The Global Fluoropolymers Market Anticipated to Register a Revenue of $11,924.6 Million, Growing at a CAGR of 5.9% from 2021 to 2028Download Sample Reports Overview
According to the fluoropolymers market forecast, the global market size is estimated to cross $11,924.6 million by 2028, growing from $7,520.9 million in 2020, at a healthy CAGR of 5.9%.
COVID-19 Impact on Fluoropolymers Market
The global market for fluoropolymers has experienced negative growth, throughout the COVID-19 situation. The production of fluoropolymers has gone down, declining demand for the chemicals required for manufacturing.
Contrary to this, in June 2021, Arkema, a key player in specialty materials fulfilling major ecological and societal challenges, announced the official launch of its new sustainable Kynar PVDF range. The new grade of fluoropolymer is 100% renewable. Such company initiatives are further expected to create massive opportunities, during the pandemic situation.
Global Fluoropolymers Market Analysis
The surging demand from end-use industries such as automotive, electrical & electronics, and building & construction industries is one of the major factors driving the global market for fluoropolymers. Also, ongoing research and innovations along with the growing shift towards green fluoropolymers are some of the factors propelling the demand for fluoropolymers, in the analysis period. Furthermore, the strong presence of 3M, AGC Chemical, and Arkema is also creating significant impact on the global fluoropolymers market.
Contrary to this, lack of skilled personnel in the global fluoropolymers industry is restraining the market growth.
Fluoropolymers enjoy exceptional healthcare properties. Fluoropolymers materials are inert, non-sticky, non-toxic, pure, bio-compatible, and can be sterilized. Such unique properties make them vital for application in pharmaceutical & cryogenic applications and medical device. Also, in the medical industry, this polymer finds comprehensive use as packaging for medical sprays and liquids. Such potentialities of fluoropolymers are further expected to boost the demand, which may eventually create massive opportunities in the global fluoropolymers, in the near future.
Global Fluoropolymers Market, Segmentation
The global fluoropolymers market is segmented based on type, application, end-use industry, and region.
The type segment is further classified into PTFE, FEP, PVDF, Fluoroelastomers, PVF, PFA, ETFE, and others. Among these, the PVDF sub-segment is predicted to have the notable growth and cross $1,883.7 million by 2028, with the rise from $1,128.0 million in 2020. Various properties such as flexibility, low-weight, heat-resistance, low thermal conductivity, and high chemical corrosion resistance are driving the demand for PVDF particularly in the automotive and electronics sectors. Moreover, growing shift towards the invention of PVDF-based architectural coatings is also expected to foster the sub-segment’s growth, in the forecast period.
The application segment is further classified into film, tube, sheet, pipe, membrane, sealant, roofing, additives, and others. Among these, the film sub-segment is predicted to have the fastest growth and cross $2,548.0 million by 2028, with the rise from $1,501.9 million in 2020.
The crucial factor fueling the film subsegment’s growth is the massively increasing demand from the commercial construction industry. Furthermore, these films can be easily joined together by welding. Also, owing to their excellent longevity, they are fully-recyclable and sustainable.
The end-use industry segment is further classified into transportation equipment, electrical & electronics, construction, industrial equipment, and others. Among these, the industrial equipment sub-segment is expected to have the significant share as well as market growth, and surpass $4,933.4 million by 2028, with the increase from $3,006.3 million in 2020.
Wide range of industries, including pharmaceutical & biopharmaceutical manufacturing, chemical processing, and others benefit from advanced fluoropolymers product owing to their versatile properties like durability, chemical resistance, and recyclability. Furthermore, fluoropolymers’ major role in various industrial applications including impellers, pumps, heat exchanger coatings, tanks, reaction vessels, and autoclaves can positively impact the sub-segment’s growth.
The fluoropolymers market was investigated across North America, Europe, Asia-Pacific, and LAMEA. The share of Asia-Pacific fluoropolymers market is anticipated to grow at a CAGR of 6.0%, by registering a revenue of $6,470.0 million by 2028
Emerging countries such as China, South Korea, and Japan are notable manufacturers and exporters of multiple products of the electronics, medical & pharmaceutical, chemical, and automotive industries, worldwide. Hence, the demand for fluoropolymers is expected to increase exponentially in the region, which may ultimately drive the Asia-Pacific fluoropolymers market.
Key Players in the Global Fluoropolymers Market
Some of the leading global fluoropolymers market players are
- Daikin Industries Limited
- Chemours (DuPont)
- Solvay SA
- Asahi Glass Co. Ltd.
- Arkema SA
- 3M (Dyneon GmbH)
- Dongyue Group Ltd
- Gujarat Fluorochemicals Ltd. (GFL)
- Halopolymer Ojsc
- Honeywell International Inc.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Fluoropolymers Market
- Bargaining Power of Suppliers: The suppliers of global fluoropolymers market are high and more globalized. So, there will be less threat from the suppliers. Thus, the negotiation power of suppliers of fluoropolymers products decreases.
Hence, the bargaining power of the supplier is low.
- Bargaining Power of Buyers: Buyers have high bargaining power, mainly because of increasing buyers’ demand for advanced fluoropolymers products at lower cost. Thus, multiple suppliers are providing best yet cost-efficient fluoropolymers products. Hence, the buyers can select the service that best fits their preferences.
The bargaining power of the buyer is high.
- Threat of New Entrants: The startups entering this market are providing advanced solutions to clients. Moreover, these organizations are mainly focusing on the implementation of multiple strategies, brand development, product innovation, and many others.
Thus, the threat of the new entrants is high.
- Threat of Substitutes: There is no alternative equipment available.
Therefore, the threat of substitute is low.
- Competitive Rivalry in the Market: The ventures operating in the industry are opting for multiple business development strategies to stronghold their market position in the industry. Also, the key players like Daikin Industries Limited, Chemours (DuPont), and Solvay SA are investing heavily to provide integrated services to the customers.
Therefore, competitive rivalry in the market is high.