Albany, NY -- (SBWire) -- 09/18/2017 --The global fluoropolymers market is primarily consolidated as a majority of the market was held three leading players namely Daikin Industries, Solvay, and Chemours. These three companies collectively accounted for 43.3% share in the global market in 2015. Transparency Market Research (TMR) has found that a large number of prominent players in this market are currently focused in Asia Pacific countries, especially China.

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In the report, Transparency Market Research estimates that by the end of 2024, the global market for fluoropolymers will reach US$10.64 bn, whereas in 2016, it was valuated at US$6.26 bn. This market is expected to expand at a CAGR of 6.8% for the period 2016-2024.

Development in Industrial Processing to Stimulate Fluoropolymers Market

Scope of fluoropolymers use in industrial processing is expected to increase in the coming years. Industrial processing involves actions such as the application of protective chemical coatings in chemical processing equipment, telecom cables, pipes and valves, and cookware. Usage of fluoropolymers in industrial processing has been growing in recent times as some of the fluoropolymers provides strong physical and chemical resistance, when used as coating. Furthermore, resistance of fluoropolymers coatings to stress cracking, corrosion, and high temperatures, is anticipated to grow its demand in industrial processing over the forecast period. It is estimated that by the end of 2024 the market for fluoropolymers will reach up to valuation of US$3.08 bn.

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Asia Pacific has dominating the global market of fluoropolymers, owing to higher disposable income, excellent rate of industrial development, and large number of consumers. The increasing demand for medical devices and electronic devices, and high rate of development in the auto industry in this region is expected to assist the Asia Pacific market to further foster.

Resistance to Chemicals and High Temperature to Increase Scope of Applications

Several types of fluoropolymers are used in the automotive industry for the production of power steering systems, transmission systems, O-rings, gaskets, shaft seals, and fuel hoses. The high resistance to fuels, lubricants, and high temperature, has increased the application of fluoropolymers as elastomers and thermoplastics in the automotive industry. Against this backdrop, the expansion of the automotive industry is expected to be benefiting for the growth of the fluoropolymers market. Furthermore, the rising applications of fluoropolymers for the production of wires, cables, cookware, and semiconductors are anticipated to help this market grow. The Asia Pacific industrial sector is envisioned to grow exponentially in the future. The applications of fluoropolymers is expected to rise across industries thus enabling growth in the market over the forecast period. Excellent physical properties and scope of application in a multitude of industries are most likely to bolster the global market of fluoropolymers.

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Health Concerns Related to Use of Fluoropolymers Could Hinder Market's Growth

Although, fluoropolymers find their applications across various industries such as automobile and electronics, the environmental concerns regarding degradation of fluoropolymers could affect its market's growth. Due to strong physical properties and resistance to chemical reactions, fluoropolymers are very difficult to degrade. Furthermore, the chemicals produced due to break down of fluoropolymers are linked with cancers and harmful effects on human health. Volatile pricing and inadequate availability of raw materials can hinder the market growth. However, the growing applications of fluoropolymers in the manufacturing of medical devices and electronics components are expected to sustain its market during the forecast period.

This information is taken from a report by Transparency Market Research, titled as "Fluoropolymers Market (Product - Polytetrafluoroethylene, Polyvinylidene Fluoride, Fluorinated ethylene propylene, Fluoroelastomers, Polyvinyl fluoride, ETFE, and ECTFE; End-User - Industrial processing, Automotive, Electrical & electronics, Construction, and Medical) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."