Asia-Pacific Fluoropolymers Market - Segmented by Type, End-user Industry, and Geography - Growth, Trends, and Forecasts (2018 - 2023)
The Asia-Pacific fluoropolymers market is expected to register robust growth during the forecast period of 2018 - 2023. China accounted for the largest share in 2017. India is expected to register the fastest growth during the forecast period.
Growing Demand from End-user Industries
Fluoropolymers are specialty polymers that are experiencing a strong market growth. Most of the growth is because of a strong demand from the automotive and transportation, electrical and electronic, chemical processing, and industrial sectors. The automotive & transportation and electrical & electronics industries together accounted for a major share of the total demand for fluoropolymers. APAC has the largest automotive industry globally with China, Japan and India taking the lead in automotive production. The production from ASEAN countries is also increasing with the growing exports to neighboring countries. Moreover, with the increasing sales in developing economies, the automotive industry is projected to increase during the forecast period. The electronics industry in Asia-pacific has been growing at the rate of 6% for the past couple of years and is estimated to continue the growth rate over the next few years. With the increased focus on their manufacturing industry, countries like China, India and ASEAN countries are offering various incentives to the companies, and electronics companies are heavily investing in the country. This is further expected to boost the demand for fluoropolymers in the region.
PTFE (Polytetrafluoroethylene) to Dominate the Market
PTFE is a thermoplastic polymer, which is a white solid at room temperature, with a density of about 2200 kg/m3. It has excellent thermal and electrical insulation properties and a low coefficient of friction. It is distinguished by its slippery surface, high melting point, and resistance to attack by almost all chemicals. These properties have made it familiar to consumers as the coating on non-stick cookware and it is also fabricated into industrial products, including bearings, pipe liners, and parts for valves and pumps. With the growing demand from various end-user industries, the market for PTFE (Polytetrafluoroethylene) is projected to grow during the forecast period.
China to Dominate the Market
In 2017, China held the highest market share, accounting for a major chunk of the Asia-Pacific market. Automotive is one of the fastest growing sectors in developing economies like China due to the rise in disposable income among the population and various other factors. In addition to this, electronics market has grown in the recent past with innovations and advanced technology implementations. Electronic products such as smartphones, OLED TVs, tablets and so on, have the highest growth in the market in the consumer electronics segment. China is one of the major countries in Asia-Pacific, with ample construction activities being supported by the growing economy. Demand for fluoropolymers in China has remained strong over the past few years owing to increased automotive, electrical & electronics, and construction applications.
September 2017: Arkema Group has announced the expansion of fluoropolymer production capacity at Calvert City plant.
Major Players: 3M, DAIKIN INDUSTRIES, Ltd., AGC Chemicals, Covestro AG, Honeywell International Inc., Solvay, and Arkema Group, among others.
Reasons to Purchase this Report
How the growing demand from end-user industries will drive the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Which type, and end-user industry is expected to dominate the market
Which country is expected to witness fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players.
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