The Fluoropolymer Market is estimated to be valued at USD 10 billion in 2023 and is expected to be valued at USD 18 billion by 2033. The adoption of fluoropolymer is likely to advance at a CAGR of 6% during the forecast period.
Fluoropolymer plays a crucial role in several end-use industries including automotive, industrial processing & appliances, healthcare, electrical & electronics, construction and others. Industrial processing & application and electrical & electronics are driving the market growth.
In the latest edition of the study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors fuelling the demand for Fluoropolymer.
| Attribute | Details |
|---|---|
| Estimated Market Size (2023) | USD 10 billion |
| Projected Market Size (2033) | USD 18 billion |
| CAGR through (2023 to 2033) | 6% |
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Fluoropolymer consumption is projected to grow by 1.7X during the forecast period. End-use segments are growing at a considerable rate since last few years, which is expected to experience significant growth in the near future.
In terms of regional classification of the market, East Asia and Europe are estimated to dominate at a global level and are expected to continue their dominance in the long run. The increasing consumption of fluoropolymer in the regions owing to rapidly increasing industrial infrastructure and favorable government initiatives will aid the overall expansion.
Increasing investments by regional governments for industrial development is expected to be one of the key driving factors for the global fluoropolymer market over the coming years.
Leading manufacturers are expanding their production capacities to satisfy the demand created by end users. Leading manufacturers of fluoropolymer are strategically collaborating with end users especially industrial processing application for ensures long-term supply. According to FMI’s analysis, fluoropolymer sales to grow at a 6% CAGR between 2023 and 2033.
Fluoropolymer are used in pump, impellers, coating for heat exchangers, tanks, reaction vessels, autoclaves, container, flue duct expansion joints, diaphragms and among others for various end use application owing to its excellent mechanical properties, chemical resistance properties it preference over other polymers gain traction in the market.
| Period | Market Size (in USD billion) |
|---|---|
| 2018 | USD 6 billion |
| 2022 | USD 8 billion |
| 2023 | USD 10 billion |
| 2033 | USD 18 billion |
Investment in research and development (R&D) for the launch of innovative products plays a vital role in the market growth. Key players in fluoropolymer market invest around 3.5-5% of the total revenue to introduce innovative products for the end-use applications.
That to cater the growing demands from the end use application industries. Furthermore, globally, key players are focusing on to increase the production capacities to meet global demand by consuming less energy, emitting less carbon and producing efficient product.
Principal Consultant
East Asia, especially China is investing significantly in industrial infrastructure to counteract the economic downturn, including high logistics and transportation facilities throughout the country in order to expand its manufacturing capabilities across the globe. Furthermore, these ongoing industrial developments seem multi sourced supply chain, a necessity for most prominent market participants.
Fluoropolymer market is expected to expand in the coming years owing to increasing investment in supply chain networks to ensure seamless manufacturing and distribution.
Stringent regulations imposed on manufacturing chemicals and on end uses of fluoropolymer by various regulatory bodies are expected to hamper market growth. Perfluorooctanoic acid (PFOA), which is used as a raw material in fluoropolymer production, is deemed as carcinogenic chemical by United States Environmental Protection Agency (USEPA).
Application in a wide range of PFOA in end use applications such as in household products which includes non-stick cookware & utensils, furniture sprays and among others is a key source of PFOA contamination which is anticipated to hamper market growth.
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China holds more than half of the market volume and value share in East Asia. It is expected to retain its dominance in the regional market through the forecast period. Traditionally, the European Union and the United States led the chemical industry from the forefront. However, the great recession of 2008 changed the dynamics within the industry, causing the tide to shift in favor of developing economies such as China.
China’s chemical sector continues to surpass that of several developed countries. As per a Xinhuanet, the chemical industry in China registered a steady expansion despite policy changes implemented over the last few years. This trend is expected to continue, creating a conducive environment for the overall expansion of the fluoropolymer market in China.
