GLOBAL FLUOROPOLYMER MARKET SIZE (2023 -2030)

The Global Fluoropolymer Market was valued at USD 1.22 Billion and is projected to reach a market size of USD 2.48 Billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 10.7%.

Industry Overview:

A fluoropolymer is a polymer with a carbon chain and fluorine that make sturdy carbon-fluoride bonds. The atomic shape of carbon and fluorine and their covalent bonding in sure chemical compounds decide the residences of fluoropolymers. Their distinguishing features of warmness and chemical resistance are due to the carbon-fluoride bonding. It is long-lasting in corrosive and high-temperature stipulations and meets precise requirements for extreme environments. They are generally inert and chemically stable. Polytetrafluoroethylene is a universal fluoropolymer.

Chemical stability, electrical and mechanical insulation, warmth resistance, pressure cracking, and others are some of the residences of fluoropolymer. The fluoropolymer is categorized as Polytetrafluoroethylene (PTFE), Fluorinated Ethylene Propylene, Polyvinylidene Difluoride, and others. Polytetrafluoroethylene includes a number of traits like working at excessive temperatures, no longer being reactive to chemicals, or being non-stick. Fluorinated Ethylene Propylene is comparable to PTFE; however, it can melt, permitting it to be processed in a range of special approaches and it has a low temperature in contrast to PTFE. The fluoropolymer is predicted to rise at some point of the forecast length due to a rise in the wide variety of lookup tasks to manufacture a greater eco-friendly fluoropolymer. Another driver for the upward jab in the boom of international fluoropolymer is that the coating of fluoropolymer provides corrosion and chemical resistance as well as high-temperature tolerance, making them best for architectural applications.

COVID-19 impact on the Fluoropolymer Market   

COVID-19 is an infectious ailment caused by the novel coronavirus. Largely unknown before the outbreak started out in Wuhan (China) in December 2019, COVID-19 modified into an international pandemic in no time. The COVID-19 pandemic has expanded the burden on healthcare structures throughout the globe. Companies scaled up R&D efforts to advance vaccines and drugs in opposition to the virus.

COVID-19 impacted the fluoropolymers market, due to the lockdown carried out in nearly every sector all throughout the world. The car and aerospace industries received impacted negatively as these industries be counted as the important clients of fluoropolymers. In business aviation, corporations are experiencing disruption in manufacturing and slowing demand due to a low workforce, restrictions in traveling, and low demand for spare parts. Aircraft producers are capital intensive by means of nature, as a result elevating temporary concerns about money flow and liquidity. The decline in manufacturing affected the suppliers of material and these elements have impacted the fluoropolymer's demand. Whereas, the demand for fluoropolymers in the medical enterprise has confronted big excessive growth, as there is an excessive demand for trying out different fitness tools due to the Pandemic. Fluoropolymers are especially desired in the clinical enterprise due to the fact of their houses such as dielectric, lubricity, and biocompatibility. This in flip will extend the boom of the fluoropolymers market.

MARKET DRIVERS:

Increasing medical and healthcare segment is driving the growth of the market

Amplification in the medical and healthcare section due to the pandemic is viewed to be the principal driver in the fluoropolymers market. Increased emphasis on fitness and hygiene to avoid plausible COVID-19 contagion has bolstered the income of a number of hospital disposables. In addition, governments and fitness authorities are leveraging federal powers to affect producers to ramp up the manufacturing of medical institution disposables at a full-size pace. Compared to different sectors, pharmaceutical companies are estimated to be distinctly developing by using creating progressive products, and as an end result investing drastically in R&D activities.

Increasing usage in various sectors segment is driving the growth of the market

Polytetrafluoroethylene (PTFE) will additionally develop greater in the forecast year as it is drastically utilized in nearly all sectors like semiconductors, automobile components, electrical home equipment, and others. PTFE is additionally used for enhancing the typical functioning and minimizing the downtime of industrial machines and car components. It is additionally used in the development phase which consists of gaskets, vessel linings, pump interiors, rings, seals, and well-drilling equipment. PTFE finds functions in oil and gas exploratory activities, owing to its excessive resistance to harsh chemicals, acids and caustic.

MARKET RESTRAINTS:

The bad effects on the environment are restraining the growth of the market

The largest challenge confronted by the fluoropolymers enterprise is the stringent policies imposed by using the government, each on the manufacture and use of fluoropolymers. The motive is that if fluoropolymers are melted over the melting point, then it releases poisonous gases which hamper the environment. This in flip hampers the market growth. Fluoropolymers can produce poisonous products if they are overheated. Precautions must be taken to get rid of any degradation products and off-gases produced at some point in the processing and fabrication of parts from fluoropolymers.

GLOBAL FLUOROPOLYMER MARKET REPORT COVERAGE:

This research report on the global Fluoropolymer Market has been segmented and sub-segmented based on By Type, By End-Use, and region.

Global Fluoropolymer Market - By Type:

• Polytetrafluoroethylene (PTFE)

• Perfluoro Alkoxy (PFA)

• Fluoroethylene Propylene (FEP)

• Ethylene Tetrafluoroethylene Copolymer (ETFE)

• Ethylene Chlorotrifluoroethylene Copolymer (ECTFE)

• Polychlorotrifluoroethylene (PCTFE)

• Poly Vinylidene Fluoride (PVDF),

• polyvinyl fluoride (PVF)

• Others.

