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FEVE Fluoropolymer Coatings Market Overview
FEVE Fluoropolymer Coatings Market size is expected to reach a value of US$1.8 billion by 2027 after growing at a CAGR of 4.7% during the forecast period from 2022-2027. FEVE fluoropolymer coatings are high-performance coatings that can withstand ultraviolet light exposure 2-3 times longer than conventional coatings. Fluoroethylene vinyl ether (FEVE) fluoropolymer coatings provide weather ability, corrosion resistance, and environmental benefits, and can be repairable. Fluoropolymer coating resins such as polyvinylidene fluoride (PVDF), polytetrafluoroethylene (PTFE), tetrafluoro ethylenehexafluoropropylene copolymer (FEP), and others protect against elements of nature, corrosion, abrasion and are used on metallic substrates such as aluminum composite panels which makes them an ideal solution for architectural and industrial coatings. Thus, the growing buildings & construction industries are expected to drive the FEVE fluoropolymer coatings industry growth during the forecast period. FEVE fluoropolymer coatings have excellent color retention and chalk resistance which is the ideal solution for automotive bodies. This is one of the major factors to create an opportunity for the FEVE fluoropolymer coatings market.
During 2020-Q2 of 2021, the Covid-19 pandemic was at a peak, the infrastructure activities were dropped which is hampering the FEVE fluoropolymer coatings. FEVE coatings can be used on metallic substrates such as steel and aluminum composite panels which provide energy savings through solar reflectance and reduction of heat transfer into buildings are expected to increase the demand for the FEVE fluoropolymer coatings market during the forecast period. According to U.S. Census Bureau, construction spending in the US decreased 0.8% in January 2021. According to the U.S. Census Bureau, in January 2021, private construction declined 0.5 percent, residential (-0.2 percent), health care (-4.4 percent), and office (-0.5 percent) in the United States. In 2021, all the residential and non-residential have been stopped due to which is hugely affected in terms of consumption due to the less infrastructural activities are limiting the market growth.
FEVE Fluoropolymer Coatings Market Analysis – By Technology
Water-based technology held the largest share of more than 40% in the FEVE fluoropolymer coatings market in 2021. Water-based coating technology is applied on surface areas due to having low toxicity, and flammability. Water-based coatings are required in less quantity to cover floor area as compared to solvent-borne coatings. It contains low volatile organic compounds and hazardous air pollutant emissions. In November of 2021, Solvay developed Reactsurf 0092, a non-ionic reactive water-based emulsifier that is free of alkylphenol ethoxylates (APE). It is primarily used in industrial coatings, paints, and binders. Water-based coating is inexpensive than solvent-based coatings. Water-based FEVE coatings are do not require additives and hardeners thus, it is bond well to a wide range of metallic substrates such as plastics, glass, aluminum composite panels, and fiberglass, as well as various types of primers and coatings. This will further drive the demand for solvent-based FEVE fluoropolymer coatings.
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FEVE Fluoropolymer Coatings Market Analysis – By Fluoropolymer Coatings Type
Polyvinylidene fluoride (PVDF) held the largest share of more than 30% in the FEVE fluoropolymer coatings market in 2021. Polyvinylidene fluoride fluoropolymer resins are corrosion and chemical resistant which makes them an ideal solution to coat automotive brake tubes and on underbody fasteners. In June 2021, Arkema launched a sustainable Kynar polyvinylidene fluoride (PVDF) range. This new PVDF grade will be 100% renewable attributed carbon derived from crude tall oil bio-feedstock and will be useful for the lithium-ion battery. It has excellent electrical properties; thus, it is used for toner applications and coating for copier blades. Polyvinylidene fluoride coatings are long-lasting as they resist environmental forces that can attack lower-performing products. These coatings are used in cool metal and aluminum roofing panel systems. Polyvinylidene fluoride coatings systems retain their solar reflectance longer than due to their superior resistance to photochemical degradation and excellent dirt shedding. This will further create growth for the UV tapes industry.
FEVE Fluoropolymer Coatings Market Analysis – By End-Use Industry
Building & Construction held the largest share of more than 35% in the FEVE fluoropolymer coatings market in the year 2021. Fluoroethylene vinyl ether (FEVE) resins exhibit excellent corrosion resistance, weather ability, protection against UV rays, wind, dirt, and chemicals. FEVE is the coating of aluminum composite panels thus it is used in high-end architectural buildings, metal roofing, metal curtain-wall systems, and panel systems. This will further create growth from the buildings sector for the FEVE fluoropolymer coatings. According to the US Census Bureau, new housing unit construction was 11,471 thousand units in 2019 in the United States, which reached 3,642 units in 2020. In April 2021, The U.S. Census Bureau and the U.S. Department of Housing and Urban Development announced the construction of 1.6 million houses, out of which 1.4 houses have been built. According to the India Brand Equity Foundation (IBEF), the warehouse attracted private equity investments of US$ 971 million in 2020. Additionally, according to the U.S. Census Bureau, healthcare construction increased by 47,113 units in January 2021 compared to 46769 units in April 2020. Hence, the growing buildings & construction industry is expected to propel the FEVE fluoropolymer coatings industry growth.
