Future Market Insights (FMI) announced the release of its latest report titled, “Fluoropolymer Market: Global Industry Analysis and Opportunity Assessment, 2015 – 2025”. According to the report, the global fluoropolymer market was valued at US$ 6403.4 Mn in 2014 and is anticipated to account for US$ 11472.6 Mn by 2025, registering a compound annual growth rate (CAGR) of 5.4% through the forecast period.
Market Drivers and Restraints
Global fluoropolymer market is majorly driven by growing consumption of fluoropolymers by industrial processing, automotive and electrical & electronics industries across the globe. Apart from this, rapid replacement of conventional materials used in high performance applications is poised to drive demand for fluoropolymers across the globe. Moreover, demand for fluoropolymers in lightweighting applications is anticipated to boost the global fluoropolymer market growth during the forecast period. High costs and fluctuations in fluoropolymer prices might hamper growth of the global fluoropolymers market to some extent.
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The global fluoropolymer market has been segmented on the basis of product type, end-use industry and geography.
By product type, the global fluoropolymer market is segmented into polytetrafluoroethylene (PTFE), polyvinyl fluoride (PVF), polychlorotrifluoroethylene (PCTFE), polyvinylidene difluoride (PVDF), fluorinated ethylene propylene (FEP), perfluoroalkoxy polymer (PFA) and other. Among these segments, polytetrafluoroethylene (PTFE) accounted for approximately 41.9% of global value market share in 2014. The segment is expected to dominate the global fluoropolymer market throughout the forecast period, exhibiting a CAGR of 5.4% between 2015 and 2025. The polyvinylidene difluoride (PVDF) segment accounted for 16.2% of the market value share in 2014 and is expected to increase at a CAGR of 5.2% during the forecast period, owing to its increasing consumption by electronics and aerospace industries for insulation and coatings. The fluorinated ethylene propylene (FEP) segment accounted for approximately 14.6% of the global value market share in 2014, and is expected to account for 14.7 % share by 2025.
By end use industry, the global fluoropolymer market has been segmented into automotive & aerospace, industrial processing, healthcare, electrical & electronics, construction and others. Industrial processing segment dominated the global fluoropolymer market and was valued at US$ 1,797.9 Mn in 2014. Furthermore, the industrial processing segment is estimated to account for share of 28.0% of overall fluoropolymer market value by 2015 end, closely followed by electrical & electronics accounting fornearly 23.31% share. Growing demand for fluoropolymers due to its rising usage in various automotive and electronics applications such as bearing separators, valve balls, gaskets, O-rings, electrical insulation and flexible printed circuits is expected to further propel demand for fluoropolymers in automotive and electrical & electronics end use segments. Also, the scope of other end use industries segment for fluoropolymers is expected to expand in the near future due to increasing usage of fluoropolymers in emerging applications such as waterproof clothing, non-stick cookware and dental filling.
Geography-wise, Asia Pacific Excluding Japan (APEJ) dominated the global fluoropolymer market in 2014, accounting for 41.1% revenue share in 2014. The market in the region is also expected to exhibit the highest CAGR of 5.9% during the forecast period.
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Major players considered in the global fluoropolymer market are 3M Company, DuPont Company, BASF, Daikin Industries Limited, Dongyue Group Ltd., Arkema Group, Solvay Chemicals Inc., AGC Group, Honeywell International Inc., Saint Gobain S.A, Gujarat Fluorochemicals Ltd., Hindustan Fluorocarbons Limited, Kureha Corporation, Halopolymer OJSC and Shanghai 3F New Material Co., Ltd