The global fluoropolymers market is fairly
consolidated as the three top companies accounted for a combined
share of 43.3% in 2015. Transparency Market Research (TMR) notes that
the leading players-Chemours Company, Solvay S.A., and Daikin
Industries, Ltd.—are increasingly resorting to mergers and
acquisitions and entering into long-term contracts to consolidate
their positions across major regions. Several major players are
capitalizing on lucrative avenues emanating in various countries of
Asia Pacific, with a sustained focus on China, on account of
expanding application of fluoropolymers across various end-use
industries. The degree of competition is extremely high among the
leading players, primarily due to fluctuation in availability of raw
materials.
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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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