The fluoroplastics market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. The market is set to grow due to the growing demand from the end-use industries and increase in number of new applications of fluoroplastics. Furthermore, fluoroplastics are uncommon and unusual plastics with unique properties such as chemical and temperature resistance. The consumption of these materials is increasing owing to the rising demand from chemical, automotive, electrical & electronics, and other industries.
The market is segmented by type into poly-tetra-fluoro-ethylene (PTFE), fluor-ethylene-propylene (FEP), per-fluor-alkoxy (PFA), ethylene-tetra-fluoro-ethylene (ETFE), polyvinylidene fluoride (PVDF) and others, out of which the poly-tetra-fluoro-ethylene (PTFE) segment is anticipated to grab the most significant share by the end of 2029 on account of its superior properties such as high electrical insulation, good chemical & thermal resistance, and a low coefficient of friction. Moreover, the lesser cost and increasing usage of PTFE in automotive and electrical components are projected to contribute to the segment's growth during the forecast period.
Based on the end-use industry, the global fluoroplastics market's industrial machinery segment is projected to grow with a modest CAGR. The segment's growth can be witnessed due to the use of fluoroplastics for coatings, liners, films, components, and others. The other industries, which will lead to the market's growth are electrical & electronics, and automotive due to the increasing demand for lightweight materials. The increase in the sales of electric vehicles globally leads to the rise in demand for fluoroplastics as a raw material. According to the International Energy Agency (IEA), electric vehicles' sales accounted for 2.1 million in 2019, with a growth of 2.6% from the year 2018. CLICK TO DOWNLOAD SAMPLE REPORT
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The Asia Pacific market is predicted to grow at the highest CAGR over the forecast period due to more prominent manufacturers in the region. China, Japan, India, and South Korea are the hub for automotive production, creating steady demand for fluoroplastics.
The global fluoroplastics market is further classified on the basis of region as follows:
Our in-depth analysis of the global fluoroplastics market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing demand from end-user industries such as electrical & electronics, industrial, automotive, and electrical & electronics drives the fluoroplastics market.
The market is anticipated to have a moderate CAGR over the forecast period, i.e., 2021-2029.
The major challenge is environmental sustainability as plastics have an adverse effect on the environment.
The Asia Pacific region market will provide ample growth opportunities due to large manufacturing plants and steady demand from automotive industries.
The major players dominating the fluoroplastics market are AGC Inc., Arkema Group, Solvay S.E., The Chemours Company, Daikin Industries, 3M and Dongyue Group among others.
The company profiles are selected on the basis of 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 type, form, and end-use industries.
With respect to type, the PTFE holds the largest market share due to its high tensile strength and resistance to chemicals and temperature.
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