Fluoropolymers Market Expected to Reach $11.7 Billion by 2027

According to a new report published by Allied Market Research titled, “Fluoropolymers Market by Product Type, Application, End-use Industry, and Region: Opportunity Analysis and Industry Forecast, 2020–2027,” the global fluoropolymers market was valued at $7.7 billion in 2019, and is projected to reach $11.7 billion by 2027, growing at a CAGR of 6.5% from 2020 to 2027.

High-performance fluoropolymers are polymers containing fluorocarbon compounds with special features such as high mechanical power, low friction coefficient, excellent electrical insulation, chemical resistance, and high temperature. High-performance fluoropolymers offer better efficiency than traditional materials. The combination of these unique features has allowed the product to penetrate many end-user industries such as the automobile, healthcare, aviation, building and construction, electrical and electronic industries, and others. High-performance fluoropolymers are also used in the manufacturing of heat exchangers, semiconductor manufacturing, cable insulation, fabrics, food processing, water treatment plants, and others such as paint coating, cooking utensils, and others.

The demand for PTFE is expected to increase due to large uses, easy availability, and excellent properties such as chemical resistance and low cost. This is most commonly used polymer for dental filling, cooking utensils, non-stick pans, waterproof clothes, and others.

Industrial processing is likely to grow, owing to extensive product usage to provide heat and chemical resistance. The industrial processing includes chemical, pharmaceutical, textile, and food industries.
The key players operating in the global fluoropolymers market are Arkema SA, Asahi Glass Company Limited, The Chemours Company, Daikin Industries, Dongue Group, Dupont, Honeywell, Mitsubishi Chemical, SABIC Innovative Plastics, Saint-Gobain, Shin-Etsu Chemical, Solvay SA, and 3M Company.

Key Findings Of The Study:

• Based on product type, the polytetrafluoroethylene (PTFE) emerged as the global leader by acquiring around 52.1% of the global market share in 2019, and is anticipated to be the largest markets during the forecast period.
• Based on application, the pipe emerged as the global leader by acquiring around 30.1% of the global market share in 2019, and is anticipated to be the largest markets during the forecast period.
• On the basis of end-use industry, the industrial equipment segment registered the highest market share of around 39.8% and is projected to maintain the same during the forecast period.
• Asia-Pacific is the major consumer of fluoropolymers among other regions. It accounted for around 55.8% of the global market share in 2019 as a result of huge consumer base and increased industrialization.

Impact Of Covid-19 On The Fluoropolymers Market

• The COVID-19 fallout is unprecedented. There is uneven impact of COVID-19 pandemic on the fluoropolymers market, due to the lockdown implemented in almost every economy across the globe to break the chain of spreading of coronavirus. This resulted in shutting off the operations, manufacturing, distribution, and retail stores. Thus, there is decrease in demand for end products from the various end-use industries due to shutdown, which in turn resulted in the sluggish growth in the current year.
• The automotive and aerospace industries are the largest consumer’s fluoropolymers globally, and due to the current COVID -9 crisis these industries have experienced a significant decline. The automotive industry is dealing with a sudden and widespread cessation of economic activity as workers are ordered to stay at home, grind production chains to a halt, and close factories. The lockout restricting people's movement and the abrupt cessation of economic activity culminated in a significant contraction in sectorial production and GDP. Factory closures in Europe and North America are reported to have triggered the withdrawal of some millions of passenger vehicles from the production schedules. These declines in production have a cascading effect, which affects the OEMs and suppliers of material. Both of these factors have impacted fluoropolymer demand.
• The pandemic also had a significant influence on aviation manufacturing. For instance, Airbus-one of the largest commercial aircraft manufacturing firms worldwide, due to the COVID-19 pandemic has reduced its aircraft production levels by around one-third. Boeing had also posted a loss of USD 641 million in the first quarter. This greatly influenced the use of fluoropolymers used in the manufacture of new aircraft, as well as MRO operations.
• However, the demand for medical grade fluoropolymers is bombing at significant peace. Owing to corona outbreak there is high demand for testing and other health equipment. Which in turn to drive the global fluoropolymer market in near future.