The global performance fluorine chemicals & polymers market is estimated to garner a significant revenue by growing at a CAGR of ~4% over the forecast period, i.e., 2022–2030. The growth of the market can be attributed to the various useful properties of fluorine chemicals and preservatives, including, high resistance to heat, lowest dielectric constant and extremely high friction coefficient. Moreover, increasing application of these polymers and chemicals in various end-user industries, such as, medical, transportation, and others, is estimated to boost the market growth. These polymers are used in making cables, wire insulations, and insulators in vehicles to reduce emissions, among other applications. Rising use of fluorine chemicals and polymers in making wire insulations for smart phones, computers, and other electric appliances, is anticipated to further boost the market growth.
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The global performance fluorine chemicals & polymers market is segmented by application into medical, industrial, transportation, electronics, and others, out of which, the electronics segment is anticipated to hold the largest share in the market during the forecast period on account of increasing manufacturing and sales of smartphones, laptops, and other electronic devices which use fluorine chemicals and polymers. More than 1.4 billion smartphones were sold in 2020, which is estimated to cross 1.5 billion smartphones by the end of 2021. This is expected to positively influence the segment 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 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.
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:
Our in-depth analysis of the global performance fluorine chemicals & polymers market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising application of these polymers in various end-user industries is the major factor driving the market growth.
The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022-2030.
High competition from local manufacturers is one of the factors estimated to hamper the market growth.
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.
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.
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 type, form, application, and by region.
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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