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IN THE NEWSFebruary 2021- The Chemours Company announced that it divided its former Fluoroproducts segment into two new reportable segments: Thermal & Specialized Solutions ("TSS", formerly Fluorochemicals) and Advanced Performance Materials ("APM", formerly Fluoropolymers), during the fourth quarter of 2020.
February 2021- Arkema declared that it will invest to further increase its fluoropolymer production capacities in Changshu by 35% in 2022.
Global Fluoropolymer Tubing Market Highlights Over 2022 - 2031
The global fluoropolymer tubing market is estimated to garner a large amount of revenue by growing at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed primarily to growing usage of the product in several industries, such as electrical & electronics, transportation and pharmaceutical industries. This can be credited to the high usage of fluoropolymer tubing over other polymer tubing in these industries as a result of its high temperature resistance and durability. Along with this, high need for lightweight materials in the automobile industry, and rising emphasis on the usage of green fluoropolymers are also expected to drive market growth significantly in the forthcoming years. Furthermore, increasing healthcare spending in emerging economies is projected to raise the demand for the product significantly in the near future. The healthcare expenditure in China reached a value of USD 1,130 billion in 2020, up from USD 1000 billion in 2019 and USD 928 billion in 2018.
The market is segmented by application into film, tube, sheet, pipe, membrane, sealant, roofing, additives, and others, out of which, the pipe segment is anticipated to hold the largest share in the global fluoropolymer tubing market. This can be accounted to the rising use of pipes in petrochemicals, chemicals and pharmaceutical industries to handle volatile and corrosive solvents. Additionally, on the basis of material, the FEP segment is predicted to grab the largest share during the forecast period owing to the benefits of FEP, including increase in stiffness, and rise in working pressure by almost 30%. Apart from these, high utilization of FEP tubes in aerospace, automotive, energy, and telecom industries is also assessed to boost the market segment growth in the future. CLICK TO DOWNLOAD SAMPLE REPORT
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 Fluoropolymer Tubing Market Regional Synopsis
Regionally, the global fluoropolymer tubing 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 rapidly rising urbanization and industrialization in the region. 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.
In addition, growing demand for high-quality electronics, medical and automotive products, which is evaluated to raise the demand for fluoropolymers in the region in the coming years. Moreover, the market in North America is projected to grab the largest share during the forecast period ascribing to the high usage of the product in the aviation industry, and strong footprint of prominent market players in the region.
The global fluoropolymer tubing market is further classified on the basis of region as follows:
Market Segmentation
Our in-depth analysis of the global fluoropolymer tubing market includes the following segments:
By Material
By Application
By End User
Growth Drivers
Challenges
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth owing to the growing usage of the product in several industry verticals, and high need for lightweight materials in the automobile industry.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022-2031.
High cost of fluoropolymers is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the rapidly rising rate of urbanization and industrialization in the region.
The major players in the market are 3M Company, The Chemours Company, Kureha Corporation, Daikin Industries, Ltd., Honeywell International, 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 material, application, end user, and by region.
The FEP segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
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