Fluoropolymers Market Size, Share | Industry Trends Analysis Report, 2024
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The global market for fluoropolymers is primarily consolidated. Chemours, Solvay, and Daikin Industries - the three leading providers of fluoropolymers in 2015 – had a collective share of 43.3% at the time.
As stated in a research report recently released by Transparency Market Research, a large number of the key players in the global market for fluoropolymers are currently focused in China and other Asia Pacific countries. At the moment, most players are aware of the high importance China holds in terms of consumption of fluoropolymers.
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In comparison to China, countries from Europe and North America are showing a much slower and even a stagnated demand for fluoropolymers. The growth in demand for fluoropolymers in these regions is only expected to become slower over time.
The degree of competition is very high among the key players in the fluoropolymers market. They employ strategies such as mergers and acquisitions and the procurement of long-term contracts to solidify their position in the market.
In terms of revenue, the global market for fluoropolymers is expected to reach US$10.64 bn by the end of 2024. This market revenue is expected to reach US$6.26 bn by the end of 2016 and is projected at a CAGR of 6.8% within a forecast period from 2016 to 2024.
PTFE was and is expected to continue being the leading products segment among all fluoropolymers. By the end of 2024, PTFE is expected to generate a revenue of nearly US$7 bn, owing to its massive scope of application in medical devices, textiles, and electronics.
APAC Dominance Over Fluoropolymers Consumption to Continue
By the end of 2024, Asia Pacific – the currently dominant region in terms of fluoropolymers consumption – is expected to generate a revenue of US$3.95 bn. This region’s fluoropolymers revenue is expected to expand at the leading CAGR of 7.4% from 2016 to 2024. A large chunk of this revenue is expected to be taken up in PTFE consumption.
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North America follows Asia Pacific in terms of fluoropolymers consumption and is expected to hold 32.0% of the total market volume by 2024.
Automotive Industry Demand for Fluoropolymers Expected to Skyrocket
“The automotive industry has always been one of the core areas that demands fluoropolymers. The applications of fluoropolymers in the auto industry vary in terms of the manufacture of components such as steering and transmission systems, shaft seals, and gaskets. This creates a wide scope of demand for fluoropolymers by car makers,” states a TMR analyst.
This demand is especially high in Asia Pacific due to its currently booming demand for passenger vehicles. Companies such as the Hyundai Motor Company, Toyota Motor Corporation, and SUZUKI Motor Corporation are big in the Asia Pacific region. They are currently some of the leading end users of fluoropolymers and their demand is expected to increase over the coming years.
PTFE Price Volatility Hinders Demand
PTFE is the leading fluoropolymers product in use today. However, there is the issue of procuring raw materials required for the manufacture of PTFE. The price of these raw materials has been fluctuating quite a lot over the past six years, owing to the intense price wars between raw material providers and the disparity in raw material resources among various countries. China was the leading force behind the price wars owing to its abundant reserves of fluorspar and the immense support manufacturers received from the government.
“A brighter scope for the use of fluoropolymers can be found in electronic devices. As a prominent end user of fluoropolymers, the electronics industry is poised to generate a much higher demand for it over the coming years,” adds the analyst.
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The information presented in this review is based on a Transparency Market Research report, titled, “Fluoropolymers Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
Key Takeaways:
PTFE expected to generate a revenue of US$7 bn by the end of 2024.
Industrial processing expected to continue being the leading end-user of fluoropolymers till 2024, expected to reach US$3.08 bn by the end of 2024.
Asia Pacific expected to generate US$3.95 bn in fluoropolymers consumption by 2024.
Key segments of the Global Fluoropolymers Market
Global Fluoropolymers Market, by Product Type
Polytetrafluoroethylene (PTFE)
Polyvinylidene fluoride (PVDF)
Fluorinated Ethylene Propylene (FEP)
Fluoroelastomers
Polyvinyl fluoride (PVF)
Others
Global Fluoropolymers Market, by End User
Industrial processing
Automotive
Electrical & electronics
Construction
Others (Including consumer goods etc.)
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