Global Fluoropolymers Market: Snapshot
The key driver pushing the consumption levels of fluoropolymers across the world is the demand for it in the booming automotive industry. Most types of fluoropolymers are quite popular in the auto industry and hold applications in the production of fuel hoses, shaft seals, gaskets, O-rings, transmission systems, and power steering systems. All fluoropolymers used provide the extremely desirable qualities of high resistance to chemical exposure, and mechanical, frictional, and thermal wear. The auto industry’s consumption of fluoropolymers is especially high in Asia Pacific, owing to this region’s rapidly expanding industry and improving economic state.
Similarly increasing demand for fluoropolymers can be seen in the manufacture of medical devices and electronics, although on a smaller scale. This will however still create a significant impact on the demand of fluoropolymers over the coming years on a collective scale. The application of fluoropolymers in semiconductors, cookware, cables, and wires is also expected to increase over time, further adding to its demand from regional end users.
There are, however, two key restraints acting on the global usage of fluoropolymers. One of them is the environmental concern that fluoropolymers pose due to their physical properties that render them nearly impervious to natural degradation. One the other hand, several fluoropolymers break down into chemicals that have been strongly linked to cancer and other harmful effects on humans. There is also the additional financial restraint on PTFE, the most consumed fluoropolymer. Its raw materials are volatile in availability and pricing, thereby cutting off several end users from gaining a steady supply of PTFE.
All in all, the global market for fluoropolymers is expected to progress at a CAGR of 6.8% from 2016 to 2024 in terms of revenue. By the end of 2016, this revenue is expected to reach US$6.26 bn and US$10.64 bn by the end of 2024.
APAC Auto Industry’s Demand for Fluoropolymers Soars
The Asia Pacific region, equipped with its excellent rate of industrial development and higher disposable income among a great number of consumers, is expected to remain the dominant consumer of fluoropolymers till 2024. By the end of 2024, Asia Pacific is expected to hold as much as 38.5% of the global volume of fluoropolymers. This region is a giant consumer of PTFE at the moment, owing to its high rate of development in the auto industry and the increasing demand for electronic devices and medical devices. The Asia Pacific industrial sector is expected to remain the key end user of fluoropolymers for the coming years, owing to its excellent physical properties and scope of application in a multitude of industries.
North America is second in terms of demand for fluoropolymers. A large part of this region’s fluoropolymers demand comes from the industrial processing segment for PTFE. The growth rate of this demand is expected to slow down in North America and Europe, owing to a relatively saturated market and the growing concerns over environmental safety.
Scope of Fluoropolymers in Industrial Processing to Increase
Industrial processing involves actions such as the application of protective chemical coatings in cookware, pipes and valves, telecom cables, chemical processing equipment, and the likes. Owing to the strong physical and chemical resistance shown by certain fluoropolymers, their use in industrial processing has been a given for quite some time. This is therefore the leading end user of fluoropolymers and is expected to continue being the leader till 2024. By the end of 2024, the revenue generated in fluoropolymers through industrial processing is expected to be close to US$3.08 bn.
The world’s top manufacturers of fluoropolymers include Chemours, Solvay, Daikin Industries Ltd., 3M (Dyneon), and Asahi Glass Corporation.
This report provides forecast and analysis of the fluoropolymers market on the global and regional level. The study provides historic data of 2015 along with forecast from 2016 to 2024 based on volume (kilo tons) and revenue (US$ Mn). It includes drivers and restraints of the fluoropolymers market along with their impact on demand during the forecast period. The report also comprises the study of opportunities available in the market for fluoropolymers on the global and regional level.
In order to provide the users of this report with comprehensive view of the market, we have included detailed value chain analysis, listing market players for each entity in the value chain. Analysis of Porter’s Five Forces model has also been included to help understand the competitive landscape in the global fluoropolymers market. The study encompasses market attractiveness analysis, by end-user segments and countries, wherein application segments are benchmarked based on their market size, growth rate, and general attractiveness. A detailed customer list is also included in the report.
Segmentation comprises demand for individual products and end-users in all the regions and important countries in the region. Product segmentation includes current and estimated demand for PTFE, PVDF, FEP, fluoroelastomers, PVF, and others, while end-user segmentation includes present and forecast demand for fluoropolymers in industrial processing, automotive, electrical & electronics, construction, and others. Market numbers have been estimated based on the average usage of different kinds of fluoropolymers such as PTFE, PVDF, FEP, fluoroelastomers, PVF, and others in various end-use industries. Market size and forecast for each product segment have been provided in the context of global and regional markets. Market dynamics prevalent in China, North America, and Europe have been taken into account for estimating the growth of the global market. Market estimates for this study have been based on volume, with revenue being derived through regional pricing trends. The fluoropolymers market has been analyzed based on expected demand. Market data for each segment is based on demand volume and corresponding revenue. Prices considered for the calculation of revenue are average regional prices obtained through primary quotes from numerous regional suppliers, distributors, and direct selling regional producers based on manufacturers’ feedback and application requirement. All market numbers have been derived on the basis of demand for fluoropolymers in different applications in different regions. All existing key end-users have been considered and potential applications have been estimated on the basis of secondary sources and feedback by primary respondents. Regional consumption patterns have been considered while estimating the market for various end-users of fluoropolymers in different regions. We have used the top-down approach to estimate the global fluoropolymers market, split by regions. The global product segment and end-user split of the market has been derived using the bottom-up approach, which is cumulative of each region’s demand. Regional demand is the summation of sub-regions and countries within a region. Market share of companies has been derived on the basis of revenues reported by key manufacturers. The market has been forecast based on constant currency rates
Several primary and secondary sources were consulted during the course of the study. Secondary sources include OneSource, Factiva, Hoover’s, Chemical Weekly, UN Comtrade, and company annual reports and publications among many others.
The report provides detailed competitive outlook including market shares and company profiles of key participants operating in the global market. Key players profiled in the report include Chemours, Solvay, Asahi Glass Co., Daikin Industries, 3M (Dyneon), HaloPolymer JSC, Kureha Corporation and Gujarat Fluoropolymer Ltd. Company profiles include attributes such as company overview, financial overview, business strategy, and recent developments.
The market has been segmented as below:
Fluoropolymers Market - Product Segment Analysis
- Polytetrafluoroethylene (PTFE)
- Polyvinylidene fluoride (PVDF)
- Fluorinated ethylene propylene (FEP)
- Polyvinyl fluoride (PVF)
- Others (Including ETFE, ECTFE, etc.)
Fluoropolymers Market - End-user Analysis
- Industrial processing
- Electrical & electronics
- Others (Including medical etc.)
Fluoropolymers Market - Regional Analysis
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA