Fluoropolymers Market Poised to Expand at 5.1% CAGR During 2017-2027
In terms of value, the global fluoropolymers market is estimated to reach US$ 8,188.5 Mn by 2017 end and is anticipated to increase to US$ 13,459.9 Mn by 2027 end, exhibiting a CAGR of 5.1% over the forecast period. Asia Pacific excluding Japan (APEJ) is expected to exhibit promising growth in the global fluoropolymers market, registering a CAGR of 5.9% over the forecast period. Driven by sales growth of fluoropolymers across various end-use applications, the APEJ market is expected to witness a sustainable growth rate over the coming years. India and China are likely to provide substantial opportunities in the global fluoropolymers market through 2027. The global fluoropolymers market is expected to create a total incremental opportunity of US$ 5,271.4 Mn during the forecast period. Major stakeholders are focussing on backward integration and novel product offerings in order to gain competitive advantage in the global fluoropolymers market.
Superior properties of fluoropolymers – leading to their increased utilisation in various applications – are expected to drive revenue growth of the global fluoropolymers market
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Increasing demand for fluoropolymers from various end-use industries owing to their superior properties is expected to drive overall revenue growth of the market across the globe. Fluoropolymers are also utilised in solar PV modules as front sheets. Record deployment and rapid expansion of solar photovoltaic modules across the globe is anticipated to boost the demand for fluoropolymers over the coming years. The global fluoropolymers market is strongly influenced by a growing industrial processing sector, electrical & electronics industry and the construction industry coupled with production expansion.
However, factors such as high price and relatively more complex manufacturing process are anticipated to create significant challenges to the global fluoropolymers market growth.
Performance analysis of the product type segment
On the basis of product type, the global fluoropolymers market is segmented into PTFE (Polytetrafluoroethylene), FEP (Fluorinated Ethylene Propylene), PFA (Perfluoroalkoxy Alkane), PVA (Polyvinyl Fluoride), PVDF (Polyvinylidene Fluoride), ETFE (Ethylene tetrafluoroethylene), and others, which include ECTFE, PCTFE, etc.. PTFE is projected to account for a major share of the global fluoropolymers market through 2027. Growth of the PTFE segment is estimated to remain high over the forecast period, accounting for approximately one third of the total market share in terms of volume. Expanding at a healthy growth rate, the PVF segment is expected to create significant growth opportunities over the coming years. In terms of value, the PTFE segment is anticipated to expand at a CAGR of 5.4% over the forecast period. The demand for PTFE and PVF is expected to remain high across different regions. On the other hand, the PVDF segment is estimated to exhibit a steady growth rate through the forecast period.
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Market analysis of the product type segment
Increasing demand in the PTFE & PVDF segments is expected to be witnessed across the different regional markets during the forecast period
The PTFE segment is expected to create incremental $ opportunity of US$ 2,677.2 Mn between 2017 and 2027. The growth in demand can be attributed to its better thermal and chemical resistance properties
In terms of volume, the PVF and PTFE segments are expected to grow and become 1.7x and 1.6x between 2017 and 2027
The PTFE segment is expected to gain a significant 150 basis points over the forecast period