Fluoropolymers Market Overview
The global fluoropolymers market size is estimated to reach US$11.2 billion by 2027 and is growing at a CAGR of 5.4% from 2022 to 2027. Fluoropolymers are actually a polymer with a carbon backbone and contain fluorine that forms strong carbon–fluorine bonds. Fluoropolymers show high resistance to heat, chemical reactions, corrosion and pressure cracking. Some of the emerging trends in the fluoropolymers market include the growing application of fluoropolymers in transportation, neoecology, electrical and electronics, and telecommunications sectors. For instance, in the electronics industry fluoropolymers such as polyvinylidene fluoride (PVDF) are used extensively owing to their durable, low maintenance, and economical alternatives to exotic metals. There is a growing demand for fluoropolymers in the medical industry as there is an increasing preference among various membranes and grafts manufactured using biocompatible polytetrafluoroethylene (PTFE) for cardiovascular, orthopedic, ophthalmic and dental procedures. Global market growth in the fluoropolymers industry is also driven majorly by its application in the chemical industry. The major growing demand for fluoropolymers is noticed in the chemical industry for various applications including pumps, heat exchanger coatings, autoclaves and others. This is due to the high structural properties of fluoropolymers such as non-adhesive, low collision, non-stick, high dielectric, and chemical resistant properties.
The COVID-19 impacted the fluoropolymers market, due to the lockdown implemented in almost every sector all across the world. The automotive and aerospace industries got impacted negatively as these industries count as the major customers of fluoropolymers. In commercial aviation, companies are experiencing disruption in production and slowing demand due to low workforce, restriction in traveling and low demand for spare parts. Aircraft manufacturers are capital intensive by nature, thus raising short-term concerns about cash flow and liquidity. The decline in production affected the suppliers of material and these factors have impacted the fluoropolymers demand. Whereas, the demand for fluoropolymers in the medical industry has faced significant high growth, as there is a high demand for testing and other health equipment due to the Pandemic. Fluoropolymers are highly preferred in the medical industry because of their properties such as dielectric, lubricity and biocompatibility. This in turn will increase the growth of fluoropolymers market.
Fluoropolymers Market Segment Analysis – By Type
The polytetrafluoroethylene (PTFE) segment accounted for more than 40% of the global market share in 2021 and is expected to grow at a CAGR of nearly 5% in the forecast period. PTFE fluoropolymer is estimated to remain as the largest segment both by value and volume and is seen to experience the highest growth over the forecast period, because it absorbs ultraviolet electromagnetic radiation and possesses some excellent dielectric and chemical resistance properties. It is also capable to be used both at very high (up to 530 K) and extremely low temperatures. These properties are used across a wide range of applications such as semiconductors, automotive components, electrical appliances, and non-stick frying pans. Additionally, PTFE’s cost has increased over the years due to an increase in raw material prices which are used for fillers, pigments, resins. For instance, Gujarat Fluorochemical Limited uses INOFLON PTFE Resins which is an engineering plastic designed for high performance under some of the most extreme conditions. They are known for their exceptional chemical resistance, low coefficient of friction, outstanding weatherability, dielectric strength, thermal stability, flame resistance, and a wide range of service temperatures.
Polyvinylidene fluoride (PVDF) is the second largest segment owing to its superior chemical and mechanical properties, for which these are extensively used for wiring and insulation. PVDF coatings are also extensively used in the field of construction. For instance, Solvay, a major player in the fluoropolymers market produces Solef PVDF which is a highly non-reactive thermoplastic fluoropolymer that is inherently flame retardant. It has properties like high degree of purity, electrochemical stability, and broad chemical resistance at high temperatures. Protective coatings which are made using Solef PVDF offer improved weathering properties and excellent UV radiation resistance.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=503095
Report Price: $ 4500 (Single User License)
Fluoropolymers Market Segment Analysis – By Application
By application, the pipes segment accounted for the highest market share of around 30% in 2021, and is estimated to hold the highest share even during the forecast period. Fluoropolymers pipes are mostly been used by petrochemicals, pharmaceuticals, chemicals, and other industries involved in the handling of extremely volatile and corrosive solvents and acids for their manufacturing needs. For instance, Daikin, one of the major players in the fluoropolymers market; uses fluoropolymers in making tubes and hoses. The tubes, pipes, hoses are used to transfer aggressive fluids or gases in car engines or for chemical process industry (CPI) have certain requirements for specific performances which only a few materials can offer. To meet the demanding fuel line challenges of the automotive segment and the safety needed by CPI, DAIKIN offers products such as DAI-EL fluoroelastomers and NEOFLON fluoropolymers. The manufacturing processes involving chemicals treatment, such as semicon or pharma are extremely demanding regarding performance and productivity. The pipes and tubes used to convey aggressive fluids are expected to limit contamination, increase release rate and last as long as possible. DAI-EL and NEOFLON range are the best options to offer tube manufacturers and their clients the opportunity to increase productivity. Parts service life is extended, inducing less replacement and maintenance. The low coefficient of friction of fluoropolymers favors the fluid transfer. Because they are inert materials, they also reduce the risk of process contamination.
