Global fluoropolymer market
size is expected to reach USD 11.11 billion by 2022, according to a new report
by Grand View Research, Inc. High tensile strength and excellent insulation
properties have driven fluoropolymer penetration in electronics, automotive and
construction applications. Positive outlook on these end-use industries is
expected to be one of the primary growth factors over the forecast period.
Increasing government spending
on infrastructure in China, India and the Middle East is expected to drive
architectural coatings demand. Fluoropolymer coatings exhibit protection
against corrosion & chemicals and high temperature tolerance, which makes
them useful for architectural applications. In addition, these coatings are
used in automobiles for protection against scratches and abrasions. DuPont
(Chemours) manufactures and markets fluoropolymer coating under the brand name,
Teflon.
In terms of application,
industrial applications dominated the global market, accounting for over 30% of
volume share in 2014. It is used in a wide range of applications including
gears, sliding plates and bearings, which require low friction. Expansion of
manufacturing industry in India, China, Mexico, Brazil and Russia is expected
to drive demand for PTFE as an additional lubricant.
In depth research report on Fluoropolymers Market
Further key findings from the study suggest:
•
Global fluoropolymer market
demand was 720.8 kilo tons in 2014 and is expected to reach 1,600.4 kilo tons
by 2022, growing at a CAGR of 10.3% from 2015 to 2022.
•
PVDF is expected to witness
substantial gains at a CAGR of over 14% from 2015 to 2022. It acts as a
ferroelectric material exhibiting piezoelectric and pyroelectric properties. In
addition, flexibility, low weight & thermal conductivity and high
resistance to chemical corrosion & heat have resulted in its use for
manufacturing electric wires.
•
Growing demand for electric
wires in appliances and equipment is expected to drive PVDF demand over the
forecast period. In July 2014, Kureha Corporation commenced production of PVDF
at its manufacturing unit, Changshu, China. The plant has an annual capacity of
5,000 tons.
•
North America market accounted
for over 40% of global volume share in 2014. Large scale electronic and
automobile manufacturing coupled with housing sector growth in the U.S. has
resulted in high demand for the product. This trend is expected to continue
over the forecast period. Moreover, expanding coating industry along with the
introduction of new coating products and technologies is expected to stimulate
industry growth.
•
Asia Pacific is expected to
witness significant growth at a CAGR of 10.9% from 2015 to 2022 owing to demand
for fluoropolymer in a wide range of applications including coatings and
electronics. Technological advancement in the field of electronics,
particularly in China, Taiwan and South Korea, has led to an increasing
utilization of these materials in providing high thermal stability and superior
tensile strength.
•
Chemours, Daikin, 3M, Solvay
and Dongyue Group jointly accounted for over 70% of the global fluoropolymer
market share in 2014. Strategic partnership between manufacturers and buyers,
coupled with product innovation is expected to be a critical strategy for
gaining competitive advantage.
Grand View Research has
segmented the global fluoropolymer market on the basis of product, application
and region:
Product Outlook (Volume, Kilo Tons; Revenue, USD Million,
2012 - 2022)
•
PTFE
•
PVDF
•
FEP
•
Fluoroelastomers
•
Others
Application Outlook (Volume, Kilo Tons; Revenue, USD
Million, 2012 - 2022)
•
Automotive
•
Electrical & Electronics
•
Construction
•
Industrial
•
Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million,
2012 - 2022)
•
North America
•
U.S.
•
Europe
•
Germany
•
Latin America
•
Brazil
•
Asia Pacific
•
China
•
MEA
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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