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.
Full research report on fluoropolymers market:
http://www.grandviewresearch.com/industry-analysis/fluoropolymers-market
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.
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report at: http://www.grandviewresearch.com/industry-analysis/fluoropolymers-market/toc
·
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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