Fluoropolymers Market: Trends, Analysis, Application & Type Forecast to 2024

Global Fluoropolymers Market: Snapshot

The key driver pushing the consumption levels of fluoropolymers across the world is the demand for it in the booming automotive industry. Most types of fluoropolymers are quite popular in the auto industry and hold applications in the production of fuel hoses, shaft seals, gaskets, O-rings, transmission systems, and power steering systems. All fluoropolymers used provide the extremely desirable qualities of high resistance to chemical exposure, and mechanical, frictional, and thermal wear. The auto industry’s consumption of fluoropolymers is especially high in Asia Pacific, owing to this region’s rapidly expanding industry and improving economic state.

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Similarly increasing demand for fluoropolymers can be seen in the manufacture of medical devices and electronics, although on a smaller scale. This will however still create a significant impact on the demand of fluoropolymers over the coming years on a collective scale. The application of fluoropolymers in semiconductors, cookware, cables, and wires is also expected to increase over time, further adding to its demand from regional end users.

There are, however, two key restraints acting on the global usage of fluoropolymers. One of them is the environmental concern that fluoropolymers pose due to their physical properties that render them nearly impervious to natural degradation. One the other hand, several fluoropolymers break down into chemicals that have been strongly linked to cancer and other harmful effects on humans. There is also the additional financial restraint on PTFE, the most consumed fluoropolymer. Its raw materials are volatile in availability and pricing, thereby cutting off several end users from gaining a steady supply of PTFE.

All in all, the global market for fluoropolymers is expected to progress at a CAGR of 6.8% from 2016 to 2024 in terms of revenue. By the end of 2016, this revenue is expected to reach US$6.26 bn and US$10.64 bn by the end of 2024.

APAC Auto Industry’s Demand for Fluoropolymers Soars

The Asia Pacific region, equipped with its excellent rate of industrial development and higher disposable income among a great number of consumers, is expected to remain the dominant consumer of fluoropolymers till 2024. By the end of 2024, Asia Pacific is expected to hold as much as 38.5% of the global volume of fluoropolymers. This region is a giant consumer of PTFE at the moment, owing to its high rate of development in the auto industry and the increasing demand for electronic devices and medical devices. The Asia Pacific industrial sector is expected to remain the key end user of fluoropolymers for the coming years, owing to its excellent physical properties and scope of application in a multitude of industries.

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North America is second in terms of demand for fluoropolymers. A large part of this region’s fluoropolymers demand comes from the industrial processing segment for PTFE. The growth rate of this demand is expected to slow down in North America and Europe, owing to a relatively saturated market and the growing concerns over environmental safety.

Scope of Fluoropolymers in Industrial Processing to Increase

Industrial processing involves actions such as the application of protective chemical coatings in cookware, pipes and valves, telecom cables, chemical processing equipment, and the likes. Owing to the strong physical and chemical resistance shown by certain fluoropolymers, their use in industrial processing has been a given for quite some time. This is therefore the leading end user of fluoropolymers and is expected to continue being the leader till 2024. By the end of 2024, the revenue generated in fluoropolymers through industrial processing is expected to be close to US$3.08 bn.

The world’s top manufacturers of fluoropolymers include Chemours, Solvay, Daikin Industries Ltd., 3M (Dyneon), and Asahi Glass Corporation.

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