Albany, NY -- (SBWIRE) -- 11/07/2018 -- In order to meet the growing demand for medical devices, fluoropolymers are being used on a large scale owing to its good dielectric properties, lubricity, and biocompatibility. They are also being largely used for developing biomedical materials for heart valves and artificial corneas. Replacing many of the plastic products in the medical devices, and the healthcare industry, the fluoropolymer is emerging as one of the largely used material. Having various unique properties such as low coefficient of a fraction, and high resistance to chemical and heat, fluoropolymer is also used as a substitute bone for ear, hip, skull, knee, and nose parts. Major players in the market are also focusing on developing recyclable and eco-friendly fluoropolymer, hence this is resulting in the growing popularity of fluoropolymer in the healthcare sector.
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According to a study by Transparency Market Research (TMR), the global market for fluoropolymer is likely to witness a steady growth, registering 5.3% CAGR, during 2017-2026. The global market for fluoropolymer by 2026 end is also projected to reach US$ 690.3 million revenue.
Polytetrafluoroethylene to Emerge as One of the Top-Selling Products
Polytetrafluoroethylene is likely to emerge as one of the top-selling products in the global market for fluoropolymer. By 2026 end, Polytetrafluoroethylene is projected to surpass US$ 300 million revenue. Polytetrafluoroethylene is being widely used in microporous membranes, acting as a filter for bacteria and particles in critical fluids. There has also been an increase in the use of Polytetrafluoroethylene as a graft material in surgical interventions. It is also used as a coating on catheters, as it helps to stop infectious agents and bacteria.
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APEJ to Emerge as the Largest Region in the Global Market for Fluoropolymer
Asia Pacific Excluding Japan (APEJ) is likely to be one of the largest regions in the global market for fluoropolymer during 2017-2026. Being the largest producer and consumer of fluoropolymer, APEJ is likely to witness growth in the coming years. Moreover, owing to the increase in manufacturing activities, availability of land, labor, and various raw materials including ethylene, and fluorocarbon at low price, the region is anticipated to experience significant growth during 2017-2026. The demand for fluoropolymer is also increasing in countries such as Thailand, Indonesia, and Vietnam owing to the development of healthcare sector. Meanwhile, North America is also likely to witness growth in the use of fluoropolymer material in the healthcare sector, especially in the medical devices, pharmaceutical packaging, and drug delivery.
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Leading players in the global market for fluoropolymer are 3M Company, Asahi Glass Co., Ltd, Honeywell International Inc., Solvay SA, Daikin Industries Ltd., E.I Dupont De Nemours and Company, The Chemours Company, Zeus Industrial Products Inc., Compagnie de Saint-Gobain SA, W. L. Gore & Associates, Inc., and Mexichem S.A.B. de C.V. Presence of limited number of players are leading to the intense competition, hence companies are focusing on research and development activities to stay ahead in the competition.