Globally, North America especially, the United States holds a significant share in the market, accounting for more than fourth-fifth of market volume share in North America. Rapidly growing industrial processing application in the United States is propelling the demand for fluoropolymer in the country. Price of the fluoropolymer is significantly moderate in the United States as compared to the Europe market owing to the easy availability raw materials and skilled labors.
In Europe, Germany holds around 1/4th of the total share, in terms of volume and value.
Among the end use applications of fluoropolymer, the automotive segment is estimated to around twenty two percent of market share in terms of volume and value. The segment is expected to witness a faster growth rate as compare to its counterparts in this country.
ASEAN countries such as Indonesia, Malaysia, Philippines, Singapore and Thailand are anticipated to account for more than 40% of the market share in the overall South Asia Pacific market. This can be attributed to increasing popularity of fluoropolymer in the ASEAN countries.
In the ASEAN countries, prominent manufacturers of industrial processing application are estimated to contribute to the growth of the fluoropolymer market.
Rapid industrialization and government initiatives towards the industrial infrastructure development in GCC countries are expected to increase fluoropolymer demand in the coming years.
GCC countries are expected to witness increasing focus on industrialization, creating prospects for growth of the fluoropolymer market. GCC countries such as KSA, UAE, and Oman are expected to dominate the market, owing to the relatively high growth in the region’s end-use industries as compared to those in African countries. GCC countries are estimated to remain a relatively attractive as market players shift focus from mature markets to more promising ones.
Polytetrafluoroethylene (PTFE) fluoropolymer segment is estimated to hold around fifty percent of the market share. Polytetrafluoroethylene (PTFE) has excellent electrical properties such as low dielectric constant and high insulation resistance and it also shows high thermal stability.
The automotive industry is anticipated to hold a significant share in the global fluoropolymer market. Fluoropolymer is used in bearing separators, gaskets, power steering and many other parts of automotive due to its excellent mechanical properties and chemical and thermal resistance properties.
As per the report, by the end of 2033, the segment is projected to hold more than one fifth of market value share. Owing to increasing demand from the automotive sector, Fluoropolymer are expected to be benefited in the coming years.
The competitive landscape of the fluoropolymer market is dynamic and highly competitive, with several key players vying for market share. These players focus on strategic initiatives such as mergers and acquisitions, partnerships, and product innovations to gain a competitive edge.
They invest in research and development to develop advanced fluoropolymer formulations with improved properties and expand their product portfolios. Companies emphasize expanding their global presence through geographical expansion and establishing distribution networks. The market also witnesses intense competition based on factors like price, quality, and customer service. Continuous technological advancements and increasing environmental regulations further intensify the competition, as companies strive to develop sustainable fluoropolymer solutions that meet evolving market demands.
Strategies for Fluoropolymer Manufacturers to Expand in the Market
Product Portfolio:
In 2023, the fluoropolymer market is valued at USD 10 billion.
Until 2033, the market will experience a 6% CAGR.
The market shall reach USD 18 billion in 2033.
PTFE segment is estimated to hold 50% of the market share.
Poly Fluoro Ltd., Amco Polymers, and Solvay SA are key market players.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. PolytetraFluoroethylene (PTFE) 5.2. Polyvinylidene fluoride (PVDF) 5.3. Polyvinyl Fluoride (PVF) 5.4. Fluorinated Ethylene Propylene (FEP) 5.5. Polychlorotrifluoroethylene (PCTFE) 5.6. Perfluoroalkoxy Polymer (PFA) 5.7. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 6.1. Automotive 6.2. Industrial Processing & Application 6.3. Healthcare 6.4. Electrical & Electronics 6.5. Construction 6.6. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. Mitsubishi Chemical Advanced Materials 15.2. AGC Chemicals Americas, Inc. 15.3. The Chemour Company 15.4. Honeywell International Inc. 15.5. Huntsman Corporation 15.6. Daikin Industries Limited 15.7. Dongyue Group Ltd. 15.8. Kureha Corporation 15.9. Poly Fluoro Ltd. 15.10. Amco Polymers 15.11. Solvay SA 15.12. Saint-Gobain Performance Plastics 16. Assumptions & Acronyms Used 17. Research Methodology
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Fluoropolymer Market
