Fluoropolymer material comes in various forms, but the most common form is polytetrafluoroethylene (PTFE). In the medical device industry, PTFE is being widely used for in-body application in the solid form as it is very clean and easily inert in tissue or blood. However, it cannot be used and any load-bearing application as the material is very soft. The companies in the healthcare industry are opting for fluoropolymer as compared to the plastic for packaging due to its barrier properties and natural inertness. Moreover, the healthcare industry is also increasingly adopting materials that are able to meet unique performance standards such as sterilization, compatible with living tissues, stable in various range of temperatures, purity, lubricity, and inertness to chemical activity. Extensive research is also being carried out in order to optimize and upgrade the performance of fluoropolymer material in the healthcare industry.
Fluoropolymers are being used in manufacturing medical devices based on two key properties i.e. biocompatibility and lubricity. Moreover, there has also been an increase in the use fluoropolymer in external medical devices such as limb installation, jackets, gloves, aprons, etc., to protect from various diseases and infection. Surgeons are also increasingly using fluoropolymer multilumen catheter to perform surgeries without the need to remove one catheter and use another. Unique properties of fluoropolymer has made it one of the most preferred materials for manufacturing devices used in minimally invasive medical procedures. Various regulatory bodies have also imposed stringent regulations on the use and manufacturing of fluoropolymer products.
Asahi Glass Co., Ltd, Solvay SA, E.I Dupont De Nemours and Company, 3M Company, Honeywell International Inc., Daikin Industries Ltd., The Chemours Company, Compagnie de Saint-Gobain SA, Mexichem S.A.B. de C.V., Zeus Industrial Products Inc., and W. L. Gore & Associates, Inc., are some of the key players operating in the global fluoropolymer market.
Global Fluoropolymer Market to Witness Steady Growth during the Forecast Period 2017-2026
The latest report by Transparency Market Research (TMR) expects the global fluoropolymer market to experience steady growth. Between the forecast period 2017 and 2026, the market is projected to increase to CAGR of 5.3%. The global fluoropolymer market is also estimated to bring in US$ 690.3 million revenue towards 2026 end.
The global fluoropolymer market is categorized into application, product, and region. Based on the product, the market segment includes fluorinated ethylene propylene, polyvinylidene difluoride, polytetrafluoroethylene, and other products. Among the given product types, Polytetrafluoroethylene is expected to be the largest product type during the forecast period 2017-2026.
Based on the application, the global fluoropolymer market is segmented into drug delivery, medical devices, pharmaceutical packaging, and other applications. Medical devices are expected to be the largest segment in terms of application of fluoropolymer in the global fluoropolymer market.
Asia Pacific Excluding Japan (APEJ) to Dominate the Global Fluoropolymer Market during the Forecast Period 2017-2026
APEJ is expected to dominate the global fluoropolymer market during the forecast period. The region is the largest producer as well as consumer of fluoropolymer products. Moreover, availability of skilled labor and raw materials such as fluorocarbon, ethylene, and fluorspar at low cost are also some of the factors contributing to the growth of the region. Countries such as China, India, and South Korea are the leading manufacturers and consumers of fluoropolymer in APEJ. Meanwhile, North America and Europe are also expected to witness growth due to the developed healthcare industry in countries such as France, U.K., Germany, and the U.S.