Based on Type, the polytetrafluoroethylene (PTFE) phase accounted for greater than 40% of the world market share in 2022 and is anticipated to develop at a CAGR of almost 5% in the forecast period. PTFE fluoropolymer is estimated to continue to be the greatest section each by way of value and quantity and is viewed to ride the best possible increase over the forecast period, due to the fact it absorbs ultraviolet electromagnetic radiation and possesses some high-quality dielectric and chemical resistance properties. It is additionally successful to be used each at very excessive (up to 530 K) and extraordinarily low temperatures. These homes are used for a huge variety of purposes such as semiconductors, automobile components, electrical appliances, and non-stick frying pans. Additionally, PTFE’s value has extended over the years due to a make bigger fabric expense which are used for fillers, pigments, and resins.

Global Fluoropolymer Market   - By End-Use:

• Building and Construction

• Oil & Gas Industries

• Food & Beverage Industry

• Automotive Industry

• Medical and Healthcare

• Chemicals Industry

• Aerospace Industry

• Water and Wastewater Treatment

• Electrical and Electronics

• Telecommunications

• Energy and Power

• Others

Based on End-Use, the Medical Industry section will be contributing the most in the market share of the fluoropolymers market as the healthcare and clinical analytics market is predicted to register a CAGR of almost 18% over the forecast period. In the rush to incorporate COVID-19, market players are unexpectedly growing synthetic talent and information analytics in healthcare, paving the way for the future of the technologies. A wide variety of foundational shifts are bobbing up from and being exacerbated by using COVID-19’s spread. Examples encompass consumers’ growing involvement in healthcare decision-making; the fast adoption of digital fitness and different digital innovations. Analytical gadgets and monitoring machines incorporate aspects with polytetrafluoroethylene (PTFE) coating which prevents the boom of detrimental microorganisms and friction between the components. Fluoropolymers exhibit some special residences they facilitate non-invasive surgical procedures, much less frequent clogging, decreased danger of cross-infections, and others which allow them to have remarkable overall performance and lengthy lifetime in scientific tools such as surgically implantable clinical devices, catheters, information wires, filters, and pumps.

Global Fluoropolymer Market - By Region:

• North America

• Europe

• Asia-Pacific

• Latin America

• The Middle East

• Africa

Geographically, the Asia Pacific fluoropolymers market accounted for over 30% of world quantity in 2022. A positive outlook closer to the car and building sectors in China, India, and Indonesia in mild supportive policies to promote investments at a home stage is predicted to positively influence the industry. Pipelined infrastructural improvement tasks in the place have positively influenced building enterprise which in turn additionally predicted to impact positively the fluoropolymer films market over the forecast period. China led the market in the Asia Pacific region, on account of improvements in industrial and residential buildings. Robust increase in packaging enterprise in the country on account of altering demographics such as growing profits level, altering lifestyle, and consumption of a large variety of packaged products is propelling the market growth

North American market used to be over USD 274.8 Mn in 2022 and is probable to witness a boom in mild of increasing manufacturing base for automotive, building, and electronics region in the U.S. Emergence of Mexico as a car hub alongside with developing demand for PVDF as a piezoelectric material in wire and cable insulation is anticipated to support enterprise increase in the close to future. Lucrative development booms in African nations such as Nigeria and South Africa on account of regulatory aid to enhance infrastructure as properly as fantastic mining enterprise outlook is anticipated to favor a positive increase in the close to future.

Global Fluoropolymer Market Share by Company

1. E.I Dupont De Nemours and Company

2. Solvay SA

 3. Asahi Glass Co., Ltd

 4. Daikin Industries Ltd.

 5. 3M Company

 6. Honeywell International Inc.

 7. The Chemours Company

 8. Compagnie de Saint-Gobain SA

 9. Mexichem S.A.B. de C.V.

 10. W. L. Gore & Associates, Inc.

For Example, Enhance Technologies, launched a process to eliminate perfluoroalkyl substances (PFAS), including perfluorooctanoic acid (PFOA), from fluoropolymer resins.

On account of the eco-friendly nature of the product, corporations are predicted to achieve market beauty globally as it will assist companies in incurring help from associations and regulatory bodies. Innovation in phrases of technology and excessive funding in the R&D branch to advance expanded products is predicted to create rewarding opportunities for the market participant over the subsequent seven years.

The market is estimated to grow after the pandemic due to an increase in demand and the market is filled with many competitors which are making continuous efforts in the products to increase their revenue in the upcoming time. They are engaged in many activities such as collaboration and promotions which are estimated to drive the growth of the market during the forecast period.

NOTABLE HAPPENINGS IN THE GLOBAL FLUOROPOLYMER MARKET IN THE RECENT PAST:

• Acquisition - In November 2021, Arkema plans to acquire Agiplast, which will enable Arkema to offer a full service to customers in terms of materials circularity, addressing growing market expectations in this field.