Fluoropolymer Market Status and Growth Analysis by 2031
Increasing consumption of fluoropolymer in industrial processing & application is anticipated to create opportunities for growth of the market. According to a new study by Future Market Insights (FMI), over the assessment period between 2021 and 2031, the market will rise at a CAGR of 5.4%.
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A fluoropolymer is characterized by high resistance to acids, solvents, and bases. Polytetrafluoroethylene (PTFE) is the most well-known fluoropolymer. It is expected to constitute over half of fluoropolymer sold globally. Fluoropolymers are widely used in industrial processing industries for numerous applications such as heat exchanger coatings, pump impellers, tanks, autoclaves, reaction vessels, flue duct expansion joints, autoclaves, and among others.
Geographically, East Asia is anticipated to dominate the market, accounting for more than one third of market value share. The Fluoropolymer market is estimated to reach a total market value of US$ 12,991.5 Mn by the end of 2031, growing at a rate of 5.3% during the forecast period. Rising demand from end use industries such as industrial processing as well as electrical & electronics are the key factors driving the global Fluoropolymer market during the assessment period.
Due to the COVID -19 crises the automotive and other allied industries has experienced a substantial decline owing to the restriction on trade between the regions, shortage of skilled labor, disruption in supply chain channel and among others. However, the trend is expected to regaining its growing from first half of estimated year and is expected to continue its boost in the near future.
Key Takeaways of Fluoropolymer Market Study
Driven by application across diverse industries, fluoropolymer market is poised to reach US$ 12.99 Bn by 2031
Industrial growth will support expansion in the U.S., which is expected to account for over 87% of sales in North America
Following a year of set-back in 2020, the U.K. market will recover, exhibiting 3.7% y-o-y growth in 2021
Steady growth in Germany and France is expected as fluoropolymer sales continue to rise across various industries
China will emerge as a lucrative market within East Asia, accounting for over half of sales registered
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“Some of the key players have developed and introduced risk management and business continuity plans during the pandemic situation by broadening their supply chains network geographically. These companies have multi-sourced goods to minimize their dependence on a single supplier, and they have considered an inventory strategy to mitigate supply chain disruptions,” says an FMI analyst
Who is Winning?
The global fluoropolymer market is consolidated. A few of the leading players account for a maximum share of the overall fluoropolymer market. In order to survive in the market, manufacturers are focusing on long-term contracts with end users for maximizing profits and ensuring continuous revenue flow. Key market participants including Mitsubishi Chemical Advanced Materials, AGC Chemicals Americas, Inc., The Chemour Company, Honeywell International Inc., Huntsman Corporation, Daikin Industries Limited, Dongyue Group Ltd., Kureha Corporation, Poly Fluoro Ltd., Amco Polymers, Solvay SA, Saint-Gobain Performance Plastics and others are focusing on increasing their share in global market by entering into strategic acquisitions of medium players and collaboration with other market participants.
What Does the Future Hold?
Prominent players in the fluoropolymer market across the globe are planning to expand their distribution and sales footprint in Asia Pacific region on the back of easy availability of cost effective raw materials, availability of workforce at economic rate, considerable relaxation in regulations for chemical industries and subsidies in other utilities, expected to positively affect the global Fluoropolymer market in the foreseeable future.
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