The global fluoropolymers market in terms of revenue was estimated to be worth $6,176.9 million in 2013 and is projected to reach $8,816.4 million by 2019, at a CAGR of 6.2% during the period under study.
The global fluoropolymers market is witnessing growth on account of increasing applications, technological advancements, and rapidly growing demand in the Asia-Pacific region. Fluoropolymers are some of the most versatile polymers known and are used in almost every field of modern industries. Fluoropolymers are widely being used in automobiles, electrical and electronics, and chemical processing industries. Typical uses of fluoropolymers include electrical insulation, gaskets, coatings, seals, non-stick surfaces, space apparel, bushing, pipes and hoses, control cables, under hood wire, tank and reactor linings, lined pipes, valves, fiber optic cables, fluid handling equipment, etc.
The increasing penetration of less consumed fluoropolymers such as (Polyvinylidene Fluoride) PVDF and (Fluorinated Ethylene Propylene) FEP in applications like semiconductor manufacturing, wire & cable insulation, and coating in construction applications are projected to further drive the market towards product innovation and material development. Also, the development of melt processible PTFE is anticipated to help the future prospects of the maturing PTFE market.
Asia-Pacific dominated the global fluoropolymers market, accounting for 42% of the market share in overall consumption in 2013. North America and Europe remained second and third largest fluoropolymers consuming regions. Asia-Pacific, owing to its ever growing population and huge demand from a wide range of industries such as electrical and electronics and automotive, is a frontrunner in the consumption of fluoropolymers. In recent years, Asia-Pacific registered a strong demand for fluoropolymers and the trend is anticipated to continue in the near future, driven by China, Japan and India. The low cost production of PTFE in China is anticipated to encourage manufacturers to open production facilities in China. Market participants are continuously focusing on the Asia-Pacific region to gain market share and improve profitability.
Key participants in the global fluoropolymers market include Arkema SA (France), E.I. DuPont De Nemours (U.S.), Gujarat Fluorochemicals Ltd. (India), Solvay SA (Belgium), Daikin Industries Ltd. (Japan), Asahi Glass Co. Ltd. (Japan), etc.