According to the Market Statsville Group (MSG), the global fluoropolymers market size is expected to grow from USD 8,397.67 million in 2022 to USD 14,666.68 million by 2033, growing at a CAGR of 5.2% from 2023 to 2033. The growing application of fluoropolymer in automotive industry. Increasingly utilized in automobile fuel and engine systems to ensure yielding and improve customer satisfaction. In additional, the rising global temperature, changing consumer requirements, the advent of strict government regulations concerning safety and emission reductions, and increasing traffic congestion are some of the factors that are compelling the utility of fluoropolymer. And the growing demand for construction activities coupled with increasing usage of fluoropolymer coating (such as polyurethane coating) in construction applications and growing purchasing power has resulted in the driving the use of fluoropolymer. On the other hand, Few restrictions such as higher cost of fluoropolymer than conventional material increased issues regarding environmental sustainability, and fluctuating prices of PTFE are expected to inhibit the growth of the global fluoropolymer market.
Moreover, the rise in disposable income and purchasing power, fluoropolymer for medical devices have been playing a substantial role and will contribute to sales and revenue gains in both the professional and consumer markets. Thus, the rise in medical device production is paving the way to reinforce the global market.
A fluoropolymer is a polymer that has fluorine and a carbon backbone to form strong carbon-fluoride bonds. The characteristics of fluoropolymers are determined by the atomic structure of carbon and fluorine, as well as their covalent bonding in particular chemical combinations. The carbon-fluoride bonding gives them their distinct heat and chemical resistance. It is resistant to corrosive and high-temperature situations and satisfies specific requirements for harsh environments. They are normally chemically stable and inert. A well-known fluoropolymer is polytetrafluoroethylene.
Fluoropolymer has features such as chemical stability, electrical and mechanical insulation, heat resistance, strain cracking, and others. Polytetrafluoroethylene (PTFE), Fluorinated Ethylene Propylene, Polyvinylidene Difluoride, and other fluoropolymers are examples. Polytetrafluoroethylene has several properties, including the ability to operate at high temperatures, to be chemically inert, and to be nonstick. Fluorinated Ethylene Propylene is similar to PTFE in that it can melt, allowing it to be treated in a number of ways, and it has a lower melting point than PTFE.
During the inception of the COVID-19 pandemic, the global demand for the fluoropolymer market is significantly reduced due to the concentrated investments by government and private companies in the manufacturing sector, which leads to cutbacks in industrial businesses as well as the industrial chemical industry. Thus, it defines as the recent outbreak of the new COVID-19 diseases that has considerably put a mixed effect on fluoropolymer sales. Further, unemployment has hit depression levels, weakened outlooks in manufacturing, construction, durable goods, and personal income will stifle near-term prospects. As a result, the consumption of fluoropolymer is reduced, thereby hampering the market growth considering the global scenario. Besides, the epidemic has abandoned an unprecedented crisis for the nations and manufacturing businesses across the world. This has often resulted in lockdowns and business shutdowns across many countries globally, which has compelled workers/individuals to stay at home to control the spread of the epidemic. Combined with the global shutdowns and disruptions in global fluoropolymer, the public, and private companies delayed their investment projects and production of such materials. This, in turn, is expected to limit the growth of the global fluoropolymer market.
Recently, the construction sector is at a prosperous stage in the global scenario. With the constant developments in the industry, the demand for raw materials and advanced building materials has increased all over the world. In addition to this, the construction sector also evolves alongside the novel developments in building material options often influenced a positive impact on the construction industries thereby; the frequency of construction activities and infrastructural development projects has risen over the forecast period.
Further, the growing demand for construction activities coupled with increasing usage of fluoropolymer coating (such as polyurethane coating) in construction applications and growing purchasing power has resulted in the driving the use of fluoropolymer. Thus, manufacturers are seeking to use these materials since it exhibits exceptional tear strength and good hail resistance. Moreover, and integrally, they are rated as a flame retardant and durable. Also, fluoropolymer help in the durable protective coating in man architectural coating formulations, particularly to those intended for external applications due to the need for exceptional weather ability along with providing enhance productivity. Thus, these attributes make them ideal for use in several construction applications, coupled with the rising concern for corrosion resistance in the construction industry.
