Global fluoropolymer market size is
expected to reach USD 11.11 billion by 2022, according to a new report by Grand
View Research, Inc. High tensile strength and excellent insulation properties
have driven fluoropolymer penetration in electronics, automotive and
construction applications. Positive outlook on these end-use industries is
expected to be one of the primary growth factors over the forecast period.
Increasing
government spending on infrastructure in China, India and the Middle East is
expected to drive architectural coatings demand. Fluoropolymer coatings exhibit
protection against corrosion & chemicals and high temperature tolerance,
which makes them useful for architectural applications. In addition, these
coatings are used in automobiles for protection against scratches and
abrasions. DuPont (Chemours) manufactures and markets fluoropolymer coating
under the brand name, Teflon.
In terms of
application, industrial applications dominated the global market, accounting
for over 30% of volume share in 2014. It is used in a wide range of
applications including gears, sliding plates and bearings, which require low
friction. Expansion of manufacturing industry in India, China, Mexico, Brazil
and Russia is expected to drive demand for PTFE as an additional lubricant.
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Further key findings from the study suggest:
- Global fluoropolymer market demand was 720.8 kilo tons in 2014 and is expected to reach 1,600.4 kilo tons by 2022, growing at a CAGR of 10.3% from 2015 to 2022.
- PVDF is expected to witness substantial gains at a CAGR of over 14% from 2015 to 2022. It acts as a ferroelectric material exhibiting piezoelectric and pyroelectric properties. In addition, flexibility, low weight & thermal conductivity and high resistance to chemical corrosion & heat have resulted in its use for manufacturing electric wires.
- Growing demand for electric wires in appliances and equipment is expected to drive PVDF demand over the forecast period. In July 2014, Kureha Corporation commenced production of PVDF at its manufacturing unit, Changshu, China. The plant has an annual capacity of 5,000 tons.
- North America market accounted for over 40% of global volume share in 2014. Large scale electronic and automobile manufacturing coupled with housing sector growth in the U.S. has resulted in high demand for the product. This trend is expected to continue over the forecast period. Moreover, expanding coating industry along with the introduction of new coating products and technologies is expected to stimulate industry growth.
- Asia Pacific is expected to witness significant growth at a CAGR of 10.9% from 2015 to 2022 owing to demand for fluoropolymer in a wide range of applications including coatings and electronics. Technological advancement in the field of electronics, particularly in China, Taiwan and South Korea, has led to an increasing utilization of these materials in providing high thermal stability and superior tensile strength.
- Chemours, Daikin, 3M, Solvay and Dongyue Group jointly accounted for over 70% of the global fluoropolymer market share in 2014. Strategic partnership between manufacturers and buyers, coupled with product innovation is expected to be a critical strategy for gaining competitive advantage.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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Grand View Research, Inc
Phone: 1-415-349-0058
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