The global market for fluoropolymers is primarily
consolidated. Chemours, Solvay, and Daikin Industries - the three
leading providers of fluoropolymers in 2015 – had a collective
share of 43.3% at the time.
As stated in a research report recently released by
Transparency Market Research, a large number of the key players in
the global market for fluoropolymers are currently focused in China
and other Asia Pacific countries. At the moment, most players are
aware of the high importance China holds in terms of consumption of
fluoropolymers.
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In comparison to China, countries from Europe and
North America are showing a much slower and even a stagnated demand
for fluoropolymers. The growth in demand for fluoropolymers in these
regions is only expected to become slower over time.
The degree of competition is very high among the key
players in the fluoropolymers market. They employ strategies such as
mergers and acquisitions and the procurement of long-term contracts
to solidify their position in the market.
In terms of revenue, the global market for
fluoropolymers is expected to reach US$10.64 bn by the end of 2024.
This market revenue is expected to reach US$6.26 bn by the end of
2016 and is projected at a CAGR of 6.8% within a forecast period from
2016 to 2024.
PTFE was and is expected to continue being the
leading products segment among all fluoropolymers. By the end of
2024, PTFE is expected to generate a revenue of nearly US$7 bn, owing
to its massive scope of application in medical devices, textiles, and
electronics.
APAC Dominance Over Fluoropolymers Consumption to
Continue
By the end of 2024, Asia Pacific – the currently
dominant region in terms of fluoropolymers consumption – is
expected to generate a revenue of US$3.95 bn. This region’s
fluoropolymers revenue is expected to expand at the leading CAGR of
7.4% from 2016 to 2024. A large chunk of this revenue is expected to
be taken up in PTFE consumption.
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North America follows Asia Pacific in terms of
fluoropolymers consumption and is expected to hold 32.0% of the total
market volume by 2024.
Automotive Industry Demand for Fluoropolymers
Expected to Skyrocket
“The automotive industry has always been one of the
core areas that demands fluoropolymers. The applications of
fluoropolymers in the auto industry vary in terms of the manufacture
of components such as steering and transmission systems, shaft seals,
and gaskets. This creates a wide scope of demand for fluoropolymers
by car makers,” states a TMR analyst.
This demand is especially high in Asia Pacific due to
its currently booming demand for passenger vehicles. Companies such
as the Hyundai Motor Company, Toyota Motor Corporation, and SUZUKI
Motor Corporation are big in the Asia Pacific region. They are
currently some of the leading end users of fluoropolymers and their
demand is expected to increase over the coming years.
PTFE Price Volatility Hinders Demand
PTFE is the leading fluoropolymers product in use
today. However, there is the issue of procuring raw materials
required for the manufacture of PTFE. The price of these raw
materials has been fluctuating quite a lot over the past six years,
owing to the intense price wars between raw material providers and
the disparity in raw material resources among various countries.
China was the leading force behind the price wars owing to its
abundant reserves of fluorspar and the immense support manufacturers
received from the government.
“A brighter scope for the use of fluoropolymers can
be found in electronic devices. As a prominent end user of
fluoropolymers, the electronics industry is poised to generate a much
higher demand for it over the coming years,” adds the analyst.
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The information presented in this review is based on
a Transparency Market Research report, titled, “Fluoropolymers
Market - Global Industry Analysis, Size, Share, Growth, Trends, and
Forecast 2016 - 2024.”
Key Takeaways:
- PTFE expected to generate a revenue of US$7 bn by the end of 2024.
- Industrial processing expected to continue being the leading end-user of fluoropolymers till 2024, expected to reach US$3.08 bn by the end of 2024.
- Asia Pacific expected to generate US$3.95 bn in fluoropolymers consumption by 2024.
Key segments of the Global Fluoropolymers Market
Global Fluoropolymers Market, by Product Type
- Polytetrafluoroethylene (PTFE)
- Polyvinylidene fluoride (PVDF)
- Fluorinated Ethylene Propylene (FEP)
- Fluoroelastomers
- Polyvinyl fluoride (PVF)
- Others
Global Fluoropolymers Market, by End User
- Industrial processing
- Automotive
- Electrical & electronics
- Construction
- Others (Including consumer goods etc.)
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