Fluoropolymers Market Research Report – Forecast to 2023

Fluoropolymers Market: By Type (PTFE, PVDF, FKM, FEP, ETFE, PCTFE), By Application (Paints & Coating, Films, Additives, Tubing, Additives, Others), By End-Use (Chemical Processing, Construction, Automobile & Transportation, Household) - Forecast till 2023

ID: MRFR/CnM/2335-CR | May 2018 | Region: Global | 140 pages

Market Overview


Global Fluoropolymer Market is anticipated to accomplish an income of USD 9,912.5 Million by 2023. The global market is predicted to surge ahead at a 6.45% CAGR from 2017 to 2023. A fluoropolymer is a chemical compound that comprises of carbon fluoride bonds. It presents several properties, such as electrical & mechanical insulation properties, chemical resistance, stress cracking, and thermal resistance. These properties are enhancing the way for fluoropolymers in several applications, from coatings to industrial films. Furthermore, it is consumed in applications such as construction, households, and electronics, among others.


COVID-19 Analysis


The fluoropolymers market forecast sees rapid growth due to COVID-19 since medical device manufacturers have to manufacture more products quicker. The dielectric feature of fluoropolymers and the lubricity and biocompatibility are required to create personal protection equipment. The fluoropolymer market manufacturers were immediately affected by the COVID-19 pandemic as some of the most prominent companies in the chemical industry were compelled to stay in their manufacture of materials. The extra precautions to protect staff and ensure that delays caused by the pandemic are made up for are some of the market contenders' main criteria as normalcy is achieved in the coming period.


Market Dynamics


Drivers


Increasing Demand for Superior Performance Materials in Architectural Coatings


The increasing requirement for superior performance material in architectural coatings is positively contributing to the global fluoropolymers market growth.


Surging Demand in Semiconductor & Aerospace Industry


The fluoropolymers' high heat and chemical resistance properties make them appropriate for aerospace and semiconductor industry use. Fluoropolymers are substantially used in the aerospace industry's igniters and pipe fittings and wafer handling in the semiconductor industry. These mounting uses in the aerospace and semiconductor industry are projected to push the market throughout the forecast period.


Growing Demand from the Automobile Industry


The improvement in automotive demand is estimated to make opportunities for the fluoropolymers market demand in the near future.


Restraints


Stringent Regulatory Environment


The restrictions placed by the global governments to control compliance to curb carbon emission global market are predicted to slow the market.


Opportunities


Rising Preference Towards Green Fluoropolymers


The growing awareness of the environmental impacts has lifted the inclination towards green fluoropolymers, which is anticipated to be a chief opportunity for the global fluoropolymers market.


Segment Overview


By Type


The Polytetrafluoroethylene (PTFE) segment reported a principal share of 45.2% in 2017 with a market worth of USD 3,081.6 million and is proposed to expand at a healthy CAGR.


By Application


The paints and coatings segment is appraised to rule the fluoropolymers market share in the coming period.


By End-Use


The construction industry is anticipated to expand at the maximum CAGR of over 7% in the forecast period. The rising expenditure in India, China, and the Middle East & Africa are propelling the segment.


Regional Analysis


APAC to Be Promoted By Demand From the Indian Market


Asia Pacific is the principal region and is projected to grow at a CAGR of 7.29% throughout the assessment period. China is the foremost regional market, which reported a market worth of USD 776.1 million in 2016. Besides, the Indian fluoropolymer market is an essential national market in the forecast period. The growing per capita disposable income in the region has propelled major end-use industries, which is predicted to be a significant factor driving the market growth. Additionally, the intensifying application of specialty fluoropolymer in the healthcare industry for medical devices' production is predicted to produce high profits in the fluoropolymer market.


North American Region to Be Revitalized By Canadian Markets


The North American market is appraised to accomplish USD 2,193.8 million and a market segment of 86.8-kilo tons by 2023. The U.S. fluoropolymer market is anticipated to exhibit a maximum of 6.50% CAGR, and the Canadian market is expected to show a CAGR of around 6%. The chemical processing industry is projected to generate the highest revenue in this region. Additionally, increasing investment in infrastructural development, particularly in Canada, is projected to enhance the construction industry's requirement for fluoropolymers.


Competitive Landscape


The eminent players operating in the Fluoropolymers Market are:



  • DowDupont, Inc (U.S.)

  • Solvay S.A. (Belgium)

  • Asahi Glass Co, Ltd (Japan)

  • 3M (U.S.)

  • Daikin Industries, Ltd (Japan)

  • Honeywell International Inc. (U.S.)

