(MENAFN- EIN Presswire) Fluoropolymers market Research
The industrial equipment segment is projected to portray the highest CAGR of 4.5% during the forecast period. Moreover, the segment held the largest share.
WILMINGTON, DELAWARE, UNITED STATES, September 1, 2023/EINPresswire/ -- The fluoropolymers market is a segment of the global polymer industry that focuses on the production and sale of polymers containing fluorine atoms in their chemical structure. These materials are known for their unique properties, including high chemical resistance, low surface energy, excellent electrical insulation properties, and a wide range of operating temperatures. Fluoropolymers are used in variindustries due to their versatility and performance characteristics.
The industrial equipment segment is projected to portray the highest CAGR of 4.5% during the forecast period. Moreover, the segment held the largest share in 2019, contributing to nearly two-fifths of the global fluoropolymers market, as fluoropolymers are widely used in industrial processing industries for variapplications such as pumps, impellers, tanks, heat exchanger coatings, reaction vessels, autoclaves, flue duct expansion joints and others.
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Key characteristics and applications of fluoropolymers include:
Chemical Resistance: Fluoropolymers are highly resistant to chemicals, making them suitable for applications in the chemical processing industry, where they are used for linings, gaskets, seals, and pipes.
Low Friction and Non-Stick Properties: Fluoropolymers have a low coefficient of friction, which makes them ideal for applications requiring non-stick surfaces. They are commonly used in cookware, as well as in the manufacturing of conveyor belts and bearings.
High Temperature Resistance: Some fluoropolymers, such as polytetrafluoroethylene (PTFE), can withstand extreme temperatures, making them suitable for use in aerospace, automotive, and electronics industries.
The pipe segment held the lion's share in 2019, accounting for more than one-fourth of the global fluoropolymers market. Moreover, the segment is expected to register the highest CAGR of 3.3% during the forecast period as fluoropolymers pipes are commonly used by petrochemicals, pharmaceuticals, chemicals, and almost every business involved in the handling of extremely volatile and corrosive solvents and acids for their manufacturing needs.
Electrical Insulation: Fluoropolymers have excellent electrical insulation properties, making them valuable in the production of wire and cable coatings, insulators, and electronic components.
Weather Resistance: They are resistant to UV radiation and weathering, making them suitable for outdoor applications, including architectural coatings and automotive exterior components.
Medical and Pharmaceutical: Fluoropolymers are used in medical devices, pharmaceutical manufacturing, and laboratory equipment due to their biocompatibility and chemical inertness.
Oil and Gas: Fluoropolymers are used in the oil and gas industry for lining pipes and tanks, as they can resist harsh chemicals and high temperatures.
The market across Asia-Pacific held the largest share with nearly half of total market share and is expected to manifest the highest CAGR of 6.6% during the forecast period, due to presence of large manufacturing hubs in China and India and increasing demand for high-quality medical, automotive, consumer, and electronics products. The global fluoropolymers market across North America is estimated to register a CAGR of 6.5% from 2020 to 2027.
The market for fluoropolymers has been steadily growing due to the increasing demand for high-performance materials across variindustries. Key players in the fluoropolymers market include companies like DuPont (now part of Chemours), 3M, Solvay, Daikin Industries, and Arkema. These companies produce varitypes of fluoropolymers, including PTFE, polyvinylidene fluoride (PVDF), ethylene tetrafluoroethylene (ETFE), and perfluoroalkoxy alkane (PFA), to cater to the diverse needs of industries.
High demand for fluoropolymers and advancements in medical applications have boosted the growth of the global fluoropolymers market. However, raising prices of PTFE hamper the market. On the contrary, surge in use of fluoropolymer films in the construction and energy sectors is expected to open lucrative opportunities for the market players in the future.
Market growth drivers include technological advancements leading to the development of new fluoropolymer grades, increasing applications in emerging industries like electric vehicles and renewable energy, and a growing emphasis on sustainability and environmental regulations, which favor the use of fluoropolymers in certain applications due to their long lifespan and low environmental impact.
According to the report, the global fluoropolymers industry generated $7.7 billion in 2019, and is expected to reach $11.7 billion by 2027, growing at a CAGR of 6.5% from 2020 to 2027.
It's important to note that market conditions can change over time due to economic factors, technological advancements, and shifts in consumer preferences, so the specific state of the fluoropolymers market may have evolved since my last knowledge update in September 2021. To get the most up-to-date information on the fluoropolymers market, I recommend consulting industry reports, market research firms, and news sources.
Major market players
- Arkema
- The Chemours Company
- Asahi Glass Company Limited
- Dongue Group
- Daikin Industries
- Honeywell
- Dupont
- SABIC Innovative Plastics
- Mitsubishi Chemical
- Shin-Etsu Chemical
- Saint-Gobain
- 3M Company
- Solvay
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