The global fluoropolymer market is anticipated to witness significant growth during the assessment period, starting from 2021 to 2031. Fluoropolymer plays a crucial role in several end-use industries including automotive, industrial processing & appliances, healthcare, electrical & electronics, construction and others. Industrial processing & application and electrical & electronics are driving the market growth.
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How the Historical and Future Outlook for Fluoropolymer Market will Match Up?
Fluoropolymer consumption is projected to grow by 1.7X during the forecast period. End-use segments are growing at a considerable rate since last few years, which is expected to experience significant growth in the near future.
In terms of regional classification of the market, East Asia and Europe are estimated to dominate at a global level and are expected to continue their dominance in the long run. The increasing consumption of fluoropolymer in the regions owing to rapidly increasing industrial infrastructure and favorable government initiatives will aid the overall expansion. Furthermore, increasing investments by regional governments for industrial development is expected to be one of the key driving factor for the global fluoropolymer market over the coming years.
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Leading manufacturers are expanding their production capacities to satisfy the demand created by end users. Leading manufacturers of fluoropolymer are strategically collaborating with end users especially industrial processing application for ensure long-term supply. According to FMI’s analysis, fluoropolymer sales to grow at 5.3% % CAGR between 2021 and 2031.
Fluoropolymer are used in pump, impellers, coating for heat exchangers, tanks, reaction vessels, autoclaves, container, flue duct expansion joints, diaphragms and among others for various end use application owing to its excellent mechanical properties, chemical resistance properties it preference over other polymers gain traction in the market.
The ongoing crisis on account of COVID-19 outbreak has impacted the global economy and industrial sector to a significant extent due to the disruption in the supply chain and reduce demand from the consumers. The same case has remain true for the case of Fluoropolymer, wherein reduce demand from many end use industries like automotive, has impacted the growth rate of the global Fluoropolymer market to a certain extent in the year 2020.
However, with initiatives taken by regional governments to revive the economic growth and to improve the performance of the industrial sector, will have a positive effect on the fluoropolymer sales prospects.
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Introduction of new and innovative products, solutions and technologies for end-use industries, are expected to remain key focus of market players as they aim to gain competitive advantage. Tier-I companies are planning to venture into collaboration and acquisitions of accompanying businesses to further increase market presence. Companies operating in the market have been focusing on strategic tie-ups and product development to gain competitive advantage. Besides this, capacity expansion have been attracting ample resources of competitors.
For instance, in 2019, Dongyue Polymer announced its plans of launching a 20,000t fluoropolymer project to be located in Huantai County, Zibo City.
Some of the leading companies operating in the market are:
- Mitsubishi Chemical Advanced Materials
- AGC Chemicals Americas, Inc.
- The Chemour Company
- Honeywell International Inc.
- Huntsman Corporation
- Daikin Industries Limited
- Dongyue Group Ltd.
- Kureha Corporation
- Poly Fluoro Ltd.
- Amco Polymers
- Solvay SA
- Saint-Gobain Performance Plastics