Fluoropolymers Market Report, published by Allied Market Research, forecasts that the global market was valued at $5,404 million in 2015 and is projected to reach $9,034 million by 2022, growing at a CAGR of 7.7% from 2016 to 2022. The polyvinylidene fluoride (PVDF) segment held nearly one-fourths of the total market in 2015.
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A fluoropolymer is a type of thermoplastic resin which is generally fluorocarbon based polymer which possess strong carbon-fluorine bonds. Fluoropolymers are characterized by high resistance to acids, solvents and bases. Fluoropolymers reflect the properties of fluorocarbons since they are not susceptible to van der waals forces alike hydrocarbons. This factor contributes to their excellent friction reducing and non-stick properties. Fluoropolymers are relatively more stable due to the presence of multiple carbon-fluorine bonds. Mechanically, fluoropolymers are categorized as thermoplastics or thermosets and can be considered as copolymers or homopolymers.
At present, the global fluoropolymers market witnesses a lot of opportunities due to rise in demand for lightweight materials and coatings such as Teflon to be used in automobiles and manufacturing components of aircrafts. Moreover, different applications of fluoropolymers in lubrication and electrical and electronics is another factor anticipated to propel the growth of the market during the forecast period. In addition, rise in need for cost-effective insulating material coupled with increase in demand for fluoropolymer electrodes drive the market growth.
Fluoropolymers are expected to register the highest growth in the automotive application owing to rise in use of highly stable fluoropolymer based coatings. Furthermore, fluoropolymers offer several advantages such as higher operating reliability, low conductivity, high resistance to corrosion, higher strength, and higher stability.
Industrial processing segment accounted for around one-third share, in terms of volume, in 2015. In response to the perennial modifications in the industrial processing applications, efficient and lightweight fluoropolymers products are currently in high demand across the globe. Moreover, increase in requirement of cost-effective battery electrodes and rise in adoption of fluoropolymers in automotive industry drive the global fluoropolymers market.
Key Findings of the Fluoropolymers Market:
- In terms of value, the polytetrafluoroethylene (PTFE) segment is projected to be the fastest growing segment during the analysis period.
- Asia-Pacific is projected to maintain its lead position throughout 2022 and grow at a CAGR of 6.1%, in terms of volume.
- In terms of volume, the electrical and electronics application segment occupied for approximately one-fourths of the total market in 2015.
- UK occupied around one-thirds of the total Europe fluoropolymers market in 2015.
- In terms of value, India is expected to grow at the fastest rate in the Asia-Pacific region and is expected to grow at a CAGR of 8.2% from 2016 to 2022
In 2015, Asia-Pacific and LAMEA collectively accounted for more than half of the total fluoropolymers market and are expected to continue this trend due to increase in the growth of automotive and electrical and electronics industry, specifically in China, India, Brazil, and other developing economies. Moreover, rise in use of fluoropolymers in construction applications and changes in preference of thermoplastic resin manufacturers to set up their manufacturing facilities in the aforementioned countries boost the growth of the fluoropolymers market in the Asia-Pacific and LAMEA regions.
The major companies profiled in the report include The Chemours Company, Daikin Industries Ltd., The 3M Company, Solvay SA, Dongue Group, Jiangsu Meilan, Shanghai Sanaifu, Arkema SA, Gujrat Fluorochemicals Ltd. and Asahi Glass Co. Ltd.