The global fluoropolymer coating market is estimated to garner a sizeable revenue by growing at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed primarily to the increasing usage of high-performance coatings in several end user industries, owing to their cost benefits and longer lifespan. In addition, technological advancements to improve fluoropolymer products, and growing production of electronics, where fluoropolymer coating is used for protection, are also expected to boost the demand for the product in the forthcoming years. In 2019, 210 million units of television were shipped across the globe, whereas the total shipments of tablets reached a value of more than 142 million that same year. Furthermore, increasing rates of urbanization and industrialization around the world is projected to offer abundant opportunities for market growth in the near future.
The market is segmented by end user into industrial, construction, automotive, food processing, aerospace, electrical, cookware, and others, out of which, the industrial segment is anticipated to hold the largest share in the global fluoropolymer coating market. This can be accounted to the growing usage of fluoropolymer coatings in a variety of applications such as, concrete, carbon steel, stainless steel, steel alloys, and others. Apart from this, increasing demand for polymeric materials from oil & gas exploration and recovery activities is also predicted to boost the market segment growth in the future. Additionally, on the basis of resin type, the FEP segment is assessed to acquire the largest share over the forecast period owing to the superior chemical resistance and electrical properties of FEP resins. CLICK TO DOWNLOAD SAMPLE REPORT
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.
Regionally, the global fluoropolymer coating 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 and occupy the largest share over the forecast period on the back of the high automotive and auto components production in the region. Along with this, rapidly rising urbanization, and increasing number of housing units are also expected to drive market growth in the region in the coming years. According to the World Bank, 60.698% of the total population in the East Asia & Pacific region lived in urban areas in 2020, up from 59.889% in 2019 and 59.053% in 2018. Moreover, the market in North America is also projected to grab a notable share by the end of 2030, ascribing to the growing number of construction projects, and escalating R&D activities in the chemicals sector in the region.
The global fluoropolymer coating market is further classified on the basis of region as follows:
Our in-depth analysis of the global fluoropolymer coating market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth owing to the increasing usage of high-performance coatings in several end user industries, and technological advancements to improve performance fluoropolymer products.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022-2031.
Improper disposal of fluoropolymer coated products is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the high automotive and auto components production in the region.
The major players in the market are Arkema S.A., PPG Industries, Inc., Akzo Nobel N.V., Daikin Industries Ltd., BASF SE, 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 resin type, end user, and by region.
The FEP segment is anticipated to hold largest market size and is estimated grow at a robust CAGR over the forecast period and display significant growth opportunities.
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