(MENAFN- GlobeNewsWire - Nasdaq) Increasing innovation and demand for fuel-efficient vehicles are expected to drive fluoropolymer market demand.
Wilmington, Delaware, United States, Transparency Market Research Inc. -, Oct. 18, 2024 (GLOBE NEWSWIRE) -- The global fluoropolymer industry ( 불소중합체 산업 ) was worth US$ 3.9 billion in 2023. A CAGR of 5.2% is projected between 2024 and 2034, resulting in a market value of US$ 7.3 billion in 2034. The fluoropolymer industry may see increased focus on sustainability due to regulatory restrictions and market demand. Manufacturers can allocate resources toward sustainable production methods, reusable materials, and biodegradable substitutes for conventional fluoropolymers.
Automation, the Internet of Things, and artificial intelligence (AI) are examples of Industry 4.0 technologies that could completely transform the production of fluoropolymers, resulting in more productivity, lower waste, and better product quality. The development of biomaterials, drug delivery systems, and sophisticated medical equipment will probably be greatly aided by fluoropolymers. Advancements in this field may result in better patient outcomes, lower healthcare expenses, and more business potential for producers of fluoropolymers.
Using lightweight materials such as fluoropolymers is becoming increasingly popular as the automotive industry focuses on fuel efficiency and emissions reduction. Fluoropolymers are lightweight, durable, and chemically resistant, making them an ideal choice for automotive components. As a result of their durability, non-stick properties, and safety, fluoropolymer-based products are highly sought after on the consumer products market.
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Many industries, such as chemical processing, automotive, and electronics, rely on fluoropolymers for their special properties, including chemical resistance, high-temperature stability, and low friction. Fluoropolymers are becoming increasingly popular among industries like aircraft, semiconductors, and pharmaceuticals due to the growing demand for high-performance materials.
Key Findings of the Market Report
Around the world, semiconductors are used in various electronic devices and systems. The Asia Pacific region held the largest share of the global market share in 2023. In 2023, polytetrafluoroethylene captured the largest share of the market. Based on application, pharmaceutical packaging will likely drive fluoropolymer demand.
Global Fluoropolymer Market: Growth Drivers
Strict environmental regulations and an increased focus on sustainability drive the demand for fluoropolymers. Compared with traditional materials, these materials have a reduced environmental impact, driving the market upward. Due to ongoing technological advancements and product innovations in fluoropolymer production processes and formulations, new grades and varieties are developed with improved qualities, expanding their application scope and accelerating market growth. The semiconductor industry's growing demand for high-purity materials and components necessitates fluoropolymers for semiconductor production processes such as etching, deposition, and wafer handling. The growing demand for these products is fueling the market's expansion. In the medical and healthcare sectors, as well as pharmaceutical manufacturing and healthcare facilities, fluoropolymers are an important component considered biocompatible, chemical resistant, and sterile. Fluoropolymers are used in various consumer products since they are durable, non-stick, and resistant to acids and chemicals, such as textiles, coatings, and packaging.
Global Fluoropolymer Market: Regional Landscape
Asia Pacific is driving demand for the fluoropolymers market. Fluoropolymers are in high demand in the chemical processing and building industries due to rising industrialization and infrastructural development in nations like China and India. The need for fluoropolymers in the manufacturing of semiconductors and electronic components is boosted by the growth of the electronics manufacturing industry in nations like South Korea and Japan. Increasing industrial and automotive use of fluoropolymer linings and coatings contributes to market growth. As aerospace and defense sectors demand high-performance materials, fluoropolymers are in greater demand. Environmental regulations and sustainability programs have made fluoropolymers an environmentally friendly substitute in nations such as South Korea and Japan. Healthcare is expanding, creating a greater need for fluoropolymers for pharmaceutical packaging and medical devices. China and India's chemical processing sector is a major driver of the demand for corrosion-resistant pipes, tanks, and equipment made from fluoropolymers. With growing emphasis on water treatment and purification in countries, fluoropolymer membranes and filtration systems are becoming more important. Chemically resistant and thermally stable, fluoropolymers are highly regarded for fuel systems, hoses, and gaskets where the automobile industry is on the rise.
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Global Fluoropolymer Market: Competitive Landscape
The inorganic expansion of fluoropolymer market manufacturers aims to establish strong footholds in the industry. Fluoropolymers are also in high global demand, generating increased production capacity among key players.
Key Players Profiled
E.I DuPont De Nemours and Company Solvay SA Asahi Glass Co. Ltd. 3M Daikin Industries Ltd. Honeywell International Inc. The Chemours Company Maxichem S.A.B. de C.V. Compagnie de Saint-Gobain SA W.L. Gore & Associates Inc. Zeus Industrial Products Inc.
Key Developments
In July 2022, Daikin Industries, Ltd. invested in TeraWatt Technology Inc. Using fluorochemicals as the basis for its FUSION 25 strategic management plan, Daikin established new markets. Daikin plans to build its proposition capabilities with partners like customers and startups to grow markets like semiconductors, automobiles, lithium-ion batteries, and IT. With this investment, Daikin expects to improve its battery technology and develop new materials and applications.
Global Fluoropolymer Market: Segmentation
By Product Type
Polytetrafluoroethylene Polyvinylidene Difluoride Fluorinated Ethylene Propylene Others
By Application
Pharmaceutical Packaging Medical Devices Drug Delivery Others
Region
North America Europe Asia Pacific Latin America Middle East & Africa
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