Allied Market Research recently published a report, titled, "Fluoropolymers Market by Product Type (PTFE, FEP, PVDF, Fluoroelastomer, PVF, PFA, ETFE, and Others), Application (Film, Tube, Sheet, Pipe, Membrane, Sealant, Roofing, Additives, and Others), and End-Use Industry (Transportation Equipment, Electrical & Electronics, Construction, Industrial Equipment, and Others): Global Opportunity Analysis and Industry Forecast 2020–2027". According to the report, the global fluoropolymers industry generated $7.7 billion in 2019, and is expected to reach $11.7 billion by 2027, growing at a CAGR of 6.5% from 2020 to 2027.
Major determinants of
the market-
High demand for fluoropolymers
and advancements in medical applications have boosted the growth of the global
fluoropolymers market. However, raising prices of PTFE hamper the market. On
the contrary, surge in use of fluoropolymer films in the construction and
energy sectors is expected to open lucrative opportunities for the market
players in the future.
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COVID-19 scenario:
- The
automotive and aerospace industries have experienced a significant decline
due to lack of labor and disrupted supply chain.
- As
the majority of the countries are still under lockdown, production
facilities are either completely closed or working with half of the total
production capacity. This resulted in decline in the fluoropolymer's
supply.
The pipe segment
dominated the market-
By application, the
pipe segment held the lion's share in 2019, accounting for more than one-fourth
of the global fluoropolymers market. Moreover, the segment is expected to
register the highest CAGR of 3.3% during the forecast period as fluoropolymers
pipes are commonly used by petrochemicals, pharmaceuticals, chemicals, and
almost every business involved in the handling of extremely volatile and
corrosive solvents and acids for their manufacturing needs.
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The industrial
equipment segment to manifest the highest CAGR through 2027-
By end-user industry,
the industrial equipment segment is projected to portray the highest CAGR of
4.5% during the forecast period. Moreover, the segment held the largest share
in 2019, contributing to nearly two-fifths of the global fluoropolymers market,
as fluoropolymers are widely used in industrial processing industries for
various applications such as pumps, impellers, tanks, heat exchanger coatings,
reaction vessels, autoclaves, flue duct expansion joints and others.
Asia-Pacific, followed
by North America, held the largest share-
By region, the market
across Asia-Pacific held the largest share with nearly half of total
market share and is expected to manifest the highest CAGR of 6.6% during the forecast period, due to presence of large
manufacturing hubs in China and India and increasing demand
for high-quality medical, automotive, consumer, and electronics products. The
global fluoropolymers market across North America is estimated to
register a CAGR of 6.5% from 2020 to 2027.
Major market players
- Arkema
SA
- The
Chemours Company
- Asahi
Glass Company Limited
- Dongue
Group
- Daikin
Industries
- Honeywell
- Dupont
- SABIC
Innovative Plastics
- Mitsubishi
Chemical
- Shin-Etsu
Chemical
- Saint-Gobain
- 3M Company
- Solvay
SA
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