used in numerous applications in a host of industries owing to their excellent properties such as non-adhesive, low friction, chemical and weather resistance, etc.
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Automotive, PV films, semiconductors, and electronic appliances are some of the major end-user industries for fluoropolymers. Automotive and electronics industry in Asia Pacific is projected to exhibit strong growth in the years to come. This, in turn, is expected to boost the demand for fluoropolymers. Moreover, rapidly increasing demand for energy and environmental concerns associated with the use of conventional sources of energy results into growing demand for solar energy. Looking into this, PV installations are expected to witness a surge in demand during the forecast period. Fluoropolymers are widely used in making PV films. This in turn expected to be a give a major thrust to fluoropolymers market. However, fluctuations in raw material prices and supply are expected to remain a major concern for the manufacturers.
Polytetrafluoroethylene (PTFE), polyvinylidene difluoride (PVDF), fluorinated ethylene propylene (FEP) and fluoroelastomers are the major types of fluoropolymers. Polytetrafluoroethylene was the largest product segment, which accounted for over 60% share of the total fluoropolymers volume consumed in 2014. Polyvinylidene difluoride (PVDF) was the second largest producer and expected to exhibit significant growth rate during the forecast period. Moreover, demand for fluorinated ethylene propylene (FEP) and fluoroelastomers product segment is also anticipated to grow at rapid pace in the year to come.
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Automotive, electrical & electronics, construction, and industrial equipment are some of the important application markets for fluoropolymers. Industrial equipment was the largest application market with over 30% share in the total fluoropolymers volume consumed in 2014. Construction is one of the leading application segments in 2014 and is expected to exhibit fastest CAGR over the forecast period. Automotive sector also accounted for significant share of the global fluoropolymers market.
Asia-Pacific is one of the largest and fastest growing regional markets for fluoropolymers. Asia Pacific accounted for over 30% share of the total volume consumed in 2014. The growth of the Asia Pacific can be mainly attributed to the strong growth prospects of key end application markets for the fluoropolymers in the region. North America was the second largest market for fluoropolymers in 2014. In terms of volume, Latin America and Middle East & Africa is expected to witness robust growth during the forecast period.
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Some of the key players in the global fluoropolymers market are DuPont, DAIKIN INDUSTRIES, Ltd., AGC Chemicals Europe, Ltd., Dyneon GmbH, Solvay Solexis, 3M, AGC Chemicals Europe, Ltd., Gujarat Fluorochemicals Ltd., Shanghai 3F, Fuxin Hengtong, Zhonghao Chenguang Research Institute of Chemical Industry, Honeywell International Inc., and Jinan 3F Fluoro-Chemical Co. Ltd.
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