Fluoropolymer is a chemical compound that has multiple carbon-fluorine bonds, and is characterized by having great deal of chemical resistance. Therefore, they are highly resistant to acids, bases and solvents. They also provide various other properties such as stress cracking, electrical & mechanical insulation, thermal resistance, and others. They have relatively low coefficients of friction, provide an impeccable durability and are virtually unbreakable. Fluoropolymers play a prominent role in an extensive range of applications in the electronics and constriction industry.
Forecast Analysis of the Global Fluoropolymers Market
Fluoropolymers are highly biocompatible, and have considerable dielectric applications. Therefore, their growing demand from the healthcare sector for a number of surgical procedures is expected to drive the growth of the market during the forecast period. In addition, growing application of fluoropolymers in green technology such as dental ware and waterproof clothing is further expected to bolster the growth of the fluoropolymers market. Moreover, increasing use of fluoropolymers in green technology applications like photovoltaic panels, wind turbines, etc. is expected to create ample opportunities for the growth of the market during the forecast period. However, stringent regulations and policies imposed by the governments regarding the carbon emission is expected to impede the growth of the global fluoropolymers market during the forecast period.
According to the report published by Research Drive, the global fluoropolymers market is anticipated to generate a revenue of $11,924.6 million by 2028, growing rapidly at a CAGR of 5.9% during the forecast period 2021-2028. The major players of the market include Daikin Industries Limited, Chemours (DuPont), Solvay SA, Halopolymer Ojsc, and Honeywell International Inc., Asahi Glass Co. Ltd., Arkema SA, 3M (Dyneon GmbH), Gujarat Fluorochemicals Ltd. (GFL), Dongyue Group Ltd, and many more.
The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global dentures market to grow exponentially.
For instance, in February 2021, Arkema S.A., a specialty chemicals and advanced materials company, announced that they will invest a considerable amount of money to maximize its fluoropolymer production capacities by 35% in Changshu, China by the end of 2022. This new development mainly driven by immense demand in the lithium-ion battery business along with notable opportunities in construction coatings, water filtration, and semiconductor industries.
In December 2021, Gujarat Fluorochemicals Limited, an Indian Chemicals Company with over 30 years of expertise in Fluorine Chemistry holding domain expertise in Fluoropolymers, Fluorospecialities, Refrigerants and Chemicals, catering to the material requirements of modern world, announced the incorporation of two wholly owned subsidiary companies – GFCL Solar and Green Hydrogen Products Limited (GSGHPL) and Gujarat Fluorochemicals FZE. GFCL Solar and Green Hydrogen Products Limited will provide necessary solutions for the entire value chain of all types of products and components for solar power systems, green hydrogen production, etc., while Gujarat Fluorochemicals FZE, will comprehend on trading and manufacturing of chemicals.
In February 2021, The Chemours Company, a dominant American chemical company announced the division its former Fluoroproducts segment into two new reportable segments: Thermal & Specialized Solutions (TSS, formerly Fluorochemicals) and Advanced Performance Materials (APM, formerly Fluoropolymers). This change will accelerate management focus and decision-making, resource allocation, transparency and accountability and customer-centered approach.
COVID-19 Impact on the Market
The outbreak of the coronavirus has had a devastating impact on the growth of the global fluoropolymers market, owing to the prevalence of lockdowns in various countries across the globe. This is majorly due to large-scale disruptions in the global supply chains and demand supply imbalance due to the adverse impact on various sectors like petroleum, transportation, tourism, retail, and others. Thus, COVID-19 has had a negative impact on the growth of the market.
Most Profitable Region of the Market
The Asia-Pacific region is expected to dominate the global market during the forecast period, and generate a revenue of $6,470.0 million during the forecast period. Growing demand for consumer & electronics products, high-quality medical, automotive, and others are expected to drive the growth of the market during the forecast period. In addition, the presence of large automotive manufacturers in this region is further expected to accelerate the growth of the market during the forecast period.