Fluoropolymer manufacturers are investing into research to widen the scope of potential applications for fluoropolymers, in a bid to sustain operations through the pandemic.
DUBAI, UAE / ACCESSWIRE / July 20, 2020 / Future Market Insights: The fluoropolymers market is expected to surpass a valuation of US$ 11.4 Bn between 2015 and 2025. According to FMI reports, manufacturing facilities are facing substantial challenges to operations. A number of end use verticals have temporarily suspended operations, either owing to a sharp drop in demand, or due to government restrictions. These trends will hurt prospects of the fluoropolymers market in the short term.
"Fluoropolymers are largely used to improve physical and chemical characteristics of coatings in industrial, construction, and household applications. The characteristics of fluoropolymers resins drive applications in production of novel friction reduction materials with thermal and chemical resistance, which will bolster market growth," says the FMI analyst.
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Fluoropolymers Market - Important Takeaways
- Polytetrafluoroethylene is a highly sought-after fluoropolymer, supported by superior chemical stability and resistance to wear and tear.
- Industrial sector applications account for major revenue owing to use in filtration membrane, flue gas, and pharma processing equipment.
- Asia Pacific is a dominant fluoropolymers market owing to substantial demand for fluoropolymers in electronics, automotive, and construction sectors in the region.
Fluoropolymers Market - Driving Factors
- Extensive use of fluoropolymers in the production of semiconductors is a key growth factor.
- Expansion of the global automotive industry in emerging economies is contributing to critical growth opportunities.
- Characteristics including weather stability, chemical resistance, and thermal properties bolster scope of application in multiple verticals.
Fluoropolymers Market - Leading Constraints
- Strict regulations governing the production and application of fluoropolymers is a key challenge to market growth.
- Risks of perfluorooctanoic acid contamination in coating applications hurts market prospects.
Expected Impact on Market by Coronavirus Outbreak
With the coronavirus crisis, workers in manufacturing facilities are higher risk, as manufacturing operations cannot be conducted remotely. Consequently, the closure of fluoropolymer production facilities and disruptions in raw material supplies during the crisis period, will hurt near term prospects of the market. However, wide ranging industrial and chemical applications will support a steady recovery once lockdown restrictions are relaxed.
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Some of the top players operating in the fluoropolymers market are 3M Company, Halopolymer OJSC, DuPont Company, Kureha Corp., BASF SE, Hindustan Fluorocarbons Ltd., Daikin Industries Ltd., Saint Gobain S.A., Arkema Group, Honeywell International Inc., and Solvay Chemicals Inc. Market players are pushing for strategic collaborations and product development to aid market presence. For instance, Poeton has launched a nickel and fluoropolymer surface treatment material in July 2020.
More on the Report
FMI's provides in-depth insights on the fluoropolymers market. The market is segmented in terms of product type (polytetrafluoroethylene, polyvinyl fluoride, polychlorotrifluoroethylene, polyvinylidene difluoride, fluorinated ethylene propylene, prefluoroalkoxy polymer, and others), and end use (construction, automotive & aerospace, electrical & electronics, industrial processing, and healthcare) across five key regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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SOURCE: Future Market Insights