Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Fluoropolymer Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2012-2022”, estimated that the global fluoropolymer market is anticipated to witness a significant growth, at a CAGR of around 5.9% during the period from 2016 to 2022 and reach the market value of around $8.8 billion in 2022. In terms of volume, the fluoropolymers market is expected to reach over 475 kilo tons in 2022, at a CAGR of 5.1% during the same analysis period. The global fluoropolymers market is witnessing growth, owing to the growth in key industries such as electrical & electronics, and automotive and aerospace and defense. Also, growing demand for fluoropolymers from Asia-Pacific and increasing industrial applications of fluoropolymers are further anticipated to spur the market growth. Furthermore, robust growth in PV installations and increasing infrastructure development offers ample of new opportunities in the global fluoropolymers market.
Geographically, Asia-Pacific dominated the global fluoropolymers market in 2015 with over 40% share in terms of volume, and is expected to retain its dominance throughout the forecast period. China is expected to lead the growth in Asia-Pacific and account for significant share followed by India and rest of Asia-Pacific countries. In 2015, China consumed 74.5 kilotons of fluoropolymers for different applications and the total consumption is expected to reach more than 100 kilotons by 2022. Asia-Pacific fluoropolymers market is driven by increasing base of chemical and pharmaceuticals industries, rapidly growing automotive sector in the region and huge investment in infrastructure development. Additionally, increasing per capita income and rising standard of living are allowing consumers to spend more on better housing, automobiles and electric instruments.
North America was the second largest market in terms of value and volume in 2015. The region is witnessing significant demand for fluoropolymers from a broad range of industries such as automobiles, construction and electrical and electronics making it a frontrunner in the consumption of fluoropolymer. In 2015, the U.S. dominated the North American fluoropolymers market, accounting for almost 90% share in overall consumption. Overall, the North American fluoropolymer is expected to grow steadily during the forecast period.
The global fluoropolymer market is classified based on type, application, and geography. Based on the type of fluoropolymer, the market is categorized into polyvinylidene fluoride (PVDF), fluoroelastomers, polytetrafluoroethylene (PTFE), fluorinated ethylene propylene (FEP), and other fluoropolymers. The major application areas of fluoropolymers include automotive & transportation, building & construction, electrical and electronics, industrial processing, and others. The major geographies covered under the report scope include North America, Europe, South America, Asia-Pacific, and Rest of the World (Latin America, Middle East and Africa). Each of these regional markets are further analyzed by major countries in the region.
Based on the fluoropolymer type, polytetrafluoroethylene (PTFE) led the market in 2015 and accounted for the share of around 51% and 61% in terms of revenue and volume respectively. This segment is expected to maintain its leading position throughout the analysis period. In terms of application, electrical and electronics was the largest revenue generating segment for fluoropolymers, globally. This segment is expected to grow at a CAGR of 6.2% during the period from 2016 to 2022 and reach the market size of more than $2.4 billion by 2022.