The global fluoropolymer materials market is expected to register a CAGR of 5.1% during the forecast period 2016–2022. The growth of the market is largely being driven by expansion of key end-use industries such as automotive and electronics, healthy demand for fluoropolymer-based materials in Asia-Pacific (APAC), and rising industrial applications of these materials across the world. Moreover, growing photovoltaic (PV) installation is aiding the market growth.
Insights into the market segments
On the basis of type, the fluoropolymer materials market is mainly categorized into fluoroelastomers, polytetrafluoroethylene (PTFE), fluorinated ethylene propylene (FEP), and polyvinylidene fluoride (PVDF). Among these, PTFE accounted for the largest sales volume in the market, amounting to 205.1 kilotons, in 2015. However, the fluoroelastomers category is slated to grow the fastest, at a CAGR of 6.5%, during the forecast period. Increasing application in the aerospace, industrial processing, and automotive industries is leading to the growing demand for these materials.
Industrial processing, electrical and electronics, building and construction, and automotive and transportation are the various application areas of fluoropolymer materials. Among these, the electrical and electronics industry held the largest share in the fluoropolymer materials market in 2015 and is also predicted to witness the fastest growth during the forecast period.
Asia-Pacific to lead the fluoropolymer materials market, globally
In 2015, Asia-Pacific (APAC) accounted for more than 40.0% sales volume, equaling 135.8 kilotons, in the fluoropolymer materials market. Further, APAC is also expected to be the fastest-growing market globally during the forecast period, advancing at a CAGR of 5.4%. The key factors aiding the growth of the market in the region are rapid infrastructure development, rising demand for automobiles, and robust expansion of the electronics industry. Additionally, the living standard in APAC has risen owing to the increase in the purchasing power of individuals, leading to higher spending on electronics, automobiles, and housing.
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PV installation to offer market players lucrative opportunities
The PV industry utilizes fluoropolymer materials extensively owing to their chemical and environmental resistance, durability, photostability, flexibility, moisture resistance, and electrical isolation. The solar PV market is predicted to witness substantial growth in the near future, owing to the increase in investments and government initiatives. Additionally, stringent environmental regulations, growing shift toward green energy sources, and advancements in technology are the factors leading to an increase in the installation of solar power plants, thereby providing fluoropolymer materials market players immense growth opportunities.
Fluoropolymer materials market’s competitive landscape
Among the key players in the global fluoropolymer materials market are Solvay S.A., Arkema S.A., Dongyue Group Ltd., Daikin Industries Limited, E. I. du Pont de Nemours and Company, AGC Inc., Halopolymer OJSC, Kureha Corporation, Compagnie de Saint-Gobain S.A., Fuxin Heng Tong Fluorine Chemicals Co. Ltd., 3M Company, and The Chemours Company.