According to the report, the global fluoropolymers industry generated $7.7 billion in 2019, and is expected to reach $11.7 billion by 2027, growing at a CAGR of 6.5% from 2020 to 2027.
Major determinants of the market-
High demand for fluoropolymers and advancements in medical applications have boosted the growth of the global fluoropolymers market. However, raising prices of PTFE hamper the market. On the contrary, surge in use of fluoropolymer films in the construction and energy sectors is expected to open lucrative opportunities for the market players in the future.
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- The automotive and aerospace industries have experienced a significant decline due to lack of labor and disrupted supply chain.
- As the majority of the countries are still under lockdown, production facilities are either completely closed or working with half of the total production capacity. This resulted in decline in the fluoropolymer’s supply.
The pipe segment dominated the market-
By application, the pipe segment held the lion’s share in 2019, accounting for more than one-fourth of the global fluoropolymers market. Moreover, the segment is expected to register the highest CAGR of 3.3% during the forecast period as fluoropolymers pipes are commonly used by petrochemicals, pharmaceuticals, chemicals, and almost every business involved in the handling of extremely volatile and corrosive solvents and acids for their manufacturing needs.
The industrial equipment segment to manifest the highest CAGR through 2027-
By end-user industry, the industrial equipment segment is projected to portray the highest CAGR of 4.5% during the forecast period. Moreover, the segment held the largest share in 2019, contributing to nearly two-fifths of the global fluoropolymers market, as fluoropolymers are widely used in industrial processing industries for various applications such as pumps, impellers, tanks, heat exchanger coatings, reaction vessels, autoclaves, flue duct expansion joints and others.
Asia-Pacific, followed by North America, held the largest share-
By region, the market across Asia-Pacific held the largest share with nearly half of total market share and is expected to manifest the highest CAGR of 6.6% during the forecast period, due to presence of large manufacturing hubs in China and India and increasing demand for high-quality medical, automotive, consumer, and electronics products. The global fluoropolymers market across North America is estimated to register a CAGR of 6.5% from 2020 to 2027.
Major market players
- Arkema SA
- The Chemours Company
- Asahi Glass Company Limited
- Dongue Group
- Daikin Industries
- SABIC Innovative Plastics
- Mitsubishi Chemical
- Shin-Etsu Chemical
- 3M Company
- Solvay SA
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