FEVE Fluoropolymer Coatings Market - Segmented by Application Sector and Geography, Growth, Trends, and Forecast (2018 - 2023)
The global FEVE fluoropolymer coatings market is estimated to grow at a CAGR of 4.08% over the forecast period, 2018 to 2023 (henceforth referred to as the forecast period).
Increasing Demand due to Expanding Applications in Multiple Industries
FEVE fluoropolymer coatings are in demand for their use in a number of industries, as they possess many desirable qualities. In the industrial application, their exceptional resistance to high temperatures, chemical reaction, corrosion, and stress cracking properties facilitate their use as coatings. This combination of favorable properties increases the lifecycle of exterior coatings, as well as the interval between recoats, thereby, reducing costs by minimizing the number of recoats, and hence, making them ideal for use in building and construction, automotive, and aerospace. Additionally, they give an enhanced aesthetic look, due to their high gloss properties. In building and construction, they are used in exterior and interior of houses, offices, and buildings, in order to give an aesthetic look, and also to protect the walls and fundamental structures. In automotive applications, they are used as protection against sunlight, material corrosiveness, and environmental effects, and to add pleasant appeal to the vehicle. FEVE fluoropolymer coatings provide resistance in extreme environmental conditions, along with reducing friction and tolerating high temperatures, and hence, they experience high demand from aviation and aerospace. Similarly, FEVE fluoropolymer coatings find wide application base in numerous other industries. FEVE fluoropolymer coatings also minimize the costs involved in maintenance of products, as these coatings have a longer lifespan, compared to other protective coatings. Generally, their lifespan ranges from 30 to 40 years. New uses and applications for FEVE Fluoropolymers are being developed constantly, and as a result, the demand for FEVE fluoropolymer coatings is expected to increase.
Building & Construction - Fastest Growing Application Sector
FEVE coatings used are crucial to the building and construction sector, to impart protection against elements of nature, corrosion, abrasion, and impact. This segment dominates the usage share for FEVE coatings, occupying roughly half of the share in terms of value and volume, in 2017. FEVE coatings can be used on steel and other metallic substrates, such as aluminum, copper, zinc, and other metals. It is also suitable for concrete surfaces. Currently, the building and construction industry is a thriving industry in several emerging economies of the Asia-Pacific and North American region. This is going to drive the use of FEVE coatings, such as roof coatings, which also provide energy savings through solar reflectance and reduction of heat transfer into buildings, along with preventing infrastructure failures. Factors, such as ever-increasing population and rapid urbanization, and rise in purchasing power are driving the building and construction industry. As a result of which, investments in infrastructure are being made and are in plans. The applications for these coatings in bridges have also seen a surge. In the United States, the Gateway Bridge in Nashville, Tennessee, is a quotable example for the increasing use of these coatings on steel bridges.
Asia-Pacific to Witness Strong Demand
Asia-Pacific is estimated to witness a healthy growth over the assessment period in FEVE fluoropolymers market, due to the wide usage of fluoropolymer coatings in numerous end-use application segments, due to their desirable properties. Asia-Pacific is the biggest market, with China in the lead, followed by Europe and North America. Although costly, and Asia-Pacific being a cost-sensitive market, the demand for FEVE fluoropolymer coating is expected to surge in various countries of Asia Pacific, such as India, Japan, and South Korea, due to rising construction activities, along with high adoption rate from various end-use industries, as they decrease the number of recoats and has a lifespan of 20+ years. Moreover, many big global players are shifting their manufacturing units to Asia-Pacific, due to availability of raw materials and cheap labor costs. Hence, FEVE fluoropolymer coatings are going to have a good market base, as companies invest in infrastructure and manufacturing hubs for various industries, ranging from automotive, building & construction, etc.
Key Developments in the Market
- July 2017- AGC Chemicals launched LUMIFLON fluoroethylene vinyl ether (FEVE) resins for marine applications to help boat manufacturers create ultra-durable coatings for ocean-going vessels and pleasure boats.
- January 2017- Honeywell recently introduced a new fluoropolymer as an alternative to poly-fluoroethylene vinyl ether (FEVE) resins. This new product offers chemical resistance and low viscosity, allowing coating formulators to use less organic compounds, leading to lower VOC values.
Major Players -PPG Industries Inc., AkzoNobel NV, The Sherwin Williams Company, Daikin Industries, Ltd. and KCC Corporation, among others.
Reasons to Purchase the Report
- An understanding of the current market dynamics and growth opportunities.
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
- To understand the dominating application in the FEVE fluoropolymer coatings market.
- Region and countries expected to witness fastest growth during the forecast period.
- Identify the latest developments, market shares, and strategies employed by the major market players.
- 3 months analyst support, along with the Market Estimate sheet (in Excel).
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