  • Saint-Gobain S.A. (France)

  • Arkema Group (France)

  • The Chemours Company (U.S.)

  • Kureha Corporation (Japan)

  • L. Gore & Associates, Inc (Japan)

  • Zeus Industrial Products, Inc. (U.S)

  • Gujarat Fluorochemicals Ltd (India)


Recent Developments


Nov 2020 ChemPoint.com Inc, a holding of Univar Solutions Inc, an international chemical and ingredient supplier of value-added services, revealed that The Chemours Company had selected ChemPoint.com for transactions and delivery of its Viton fluoroelastomers in Canada and the United States. Fluoroelastomers are consumed in mechanical seals, extruded & molded goods, and other products exploited in various industries, such as aerospace, chemical processing, consumer electronics, and industrial machinery.


June 2020 has announced an innovative and long-term partnership with Nutrien Ltd, the principal integrated agricultural company, to distribute anhydrous hydrogen fluoride to Arkema's Calvert City (K.Y.) site. This development has many advantages as it safeguards a competitive method to anhydrous hydrogen fluoride, the key raw material for fluorine chemistry. It encourages fluoropolymers' progress in the appealing segments of water treatment, electronics while proposing greater environmental protection than more traditional production processes.


Mar 2020 Inhance Technologies, a foremost international supplier of polymer materials science solutions, announced it has commercially commenced a procedure to eliminate perfluoroalkyl substances (PFAS), incorporating perfluorooctanoic acid (PFOA) from fluoropolymer resins. Inhance Technologies said Fixpure, its approach to eliminating PFAS from polytetrafluoroethylene (PTFE) and other fluoropolymers, has been advanced in response to global worries regarding PFAS and ahead of the planned application of the European Union's Registration, Evaluation, Authorisation, and Restriction of Chemicals (REACH) regulations later this year.


Report Overview


By Type



By Application



  • Paints & Coatings

  • Films

  • Tubing

  • Additives


By End-use



  • Chemical Processing

  • Automotive & Transportation

  • Electrical & Electronics

  • Construction

  • Industrial Equipment

  • Medical

  • Household



Frequently Asked Questions (FAQ) :


The fluoropolymers market is predicted to grow at a 6.5% CAGR between 2015-2023.

The global fluoropolymers market is predicted to touch USD 9,912.5 million by 2023.

Asia Pacific is predicted to lead the fluoropolymers market during the forecast period.

Need for lightweight materials in the automobile industry coupled with the demand for top-quality performance material is boosting the market growth.

Strict government regulations to reduce carbon emission may hamper the fluoropolymers market growth.

Global fluoropolymers market is characterized by promising trends such as increasing shift towards green fluoropolymer. In line with the sustainability trends in the chemical industry, manufacturers are extending their product portfolios by offering bio-based fluoropolymer to the end users. Despite such efforts, the growth of the global fluoropolymers market remains hampered by stringent regulations imposed by the governments with regard to environmental depletion and carbon emission. Therefore, many of the end use industries are opting for fluoropolymers alternatives to maintain regulatory compliance. The global fluoropolymers market is influenced by some positive and negative factors, for instance, growing application in the semiconductor and increasing demand for superior performance material in architectural coatings are affecting the market growth positively. Market Research Future (MRFR)’s new report projects that the global market for fluoropolymers will grow from USD 6,814.5 Million in 2017 to USD 9,912.5 Million by 2023, expanding at 6.45% CAGR.  

Global Fluoropolymers Market: Segmental Analysis

The global fluoropolymers market is segmented on the basis of type, application, and end use. Based on type, the global fluoropolymers market is segmented into PTFE, PVDF, FEP, FKM, ETFE, PCTFE, and others. The PTFE segment currently accounts for the largest market share and is expected to remain highly attractive during the assessment period. The PVDF segment is growing rapidly and is likely to exhibit a CAGR of 7.49% during the forecast period on account of the rising demand for insulation materials from the electrical and electronic industry and as a coating agent in the construction industry.

Based on the end use, the global fluoropolymers market is segmented into chemical processing, automotive & transportation, electrical & electronics, construction, industrial equipment, medical, household, and others. Among these, the chemical processing segment and the automotive industry segmnet accounted for 31.0% and 19.0% of the global consumption in 2017 respectively. The automotive industry is witnessing a healthy growth owing to increasing demand for passenger cars in emerging markets. Additionally, governments across the globe are formulating regulatory frameworks to reduce greenhouse gas emissions. In order to comply with such regulations and increase fuel efficiency, car manufacturers have started focusing on light weight characteristics, replacing conventional high strength metals with high-performance lightweight components. Thus, growing automotive production along with inclination towards light weight is expected to propel the growth of the global fluoropolymers market over the forecast period, 2017-2023.