Few restrictions such as higher cost of fluoropolymer than conventional material increased issues regarding environmental sustainability, and fluctuating prices of PTFE are expected to inhibit the growth of the global fluoropolymer market. Among them, one of the significant limiting factors is the high cost of high-performance fluoropolymers (HPFs) than traditional materials, which becomes one of the major roadblocks in the overall market demand. The manufacturing of HPFs entails substantially high investments, as the process is more intricate than that of any other group of plastics, including polyethylene (PE) and polypropylene (PP). A high level of technical expertise is needed to produce HPFs products. Due to these factors, the production of HPFs is expensive and, thus, results in costly end-products. The high price of HPFs hamper their demand in low-end application areas and restrict the growth of the global market. Also, the high cost of production bars the entry of mid-sized and small market players, which, in turn, reduces the market size of HPFs. Further, consumers, particularly in developing countries, are averse to employ on the maintenance of fluoropolymer as the disposal of low-cost manual labor. Thus, the high cost of maintenance is a prime restraining factor for market growth.
The notable growth of the medical device, biomedical, and healthcare industries is witnessed over the past 15 years that continues unabated even as materials, such as fluoropolymers, are meeting the growing demand for new products and procedures. In general, fluoropolymers are gradually substituting other plastics in medical applications, owing to their ability to meet the biocompatibility and physical requirements of the next-generation drugs and devices. From retractable coils to custom tubing assemblies and sensor covers, medical fabrications with fluoropolymers are shaped into custom profiles, which fit the accurate design requirements and revel in exceptional properties. These distinctive properties make them suitable for use in medical devices, pharmaceuticals, and cryogenic applications.
Moreover, in the medical device market, fluoropolymers usage centers on two key properties, such as lubricity and biocompatibility. Fluoropolymers exhibit exceptional lubricity as compared with other plastics. PTFE is one of the most lubricious polymer accessible, followed by fluorinated ethylene propylene (FEP). These two polymers depict the vast majority of all fluoropolymer tubing used in medical devices.
The study categorizes the fluoropolymers market based on type, form, application and end-users’ area at the regional and global levels.
Based on the type, the market is divided into polytetrafluoroethylene (PTFE), polyvinylidene fluoride (PVDF), fluorinated ethylene-propylene (FEP), polyvinyl formal (PVF), perfluoroalkoxy alkanes (PFA), ethylene tetrafluoroethylene (ETFE), ethylene chlorotrifluoroethylene (ECTFE), polychlorotrifluoroethylene (PCTFE), fluoroelastomers and others. The fluoroelastomers segment is expected to dominate the market share in 2022 in the global fluoropolymers market. The fluoroelastomers segment currently dominates the market share in the fluoropolymers market. Factors such as the increase in from automobile manufacturers to design more fuel-efficient vehicle and facilitate user an improved experience, coupled with the stringent emission norms regarding environment safety in the automotive industry are the few factors that may strengthen the market share of such products in the global market.
Based on the regions, the global fluoropolymers market has been segmented across Europe, North America, the Middle East & Africa, Asia-Pacific, and South America. Asia Pacific is projected to account for the highest market share in 2022. This is owing to the positive outlook of the construction and automotive sectors in India, China, and Indonesia in light of favorable regulations to promote investments at a domestic level. Moreover, the rising preference for improving the manufacturing sector, along with the higher concentration of the market players, are expected to drive the market growth in the region.
This segment also has the highest market share due to increased demand for significant healthcare, automobile, and electronic devices in this region. Positive expectations for the construction and transportation sectors in China, India, and Indonesia, as well as supporting laws to encourage domestic investment, are likely to benefit the industry.
The fluoropolymers market is a significant competitor, and extremely cutthroat in the sector are using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.
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