Global Fluoropolymers Market to Generate Revenue of $12.54 Billion by 2031, Says Astute Analytica

New Delhi, Feb. 13, 2023 (GLOBE NEWSWIRE) -- The global fluoropolymers market is expected to experience significant growth in the coming years, driven by a number of factors such as the increasing demand for these materials in various end-user industries and the growing investment in infrastructural development projects. The demand for fluoropolymers is expected to increase in the automotive, electrical and electronics, construction, and medical and pharmaceutical equipment industries, among others, due to their excellent properties such as low friction, chemical resistance, high mechanical power, and thermal insulation, among others.

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The growing demand for fuel-efficient vehicles and the stringent emission norms regarding environmental safety in the automotive industry is also expected to drive the growth of the fluoropolymers market. The increasing usage of fluoropolymers in medical devices due to their ability to meet the biocompatibility and physical requirements of the next-generation drugs and devices is also expected to contribute to the growth of the market.

Furthermore, the development of new applications for fluoropolymers and the increasing focus on research and development activities are expected to provide new growth opportunities for the global fluoropolymers market in the coming years. The leading players in the market are also expected to expand their market presence through various strategies such as mergers and acquisitions, partnerships, and collaborations, which is expected to drive the growth of the market.

Global Sales of Fluoropolymer to Reach 640 Kiloton by 2031, Says Astute Analytica

In terms of volume, the global fluoropolymers market is expected to reach 640 kilotons by 2031. The growing demand for fluoropolymers in various industries such as automotive, electronics, construction, and medical is driving the growth of the market. The increasing demand for lightweight materials in the automotive industry and the need for high-temperature performance are driving the demand for melt processable fluoropolymers.

The rising demand for medical grade applications is also contributing to the growth of the market. Furthermore, the use of fluoropolymers in the defense and aerospace sector is expected to create lucrative opportunities for the market in the forthcoming years.

In terms of production, fluoropolymers are produced from thermoplastic resins similar to polyethylene. This involves replacing some hydrogen atoms attached to the carbon chain with fluorine or fluorinated alkyl. The most common uses for fluoropolymers are in the automotive and aerospace industries, where they are used to protect and insulate wires from overheating and potential fires. Additionally, they are also increasingly being used in healthcare and medical applications due to their superior properties.

Asia Pacific to Generate More than 50% Revenue of Global Fluoropolymers market

The Asia Pacific region is expected to be the leading contributor to the global fluoropolymers market, as it is estimated to generate nearly 50% of the industry's total revenue by 2031. The region is home to some of the largest manufacturers and producers of fluoropolymers, primarily in China, India, and Japan. This has enabled the region to capture a significant market share in the healthcare industry, which is the single largest consumer segment for fluoropolymers. According to Astute Analytica's latest research report, the Asia Pacific fluoropolymers market was valued at USD 4.12 billion in 2022 and is projected to grow at a CAGR of 5.4% over the forecast period from 2023 to 2031.

This growth is primarily driven by the rising demand for medical grade fluoropolymers in emerging economies such as China, India, and Japan, where medical treatments and procedures are becoming increasingly more affordable. Additionally, the healthcare sector in these countries is seeing a rapid expansion of its infrastructure, with an increasing number of diagnostic centers and hospitals introducing advanced medical technologies. This is further boosting the demand for medical grade fluoropolymers in the region.

Furthermore, the rising prevalence of chronic illnesses such as cancer, cardiovascular diseases, and respiratory diseases, along with increasing incidences of infections, are creating a strong market opportunity for medical grade fluoropolymers in the Asia Pacific fluoropolymers market as they are widely used in the production of medical devices, implants, and other commercial products.

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Trends Analysis of Fluoropolymers market

The market is continuing to grow at a rapid pace and has become one of the most important industries in the global economy. As such, there are a number of top trends that have been identified that can be seen within the fluoropolymers market.

• First, the market for fluoropolymers is highly competitive and is expected to increase over the next few years due to the growing demand for new materials. This is largely due to the introduction of new technologies, such as 3D printing, which has revolutionized the way businesses can create products with greater precision, accuracy, and cost efficiency. As a result, the use of fluoropolymers is expected to continue to expand in order to meet the needs of this new technology.
• Second, the increased demand for fluoropolymers is also driven by the development of new applications. These range from medical to aerospace applications, which require materials with superior properties, such as thermal stability, chemical resistance, and conductivity. As a result, the use of fluoropolymers is increasing in these sectors in order to meet the growing demand for new materials.
• Another trend driving the growth of the fluoropolymers market is the increasing awareness of the importance of fluoropolymers for energy efficiency. Fluoropolymers are now being used in a wide range of applications, such as insulation, sealing, and lubrication, which can help reduce energy consumption and improve overall efficiency. This has led to an increased demand for these materials, which is expected to drive further growth in the market.
• Introduction of new technologies, such as nanotechnology, the capabilities of fluoropolymers are constantly expanding and thus leading to an increase in the demand for new materials. This has resulted in the emergence of several new companies in the market, which is providing customers with a greater variety of materials to choose from.

Chemours Generates Over 24% Revenue of Global Fluoropolymers market

Chemours is a global leader in the fluoropolymer industry, generating over 24% of the total revenue of the global market. The company mainly focuses on creating innovative and sustainable solutions in the fluoropolymer space. Additionally, Chemours' PFAS Stewardship initiative is helping to reduce and eliminate the use of certain types of perfluorinated compounds and protect the environment from the potential adverse effects.

Chemours is well-positioned to capitalize on this growth with its commitment to innovation and sustainability, and its focus on creating products and solutions that provide customers with the best value. Its partnerships with customers and suppliers, as well as its PFAS Stewardship initiatives, provide a solid foundation for continued growth and profitability. As the Fluoropolymers market continues to expand, Chemours is expected to benefit significantly and extend its position as a leader in the industry.

Some of the Top Market Players Are:

• 3M
• Arkema Group
• Asahi Glass Co, Ltd.
• Daikin Industries, Ltd.
• Dongyue Group
• Dow Dupont, Inc.
• Ensinger Inc.
• Gujarat Fluorochemicals Ltd.
• Halopolymer, OJSC
• Honeywell International Inc.
• Hubei Everflon Polymer CO., Ltd.
• Itaflon Srl
• Jiangsu Meilan Chemical Co., Ltd.
• Juhua Group Corporation
• Kureha Corporation
• L. Gore & Associates, Inc.
• Lee & Man Chemical Company Limited
• Polyfluor Plastics bv
• Saint-Gobain S.A.
• Shandong Hengyi New Material Technology Co., Ltd.
• Shanghai Huayi 3F New Materials Co., Ltd.
• Solvay S.A.
• The Chemours Chenguang Fluoromaterials (Shanghai) Co., Ltd.
• The Chemours Company
• Zeus Industrial Products, Inc.
• Other Prominent Players

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