Renewable PVDF Market size is estimated to reach ~USD 2 Billion by the end of 2035 by growing at a CAGR of ~9% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of renewable PVDF was ~USD 1 Billion. The primary reason for the global market growth during the forecast period is the rising number of electric cars running on the roads of the world. The increase in the demand for electric vehicles has paved the way for the lithium-ion battery production growth which in turn is anticipated to escalate the utilization rate of renewable PVDF and create favorable opportunities for market growth during the forecast period. According to the statistics revealed by the International Energy Agency (IEA), global electric vehicle sales nearly doubled to 6.6 million in 2020, which brought the total number of electric cars on worldwide roads to 16.5 million.
Polyvinylidene fluoride (PVDF) is considered to be a thermoplastic fluoropolymer with the advantages such as high inertness and stability. Usually, renewable PVDF is used for easy processing in molding, extrusion, and compounding as thermoplastic polymers. Owing to its other benefits such as chemical resistance toward chlorine, bromine, iodine, and other acids at high temperatures, along with its ability to be injected, molded, or welded, renewable PVDF is commonly used in chemical, semiconductor, medical, and defense industries. All these factors couple up to bring new opportunities for market growth during the upcoming years.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~9% |
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Base Year Market Size (2022) |
~ USD 1 Billion |
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Forecast Year Market Size (2035) |
~ USD 2 Billion |
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Regional Scope |
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Growth Drivers
Challenges
The global renewable PVDF market is segmented and analyzed for demand and supply by product type into film, tube, sheet, plate, and others. Out of the three types, the film segment is estimated to gain the largest market share of about ~32% in the year 2035. One of the primary reasons for the expansion of the segment in the upcoming years is the rising need for easy-to-handle forms of renewable PVDF which could be molded, welded, and inserted very easily. Furthermore, the high demand for renewable PVDF films from the end-use industries such as automotive, construction, electronics, and others is also anticipated to bring further growth opportunities for segment growth during the forecast period. Other advantages of films such as ease to manufacture and handling, cost-effectiveness, flexibility, and robustness are also some of the benefits which are anticipated to create a positive outlook in the upcoming years.
The market is also segmented and analyzed for demand and supply by end-user into automotive, chemical, pharmaceutical, construction, semiconductor, aerospace & defense, water treatment, and others. Amongst these three segments, the automotive segment is expected to garner a significant share of around ~29% in the year 2035. The major factor that is attributed to segment growth is the rising demand and production of vehicles by the global population for individualized transportation and rising living standards. As per recent statistics, it has been revealed that there were almost 1.4 billion vehicles on the earth in 2022. As vehicles need lithium-ion batteries, the need for renewable PVDF is also expected to increase, thus aiding the expansion of the segment size during the forecast period.
Our in-depth analysis of the global renewable PVDF market includes the following segments:
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By Product Type |
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By End User |
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The market share of renewable PVDF in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about ~35% by the end of 2035, on the back of the increasing demand for smart gadgets and other smart electronic devices in India and China, and rising consumer base of renewable PVDF in the region. Apart from these, growing construction activities and rising energy demand are also predicted to drive the region’s market growth in the future. Electricity consumption per capita reached 860 kWh in 2020, around two-thirds of the Asian average. Owing to the Covid-19 crisis, total energy consumption fell by 3.4% in 2020 to 908 Mtoe.
The North American renewable PVDF market is estimated to be the second largest, registering a share of about ~24% by the end of 2035, which can be credited to the growing development of innovative products and the strong presence of lithium-ion battery manufacturers in the region. Furthermore, the rapid increase in hydropower, wind & solar ocean energy, which are providing commercial & industrial, residential, and consumer electrical needs is expected to increase the utilization rate of renewable PVDF for insulation in the next few years. In addition to the other factors, the rising investment by the regulatory bodies of the region to use renewable PVDF owing to its advantages such as weather durability, dirt resistance, chemical resistance, prolonged reflectivity, and smoke resistance. Thus, it is anticipated to increase the awareness level and help in the expansion of the market size during the forecast period.
Further, the market in the European region, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The rising focus on the adoption of renewable energy such as solar panels and wind turbines in the region for the protection of the environment which requires renewable PVDF for their construction is considered to be the primary factor for market expansion in Europe during the assessment period. In addition, the presence of a well-established chemical processing and automotive industry along with the strong focus on sustainability and environmental regulations are other factors that are projected to bring favorable opportunities for robust revenue generation in the future.
Author Credits: Payel Roy, Dhruv Bhatia
Ans: The major factors driving market growth are the growing production of electric vehicles around the world and the rising demand for lithium-ion batteries in automotive applications.
Ans: The market size of renewable PVDF is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2023 – 2035.
Ans: Fluctuating prices of raw materials to make renewable PVDF along with the long production cycles are some of the factors that are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are Solvay SA, Daikin Industries Ltd., Kureha Corporation, 3M Company, Dyneon GmbH, Shanghai Oflourine Chemical Technology Co. Ltd., Quadrant Engineering Plastics Products Inc., Zhuzhou Hongda Polymer Materials Co. Ltd., Arkema S.A., Saudi Basic Industries Corporation, and other key players.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product type, end user, and by region.
Ans: The tube segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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