North America Fluoropolymers Market - Segmented by Type, by End-user Industry, and Geography - Growth, Trends, and Forecasts (2018 - 2023)
The North America fluoropolymers market is expected to register moderate growth during the forecast period of 2018 - 2023. The United States accounted for the largest share in 2017 and is expected to register the fastest growth during the forecast period.
Increasing Demand from End-user Industries
Fluoropolymers are specialty polymers that are registering robust growth. Most of the growth can be attributed to the healthy demand from the automotive & transportation, electrical & 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. The automotive industry has been booming over the past few years. The United States is the second largest producer of automobiles, after China. North America is witnessing a significant demand for lightweight automobiles, driven by the increasing consumer preference for high-quality, fuel-efficient automobiles, which has increased the usage of plastics in the automotive industry, in turn driving the market. Owing to the usage of advanced technologies, increasing number of R&D centers, and rising demand from consumers, the market is expected to remain the leader over the forecast period. Owing to the rapid innovations in the advancement of technologies and R&D activities in the electronics industry, there is a considerable demand for newer and faster electronic products. This is further expected to boost the demand for fluoropolymers in the region.
PTFE to Dominate the Market
PTFE (Polytetrafluoroethylene) 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. It is also fabricated into industrial products, including bearings, pipe liners, and parts for valves and pumps. With the increasing demand from various end-user industries, the demandfor PTFE is poised to increase during the forecast period.
The United States to Dominate the Market
In 2017, the United States accounted for the largest share of more than 75% of the North American market. The country is the second largest producer of automobiles in the world. The production has recorded a robust growth over the past five years and the sales of automobiles have been increasing at a constant rate. The United States has the second largest electronics industry in the world, with the demand for consumer electronics growing rapidly. Additionally, infrastructure modification is expected to encourage the growth of repair construction activities at a robust pace in the region, rather than new construction activities. The gradual growth of the commercial sector, primarily office space construction, is likely to have a positive impact on the market.
September 2017: Arkema Group 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.
The type and end-user industry that are expected to dominate the market.
The country that is expected to witness the fastest growth during the forecast period.
Identify the latest developments, market shares, and strategies employed by the major market players.
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