“Global Fluoropolymers market projected to grow at CAGR 6% during period 2016-2023.
Fluoropolymers are high performance plastic materials that can withstand extreme temperature and chemical environments. Since its discovery in 1935 in the form of polytetrafluoroethylene (PTFE), fluoropolymers applications have widened. Defence, automobiles, electronics, and aerospace are amongst the key applications of fluoropolymers. Total global consumption of fluoropolymers in 2015 was 309 kilotons. By 2020, total consumption of fluoropolymers is anticipated to reach 395kiltons globally. Global fluoropolymer market is worth $7390million in 2016. Fluoropolymer market is projected to reach $11700million by 2023, growing at CAGR 6% during period 2016-2023. Increasing solar PV installation, growing direct methanol fuel cells production, and rising popularity of coatings are some of the key drivers of global fluoropolymer market. North America is dominates fluoropolymers market in terms of revenue in 2016, followed by Europe. In 2015, North America accounted for 40% of the total global fluoropolymer market. Expanding electronics and automobile market, healthy infrastructure outlook and expanding coating industry are the main drivers of fluoropolymer market in North America and Europe. Asia Pacific is the fastest growing fluoropolymer market for the forecasted period. China, South Korea, India, and Taiwan are amongst the leading fluoropolymer market in Asia Pacific.
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Growing fluoropolymer coating industry
In last five years, fluoropolymers coating industry increased by an average 5% per annum till 2015. The growth is mainly seen in building & construction, automobile and aerospace sector. Fluoropolymer coating industry is worth $1,215million in 2016. By 2021, fluoropolymer coating industry is projected to reach $1,723 million. USA, Germany, and China dominate fluoropolymer coating market globally. China is the leading market in Asia Pacific followed by Japan, India and South Korea. Fluoropolymer coating market is growing in areas of electronics, chemicals, and automobile sectors in Asia Pacific. Building & construction is seen amongst the fastest growing segment in fluoropolymer coating industry. Other key markets for fluoropolymer coating industry include Italy, Spain, Australia, Brazil, and Mexico.
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Increasing solar PV installation
Fluoropolymers acts like a protective sheath for PV cells preventing dust and other particles getting settled on it. Total market for Solar PV in 2016 was $150billion. Solar PV demand is projected to increase by an average 18% per year till 2020. EIA US, estimated more than 640GW of solar PV to be installed across the globe by 2018. Canada, Spain, Germany, India, China, and USA are leading markets for solar PV for the forecast period 2016-2023. Rising demand for clean energy, government incentives for buying solar PV systems, and reducing cost of solar PV cells are the main drivers of solar PV market across the globe. Asia Pacific is the fastest growing market for solar PV growing at an average 20% per annum till 2021. China and India are key investment destinations for solar PV in Asia Pacific. Other key markets globally include Brazil, South Africa, Saudi Arabia, Italy, and Spain.
Contact: Ms. Shyamal Moghe