Global Ethylene Tetrafluoroethylene (ETFE) Market Highlights 2022 – 2030
The global ethylene tetrafluoroethylene (ETFE) market is estimated to garner a large amount of revenue and grow at a CAGR of ~7% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing popularity of ETFE in the roof covering of special constructions, such as stadiums, and growing demand for ETFE cables from the aerospace industry across the world. Along with these, ETFE is eco-friendly, recyclable and requires less fabrication than traditional building materials, which in turn is expected to raise its demand for the construction of green buildings. Furthermore, emergence of new applications of the product in the architecture and construction sector to build architectural projects of any shape is projected to offer profitable opportunities for market growth in the near future.
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The market is segmented by application into films & sheets, wires & cables, tubes, and coatings, out of which, the films & sheets segment is anticipated to hold the largest share in the global ethylene tetrafluoroethylene (ETFE) market. This can be accounted to the increasing use of ETFE sheets in the design industry as a result of their long life, transparency to ultraviolet light and extraordinary tear resistance. Apart from this, the coatings segment is also predicted to gather a significant share during the forecast period, which can be credited to the high durability and weatherability of ETFE coatings, which can last for as long as 30 years. In addition, ETFE coatings are also suitable for any application that involves radiation resistance, making them fit for usage in the chemicals industry, which in turn is also assessed to boost the growth of the market segment in the years to come.
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Ethylene Tetrafluoroethylene (ETFE) Market Regional Synopsis
On the basis of geographical analysis, the global ethylene tetrafluoroethylene (ETFE) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the heavy investments in the construction industry, and high manufacturing output in the region, especially in China. The India Brand Equity Foundation in the Union Budget 2021 stated that the Indian government has decided to allocate USD 1.89 billion for supporting initiatives such as ‘smart cities mission’ and ‘housing for all’ in the country. Moreover, the market in North America is projected to occupy the largest share during the forecast period owing to the growing technological advancements in the automotive and construction industries in the region. In addition to this, high use of ETFE for applications such as oil and gas downhole cable and umbilical, and photovoltaic top sheet films is also expected to accelerate the market growth in the region in the coming years.
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The global ethylene tetrafluoroethylene (ETFE) market is further classified on the basis of region as follows:
Our in-depth analysis of the global ethylene tetrafluoroethylene (ETFE) market includes the following segments:
By Product Type
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing popularity of building materials in the roof covering of special constructions, and eco-friendliness and recyclability of ETFE.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2030.
Asia Pacific will provide more business opportunities for market growth owing to the heavy investments in the construction industry, and high manufacturing output in the region.
The major players in the market are 3M Company, DAIKIN INDUSTRIES, Ltd., The Ensinger Group, The Chemours Company, AGC Chemicals Americas, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by technology, product type, application, and by region.
The films & sheets segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
Precise techniques needed to install ETFE are estimated to hamper the market growth.
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