Global Fluoropolymer Market to Grow Nearly $8.8 Billion by 2022: Acumen Research and Consulting
Author: Acumen Research and Consulting
According to a new report published by Acumen Research and Consulting titled “Fluoropolymer Market
(Type: Polyvinylidene Fluoride (PVDF), Fluoroelastomers, Polytetrafluoroethylene (PTFE), Fluorinated Ethylene Propylene (FEP), Others; Application: Automotive and Transportation, Building and Construction, Electricals and Electronics, Industrial Processing, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2012-2022”, the global market for fluoropolymers is expected to witness growth at a CAGR of 5.9% during the period from 2016 to 2022 and reach the market value of around $8.8 billion in 2022. The growth in key industries, strong demand from Asia-Pacific, and increasing industrial applications of fluoropolymers are the factors responsible for driving the growth of fluoropolymers market, globally. In terms of volume, the global fluoropolymers market is expected to grow at a CAGR of 5.1% during the period from 2016 to 2022 and reach the volume of over 475 kilo tons in 2022.
Fluoropolymers are widely used in electrical & electronics and automotive applications. The electrical & electronics was the largest application industry for fluoropolymers in 2015 and is expected to retain its dominance throughout the forecast period. Fluoropolymers are widely used in automotive sector in the form of elastomers and thermoplastics due to its high resistance to fuels, elevated temperatures and lubricants. They are majorly used in fuel tank filler necks, fuel and vapour management hoses, diaphragms, wire insulations, O-rings, and seals. The continuous R&D in fluoropolymers applications in automotive industry to achieve more efficient cars in terms of reduced emissions, developing alternative propulsion systems, and advanced driver assistance and safety systems will further propel the adoption of fluoropolymers in automotive sector.
The global fluoropolymer market is segmented based on type, application, and geography. Based on type, the market is categorized into polyvinylidene fluoride (PVDF), fluoroelastomers, polytetrafluoroethylene (PTFE), fluorinated ethylene propylene (FEP), and other fluoropolymers. The major application areas of fluoropolymers include automotive & transportation, building & construction, electrical and electronics, industrial processing, and others. The major geographies covered under the report scope include North America, Europe, South America, Asia-Pacific, and Rest of the World (Latin America, Middle East and Africa). Each of these regional markets are further analyzed by major countries in the region.
Asia-Pacific was the largest contributor to the global fluoropolymers market which accounted for around 40% share in 2015 and is expected to grow at a CAGR of over 6% in terms of value during the period from 2016 to 2022. Based on fluoropolymer types, the polytetrafluoroethylene (PTFE) segment led the market with more than 50% share in the global fluoropolymers market, in terms of value in 2015; and it is expected to reach the value of more than $4.5 billion by 2022, at a CAGR of around 6%. Among the different applications of fluoropolymers, the electrical and electronics segment held the largest share in the global fluoropolymers market, in terms of value in 2015 and it is expected to grow at a CAGR of more than 6% during the analysis period.
The player profiled in the report include Daikin Industries Limited, The Solvay SA, Arkema SA, Dongyue Group Ltd, HaloPolymer OJSC Ltd, E I DuPont de Nemours and Company, Kureha Corporation, AGC Chemicals, 3M Company, Saint Gobain Ltd, Fuxin Hengtong Fluorine Chemicals Co. Ltd., and The Chemours Company among others. Mergers and acquisitions for innovation and new product development and partnership for enhancing product quality are some of the major strategies followed by leading players in this market to sustain market competition.
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