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IN THE NEWSThe global renewable PVDF market is estimated to gather a sizeable revenue by growing at a ~9% CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing production of electric vehicles around the world, and rising demand for lithium-ion batteries in automotive applications. For instance, as per the International Energy Agency, the sales of electric vehicles increased up to 2.1 million globally in 2019, and the stock rose up to 7.2 million electric cars. Along with these, rising investments in renewable energy in developed and developing nations, and enforcement of strict regulations regarding conventional crude oil derived polymers, are also expected to drive market growth in the coming years. Furthermore, PVDF has exceptional abrasion and radiation resistance, along with being highly melt processable, which is also predicted to expand its market in the imminent time.
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The market is segmented by end user into automotive, chemical, pharmaceutical, construction, semiconductor, aerospace and defense, water treatment, and others, out of which, the aerospace and defense segment is anticipated to hold the largest share in the global renewable PVDF market on account of the fact that several airplane parts such as rotors and engines require hard and weather resistant coatings. In addition, as PVDF coatings can withstand high temperatures, they are extensively used in the aerospace industry, which in turn is predicted to drive growth to the market segment in the future. Moreover, on the basis of product type, the tube segment is predicted to grab the largest share over the forecast period owing to the ease of installation, high cost-effectiveness, and superior chemical resistance of this product.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global renewable PVDF market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period 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 the two thirds of the Asian average. Due to the Covid-19 crisis, total energy consumption fell by 3.4% in 2020 to 908 Mtoe. Additionally, the market in North America is assessed to acquire the largest share during the forecast period, which can be credited to the growing development of innovative products and strong presence of lithium-ion battery manufacturers in the region.
The global renewable PVDF market is further classified on the basis of region as follows:
Our in-depth analysis of the global renewable PVDF market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing production of electric vehicles around the world and rising demand for lithium-ion batteries in automotive applications.
The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2022 – 2030.
Fluctuating prices of raw materials to make renewable PVDF is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to 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.
The major players in the market are Solvay SA, Daikin Industries Ltd., Kureha Corporation, 3M Company, 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 product type, end user, and by region.
The tube segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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