Performance Fluorine Chemicals & Polymers Market Segmentation by Type (Organic, and Inorganic); by Form (Granules, Powder, and Others); by Application (Medical, Industrial, Transportation, Electronics, and Others) – Global Demand Analysis & Opportunity Outlook 2030
Buy Now Report ID: 3165 | Published Date: Feb 09, 2023
Regionally, the global performance fluorine chemicals & polymers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is estimated to garner largest share over the forecast period on the back of increasing manufacturing of hybrid vehicles, in countries, such as, the U.S. Around 85,000 plug-in hybrid electric vehicles (PHEVs) were sold in the United States in 2019. Moreover, increasing demand for consumer electronics is estimated to boost the market growth in the region. The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period owing to the growing consumer electronic manufacturing industry. Japan is the largest producer of smartphones, as the smartphone industry has crossed 100 million units in the country. Additionally, growing chemical industry in the region, backed by easy availability of raw materials is expected to boost the market growth.
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The global performance fluorine chemicals & polymers market is further classified on the basis of region as follows:
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 Programme), 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 favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour 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.
Our in-depth analysis of the global performance fluorine chemicals & polymers market includes the following segments:
By Type
By Form
By Application
Growth Drivers
Challenges
· May 10, 2021: Solvay announced the agreement with NextEra Energy Marketing, LLC to purchase EarthEra Renewable Energy Certificates (RECs).
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: Rising application of these polymers in various end-user industries is the major factor driving the market growth.
Ans: The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022-2030.
Ans: High competition from local manufacturers is one of the factors estimated to hamper the market growth.
Ans: The market in North America is estimated to garner the largest market share owing to the large automotive industry manufacturing hybrid and electric vehicles, along with growing consumer electronics industry.
Ans: The major players in the market are HaloPolymer Kirovo-Chepetsk, LLC, Gujarat Fluorochemicals Limited, Dongyue Group, AGC Group, Solvay, Daikin Industries, Ltd., The Chemours Company LLC, Mallard Creek Polymers, and others.
Ans: 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.
Ans: The market is segmented by type, form, application, and by region.
Ans: The electronics segment is anticipated to hold largest market share over the forecast period on the back of increasing demand for smart phones, laptops, and other gadgets.
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