The global fluoropolymers market size was USD 6.95 billion in 2020. The market is projected to grow from USD 7.23 billion in 2021 to USD 10.31 billion in 2028 at a CAGR of 5.2% during the 2021-2028 period.

Fortune Business Insights™ provides this information in its report, titled, “Fluoropolymers Market, 2021-2028.”

According to our researchers, surging applications in construction, medical, electrical & electronics industries, automobiles, and chemical industries due to its elevated chemical and electrical resistance, non-stick, non-toxic, and outstanding ductile forte characteristics are expected to fuel the global fluoropolymers market growth.

COVID-19 Pandemic: Market Set to Witness Growth Stoked by Medical Device Necessity

The industry was affected owing to the COVID-19 outbreak, a few of the major players in the chemical industry were compelled to adjourn their production. Nevertheless, the industry perceives prompt growth during the outbreak as medical device producers are manufacturing more products at a speedier pace.

Moreover, lubricity, the dielectric, and biocompatibility characteristics of the polymer are required to manufacture Personal Protection Equipment (PPE).

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Report Coverage

The report presents a systematic study of the market segments and a thorough analysis of the market overview. It offers a thoughtful evaluation of the current market trends and future opportunities. Moreover, it presents an exhaustive analysis of the regional insights and how they help form market growth. The COVID-19 impacts have been discussed in the report to assist investors and business owners in better understanding the possible threats present in the market. The report discusses the key players and their prominent strategies to stay in the dominating position.

Segmentation

On the basis of product, the global market is segregated into polytetrafluoroethylene (PTFE), polyvinylidene fluoride (PVDF), fluorinated ethylene propylene (FEP), polyvinylfluoride (PVF), and others.

Based on application, the market is branched into coatings, films, additives, and others.

In terms of end-use, the market is categorized into industrial equipment, automotive, construction, electrical & electronics, and others. Industrial equipment is likely to account for the majority share during the forecast period.

Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Drivers and Restraints

Rising Automobile Industry to Create Novel Market Prospects

The upsurge in disposable income, increasing R&D spending for the automobile sector, growing traffic jamming, and stringent government norms concerning plummeting carbon releases are the vital influences fueling the demand for fluoropolymers from the automotive industry.

Moreover, the polymer extends the lifespan of the components for emission regulation, security, and performance in the automotive sector.

They deliver operative safety and sturdiness against hostile fluids and fuels, vibrations, heat, compression, as well as humidity. Polymer coatings assist in evading corrosion and friction on vehicle parts, therefore prolonging the life. They are significant in car constituents such as gears and ball bearings, projected to endure wear and tear.

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Regional Insights

Asia Pacific held the maximum fluoropolymers market shares, and the growth of this region is accredited to the surging demand from pharmaceutical, electrical industries, and construction sectors in this region.

North America is estimated to observe substantial growth due to rising demand from the electrical & electronics, and aerospace industries. As producers and designers endure to invent electronic devices, the demand for these products is rewarding.

Europe is predicted to perceive considerable growth during the forecast period. The region is accredited with rising demand from the automotive industry. Europe is among the world’s dominating producers of motor automobiles and signifies the largest private stakeholder in R&D.

Competitive Landscape

Novel Acquisitions by Chief Players to Spur Market Growth

Key players in the market are always scheming tactics to inflate their business effectively and uphold their prominent position in the market. One such approach is to launch products for augmented reach among end-users.

With every passing day, numerous key players form collaborative partnerships with companies from various domains to extend their businesses and create advanced products for their consumers.

Industry Development

  • February 2021: Arkema is scheduled to inflate its fluoropolymer production capabilities in the Changshu site situated in China by around 35% by 2022. This novel investment is probable to enhance the demand of Li-ion battery business and develop prospects in the semiconductor, construction coatings, and water filtration industries.

List of Key Players Covered in this Market Report

  • The Chemours Company (Delaware, U.S.)
  • INOFLON (Noida, India)
  • DAIKIN INDUSTRIES (Osaka, Japan)
  • Solvay SA (Brussels, Belgium)
  • Arkema SA (Colombes, France)
  • NexGen Fluoropolymers Pvt. Ltd. (Delhi, India)
  • 3M (Minnesota, U.S.)
  • Shandong Dongyue Polymer Material Co, Ltd. (China)
  • Saint-Gobain (Courbevoie, France)
  • KUREHA CORPORATION (Japan)
  • HaloPolymer (Moscow, Russia)
  • AGC Chemicals (Tokyo, Japan)
  • Honeywell International, Inc. (North Carolina, U.S.)

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