Global Fluoropolymers Material Market Insights, Opportunity, Analysis, Market Shares And Forecast 2017 – 2023
High performance plastic material like fluoropolymer contains molecules of carbon and fluorine. Fluoropolymers are widely being used in telecom, aerospace, electronics, and automotive sectors respectively. Polytetrafluoroethylene (PTFE) was amongst the first fluoropolymer to be used commercially in 1936. Over the years, more than twelve different types of fluoropolymers have been formulated and used commercially. With increasing applications, and wide range of key end users, market of fluoropolymers is looking forward for a healthy growth. Global fluoropolymer market was worth $7390million in 2016. By 2023, global fluoropolymer market is anticipated to reach $11700million, growing at CAGR 6% during period 2016-2023. Growing consumer products market, increasing demand for solar PV & solar collector installation, growing production of direct methanol fuel cells in USA & Europe and rising coatings market are the main drivers of global fluoropolymers market.
Daikin Industries Ltd., Solvay SA., Arkema SA., Dongyue Group Ltd., Halopolymer OJSC., Kureha Corp., and El Dupor De Nemours & Company are amongst the leaders of Fluoropolymers manufacturers in the world. Majority of the enterprises use merger & acquisition as the primary strategy in fluoropolymer market to gain market share. Other strategies include, joint ventures, MoU, collaboration with institutions both public & private for research & development etc. In 2015, Austria fluoropolymer manufacturer Agru GmBH acquired Zurich based Quadrant EPP’s fluoropolymer production asset. Quadrant EPP is a subsidiary of Tokyo based Mitsubishi Plastics Co Ltd. The deal enabled Agru GmBH to strengthen its position in fluoropolymer products business with new material sources and new product portfolios (especially Symalit).
Global fluoropolymers market is segmented on the in terms of type of material and applications. Material type segment is further bifurcated as polyvinyl fluoride, fluoroelastomers, fluorinated ethylene propylene, polytetrafluoroethylene, and other fluoropolymers materials. Fluoroelastomers is further classified into hexafluoropropylene, vinylidene fluoride, and tetrafluoroethylene/propylene. Polytetrafluoroethylene (PTFE) is divided into fine powder, micronized powder, granular and dispersion. Other materials type includes ethylene tetrafluoroethylene, perfluoroalkoxy, polychlorotrifluoroethylene, ethylene & chlorotrifluoroethylene. Application segment is classified into automotive & transportation, chemical processing, electricals & electronics, industrial, and other application areas. Use of reprocessed PTFE, competitive pricing, environmental stability, growing biopolymers industry are some of the factors dragging fluoropolymers market growth in medium term.
North America, Asia Pacific, Europe and Rest of the World are the regions covered under global fluoropolymer market reports. North America dominates global fluoropolymers market in terms of revenue in 2016, followed by Europe. North America accounted more ~40% in 2015 in terms of volume. Growth in housing sector post 2008 recession, growing electronics and automobile market are the main drivers of fluoropolymers in North America and Europe. Asia pacific is projected to grow with an average 11% per annum till 2021. Growing demand for fluoropolymers in coatings and electronics, and expanding consumer products market are the main drivers of fluoropolymer market in Asia Pacific. China, Taiwan, South Korea, and India are key fluoropolymer markets in Asia Pacific. South Africa, Nigeria, Saudi Arabia, and Brazil some of the other investment destinations for fluoropolymer market for the forecasted period.
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