Regional Analysis

Asia Pacific is expected to spearhead the global market for fluoropolymer during the assessment period. Led by China, the APAC remains a hotbed of investment for market players. In 2016, the market in China was valued at USD 776.1 million. Between 2017 and 2023, the market in China is projected to surge at 7.74% CAGR. Meanwhile, India is also expected to present lucrative growth opportunities for players owing to introduction of new policies focused towards economic acceleration.

Competitive Analysis

DowDupont,Inc (U.S.), Asahi Glass Co, Ltd (Japan), Honeywell International Inc. (U.S.), Arkema Group (France), Kureha Corporation (Japan), Zeus Industrial Products, Inc. (U.S.), Gujarat Fluorochemicals Ltd (India), Solvay SA(Belgium), Daikin Industries, Ltd (Japan), 3M (U.S.), Saint-Gobain S.A. (France), The Chemours Company (U.S.),  W.L. Gore & Associates, Inc and (Japan). are among the leading companies operating in the global market for fluoropolymers. Many of these players are actively focusing of ramping up their research and development pipelines to improve their product portfolio. Introducing new product line will remain an important growth strategy for market players in the forthcoming years. This is truer for new entrants who are aiming to develop a position in the market and compete with industry leaders.

Competitive landscape –Fluoropolymer Market

The global fluoropolymer market has shown steady growth over the last five years. The market currently represents a moderate figure in terms of global consumption. The global fluoropolymer market consists of several organized and unorganized players. Majority of industry players are holding significant share of the global market and operating at a medium degree of competition. Yet, the market is dominated by seven major players: DowDuPont Inc, 3M, Solvay SA, Daikin Industries, The Chemours Company, Arkema Group, and Saint Gobain. These companies collectively accounted for more than 60% share of the global market in 2017.

Chemours and Daikin are planning to expand their annual production capacity to capitalize on the opportunity rising from the growing demand for fluoropolymer worldwide. Chemours is a well-established and renowned firm operating in the global fluoropolymers market. It operates through various segments such as titanium technologies, fluoroproducts, and chemical solutions. The fluoropolymer segment supplies refrigerants and industrial fluoropolymer resins. The company discovered fluoropolymer in 1938 and traded first brand Teflon™ in 1945.

In 2015, Chemours developed Teflon™ FEP 9898, a high-frequency product used in electrical appliances and packaging application. Chemours holds 25% share of the global market share with more than 60-kilo tons of production capacity. With low global warming potential (GWP) products, the company is leveraging market leadership in key application and end markets.

In December 2015, Asahi chemicals, a leading manufacturer of glass, chemicals & high-tech materials launched a new low melting adhesive fluoropolymer Fluon® LM-ETFE LH-8000. Under this new product, company widens the application scope in tubes & hoses, conveyor belts, films, and in multilayer monofilament.

Honeywell International, Inc., an industrial software company, providing a specific solution in aerospace and automotive industry, launched a fluoropolymer resin designed to use in protective coatings for infrastructure and high-value assets. This resin was developed as an alternative to polyethylene vinyl ether polymers. Honeywell fluoropolymer products contain high fluorine content and provide excellent chemical and weather resistance. In addition to performance benefits, the product also environmental benefit by reducing VOC emission. This resin also used by Jiangsu Toppen Science & Technology Co. Ltd. to protect 23-kilometer long chemical pipeline structure.

DuPont and Zhonghao Chenguang Chemical Research Institute Company Limited formed a strategic collaboration to serve China market for fluoroelastomers. Together they form equal joint venture for the manufacturing as well as marketing of fluoroelastomers pre-compounds in China, which ensures expanded supply of fluoroelastomers in China market. With growing semiconductor and automotive industry in China, demand for fluoroelastomer is likely to surge huge revenue in end-use industries.

Arkema group has emerged as one of leading player in this market with major acquisition and acquisition of specialty chemicals and advanced materials market. The company operates through three business segment high-performance materials, industrial specialties, and coating solution. In September 2017, Arkema expanded fluoropolymer production capacity by additional 20% at the United States site. The expansion is done as a result of high demand in the new energies, water management as well as a conventional application like chemical processing and high-performance cable. Moreover, the company also expanded fluoropolymer production capacities by 25% in China to meet growing demand for chemical processing and electrical & electronic industry.