FEVE Fluoropolymer Coatings Market Analysis – By Geography
Asia Pacific region held the largest share of more than 40% in the FEVE fluoropolymer coatings Market size in the year 2021, due to the increasing demand from various end-use industries such as building & construction in Asian countries in functioning as India and China are estimated to grow the demand for FEVE fluoropolymer coatings. According to Central Sanctioning and Monitoring Committee (CSMC), 1,68,606 new homes were approved to construct in urban areas under Pradhan Mantri Awas Yojana in 2021 in India. According to the Ministry of Rural Development and Ministry of Housing and Urban Affairs indicate a housing shortage of about 3 crore units in rural areas and 1.2 crore units in urban areas. According to the India Brand Equity Foundation (IBEF), the real estate sector of India will grow US$ 1 trillion by 2030 and Rs. 65,000 crore (US$ 9.30 billion) by 2040. According to the National Bureau of Statistics, China’s real estate market investment jumped from 15.7% in 2019 to 38.3% in January-February 2021. Hence, these are hugely creating an opportunity for the FEVE fluoropolymer coatings industry growth in the region.
FEVE Fluoropolymer Coatings Market Drivers
The growing Infrastructure Activities in APAC Region is anticipated to grow the demand for FEVE Fluoropolymer Coatings
FEVE fluoropolymer coatings are used to recoat existing structures previously coated with PVDF which makes them an ideal coating solution for structures that are difficult to repaint such as tall buildings, water towers, bridges, and other structures. FEVE fluoropolymer coatings are ultra-weatherable, have high corrosive resistance, and maintain their excellent appearance infrastructural structures. Hence, the increasing infrastructure activities are growing the demand for FEVE fluoropolymer coatings. In 2021, according to the National Development and Reform Commission China approved a Beijing–Shenyang high-speed railway project connecting the Xiongan New Area with Hebei and Shanxi provinces worth 57.24 billion yuan (US$8.82 billion). According to the Civil Aviation Administration of China (CAAC), in 2021, China is aiming to have 400 civilian transport airports by the end of 2035. According to China Electronic Information Industry Development (CCID), the country is expected to spend CNY10 trillion (US$1.4 trillion) on new infrastructure projects between FY20-FY25. According to India Brand Equity Foundation (IBEF), India plans to spend US$ 1.4 trillion on infrastructure projects through the National Infrastructure Pipeline (NIP) by 2023. Hence, all such factors are expected to drive the growth of the infrastructure sector, which is further expected to increase the demand for the FEVE fluoropolymer coatings market.
Growing Consumption of FEVE fluoropolymer coatings in Automotive Industry
FEVE fluoropolymer coatings are performed outstanding UV protection, have excellent color retention, chalk resistance, and good adhesion to metallic substrates. Thus, FEVE fluoropolymer coatings can be used on automobile bodies, doors, door handles, bumper fascia, wheel emblems, lettering and logos, taillight lenses, and aluminum composite panels. Thus, growth in the automotive industry is expected to augment the demand for FEVE fluoropolymer coatings. According to the International Organization of Motor Vehicle Manufacturers (OICA), global vehicle production increased by 21.08 million in January-march 2021 compared to 18.03 million in January-March 2020. According to the India Brand Equity Foundation (IBEF), the Indian Government expects the automotive sector to attract US$ 8 billion to US$10 billion in local and foreign investments by 2023. According to the International Organization of Motor Vehicle Manufacturers (OICA), the production of light commercial vehicles has increased in the APAC region by 10.2 % in 2018 and 0.2% in Europe in 2019. According to the International Trade Administration (ITA), the Chinese government expected to run the production of automobiles with 35 million units by 2025. Hence, the globally increased automotive industry is estimated to boost the demand for FEVE fluoropolymer coatings.
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FEVE Fluoropolymer Coatings Market Challenges
High Cost of Fluoropolymer Resins
Polyvinylidene fluoride (PVDF) coatings are used for architectural structures as they provide excellent resistance to degradation by UV radiation, chemical and airborne pollution, severe weather, and environmental conditions. But polyvinylidene fluoride resins have poor resistance to fuming acids, high dissipation factor, decomposition by boron makes it difficult for the polymer to reinforce with glass fibers. Thus, it requires a high cost for coatings. The cost of metallic polyvinylidene fluoride is higher by 10%-12% than standard PVDF. The cost of standard PVDF at worth US$3000-US$5000 for a 20,000 square foot. Hence, the high cost of fluoropolymer resins may create hurdles for the consumption of FEVE fluoropolymer coatings.
FEVE Fluoropolymer Coatings Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in this market. FEVE Fluoropolymer Coatings top 10 companies include:
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