Fluoropolymers Market Segment Analysis – By End-Use Industry
Medical Industry segment will be contributing the most in the market share of fluoropolymers market as the healthcare and medical analytics market is expected to register a CAGR of nearly 18% over the forecast period. In the rush to contain COVID-19, market players are rapidly developing artificial intelligence and data analytics in healthcare, paving the way for the future of the technologies. A number of foundational shifts are arising from and being exacerbated by COVID-19’s spread. Examples include consumers’ increasing involvement in health care decision-making; the rapid adoption of virtual health and other digital innovations. Analytical devices and monitoring machines contain components with polytetrafluoroethylene (PTFE) coating which prevents the growth of harmful microorganisms and friction between the components. Fluoropolymers show some unique properties like they facilitate non-invasive surgical procedures, less frequent clogging, reduced risk of cross-infections and others which enable them to have excellent performance and long lifetime in medical equipment such as surgically implantable medical devices, catheters, guide wires, filters and pumps. This reduces the need for replacements, risk of failure, cross-infections and clogging of medical equipment, thereby contributing to the reduction and avoidance of medical complications, the associated pain and public cost.
Chemical and petrochemicals industry also held a significant share in the market because industries such as automotive industry and others demand for intermediate inputs from the chemical industry. Fluoropolymers help create non-stick surfaces in applications that require temperature resistance. They’re used in lined pipes, valves, pumps, tank and reactor linings, gaskets and seals. They’re crucial to the safety of workers and the public, as they keep all kinds of equipment and chemical systems secured.
Fluoropolymers Market Segment Analysis – By Geography
By geography, Asia-Pacific is seen to emerge as the fastest growing market, subjected to which there will be an increase in demand for fluoropolymers products. The reason being, there are large building and construction hubs in China and India which in turn drive the Asia-Pacific fluoropolymers market. This on the other hand will increase the demand for high-quality medical, automotive, consumer, and electronics products. For instance, India witnessed the fastest growth rate in the construction activity in nearly eight years in 2021. GDP from Construction in India increased to US$43 billion in the first quarter of 2021 from US$37 billion in the fourth quarter of 2020. Fluoropolymers play a huge role in the construction sector as they provide durable, thermally stable, easy-to-clean building materials which can both reduce building cooling costs and energy use, while enabling landmark architectural designs not feasible with other materials. Some well-known examples include the Mercedes Benz Stadium in Atlanta, GA, and the Denver Airport’s fiberglass roof.
There is also a huge scope in fluoropolymer film market specifically in Japan, owing to huge opportunities in electrical and electronics, construction, packaging, transportation, and industrial sector.
Fluoropolymers Market Drivers
Increasing medical and healthcare segment is driving the demand for fluoropolymers market
An increase in medical and healthcare segment due to the pandemic is considered to be the major driver in the fluoropolymers market. Increased emphasis on health and hygiene to avoid potential COVID-19 contagion has bolstered sales of various hospital disposables. In addition, governments and health authorities are leveraging federal powers to influence manufacturers to ramp up production of hospital disposables at significant pace. Compared to other sectors, pharmaceutical firms are estimated to be highly growing by developing innovative products, and as a result investing considerably in R&D activities. There is an abundant increase in the launch of new products, such as development of vaccines in the pandemic time. Therefore, the manufacturers and distributors of fluoropolymers will have to look at existing systems and devise ways to step up these systems for bigger margins.
Growing demand of PTFE polymer
Polytetrafluoroethylene (PTFE) will also grow more in the forecast year as it is extensively utilized in almost all sectors like semiconductors, automotive components, electrical appliances and others. PTFE is also used for improving the overall functioning and minimizing the downtime of industrial machines and automotive components. It is also used in construction segment which includes gaskets, vessel linings, pump interiors, rings, seals and well-drilling equipment. PTFE finds applications in the oil and gas exploratory activities, owing to its high resistance to harsh chemicals, acids and caustic.
Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=503095
Fluoropolymers Market Challenges
Rising environmental concerns
The biggest challenge faced by the fluoropolymers industry is the stringent regulations imposed by the government, both on manufacture and use of fluoropolymers. The reason is that if fluoropolymers are melted over the melting point, then it releases toxic gases which hampers the environment. This in turn hampers the market growth. Fluoropolymers can produce toxic products if they are overheated. Precautions should be taken to remove any degradation products and off-gases produced during the processing and fabrication of parts from fluoropolymers.
Fluoropolymers Market Landscape
Technology launches, acquisitions and R&D activities are key strategies which are adopted by the dominant players in the market. Fluoropolymers top 10 companies include:
Direct Purchase @ https://www.industryarc.com/purchasereport.php?id=503095
High Performance Fluoropolymers Market – Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast 2021 – 2026
For more Chemicals and Materials related reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to email@example.com to discuss more about our consulting services.