Fluoropolymer Market: Advancements in Medical Applications Boost Growth
The global fluropolymer market is expected to register robust growth in the near future, thanks to a growing biomedical applications such as artificial corneas and heart valves. According to the recent report by Transparency Market Research, the fluropolymer market will register a 5.3% CAGR during 2017-2026. It is expected to reach US$ 690.3 million in evaluation by 2026 end. The growth is expected to be steady, thanks to growing application and advancements in fluoropolymer.
Fluropolymer are witnessing a growing demand in the market on a large scale. Their effective dielectric application, biocompatibility, and lubricity are leading way for its adoption in medical surgeries. Currently, many surgeries like heart valves and corneas use plastic products which can have a toxic effect on the body. Additionally, these products are not biocompatible, raising concerns for patient safety in the long run. Additionally, fluoropolymer display high-resistance to chemicals, heat and have a low-coefficient of a fraction. Fluropolymer are also used as substitutes in hip, ear, skull, nose, and knee parts. Current major players in the market are also focused on developing recyclable alternatives, which is expected to increase their application in the healthcare sector.
Polytetrafluoroethylene to Dominate Growth in the Fluoropolymer Market
The fluoropolymer market is divided into polyvinylidene difluoride, polytetrafluoroethylene, fluorinated ethylene propylene, and other products. Among these, the polytetrafluoroethylene is expected to dominate growth in the near future. The product is expected to register total revenues nearing US$300 million. These are popularly used as microporous membranes which serves as a filter between particles and bacteria in critical fluids. Polytetrafluoroethylene is also supplied as a graft material for surgical processes. Moreover, it is also widely used as a coating for catheters. The coating can help stop bacteria and penetration of infectious agents. This application is critical in medical application due to high standards of safety and growing legislations. Its growing use is expected to drive significant growth in the fluoropolymer market. Growing use of fluoropolymers in catheters, syringes, sutures, and bio-containment vessels is also a major factor driving the global fluoropolymer market. The fluoropolymer is used in the production of multilumen tubing. It leads to the manufacturing of minimally-invasive procedures and devices.
Asia Pacific to Emerge as a Key Region
The global fluoropolymer market is divided into North America, Asia Pacific (excluding Japan), Europe, Latin America, and Middle East and Africa. Among these, Asia pacific is expected to emerge as a key region in the near future. The region is witnessing the influx of large manufacturing activity and is home to cheap land, labor, and various natural resources. This is expected to drive more growth due to low price manufacturing and expansion of demand in new markets like Vietnam, Indonesia, and Thailand are expected to boost growth of the fluoropolymer market. These countries are investing large resources in the development of the healthcare industry. Countries like Vietnam, Thailand are witnessing major gains in international and medical tourism in recent times. Additionally, the expansion of their healthcare sector with advanced medical devices, drug delivery, and pharmaceutical packaging are expected to drive significant gains for the fluoropolymer market in the near future. North America is also expected to witness growing demand for drug delivery, advanced medical devices, and pharmaceutical packaging. The North America market is expected to register the highest total revenues during the near future.
Global Fluoropolymer Market- Overview
A fluoropolymer is a polymer that consists molecules of fluorine and carbon. Being a high-performance plastic material, the fluoropolymer is used in high temperature and harsh chemicals. In the healthcare industry, the fluoropolymer is used on a large scale for packaging of medical liquids and sprays. Owing to its superior characteristics, the fluoropolymer is used over other plastics for packaging application. Companies are focusing on developing new solutions and finding out the new application of fluoropolymer.
Fluoropolymers, especially PVDF and PTFE are being used in microporous membranes. The environment-friendly fluoropolymer is also being developed by manufacturers, hence, increasing number of research activities are being carried on by manufacturers. Various properties including chemical resistance, ability to perform at high temperature, is allowing companies to focus on innovative designs using fluoropolymer instead of plastic.
Global Fluoropolymer Market- Research Methodology
The global fluoropolymer market report provides a detailed insight into the various factors impacting the growth of the market. The report also offers information on various trends and opportunities along with the major developments in the market. Information on latest technology and competitors in the market are also given in the report. A comparative analysis and forecast on various segments are also been provided in the report.
The report offers information on the major factors that have an impact on the growth of the market. Major industrial developments along with innovative technologies have also been given in the research report. The report offers information on market dynamics including opportunities, trends, drivers, and challenges. Market attractiveness analysis, SWOT analysis, and Porter’s five force analysis are also provided in the report.
The major industrial developments given in the report are based on the events that took place in the past and the events that are expected to take place in the future. The report also includes information on the leading companies operating in the global fluoropolymer market. Both primary and secondary research has been done to draw various conclusions in the report along with an in-depth analysis of the market with inputs from the industry experts.
Global Fluoropolymer Market- Market Segmentation
The global fluoropolymer market is segmented into product, application, and region. On the basis of product, the market is segmented into polytetrafluoroethylene, polyvinylidene difluoride, fluorinated ethylene propylene, and other products. On the basis of application, the market segment includes pharmaceutical packaging, medical devices, drug delivery, and other applications.
Region-wise, the market is segmented into Asia Pacific Excluding Japan (APEJ), Europe, Latin America, North America, Japan, and the Middle East and Africa (MEA). The report also offers a country-wise forecast for each segment, along with the market share and CAGR in the percent form for the forecast period 2017-2026.
Global Fluoropolymer Market- Competition Analysis
The report provides a detailed profile on some of the leading companies in the global fluoropolymer market such as Solvay SA, E.I Dupont De Nemours and Company, Asahi Glass Co., Ltd, 3M Company, Daikin Industries Ltd., Honeywell International Inc., The Chemours Company, Mexichem S.A.B. de C.V., Compagnie de Saint-Gobain SA, W. L. Gore & Associates, Inc., and Zeus Industrial Products Inc. The leading companies in the market are evaluated on the basis of various parameters including strategies, product portfolio, financial overview, company overview, and key developments.