Renewable PVDF Market size is estimated to cross USD 2 Billion by the end of 2035, witnessing around 9% CAGR during the forecast period, i.e., 2023-2035. In the year 2022, the industry 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.
Growth Drivers
Challenges
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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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Product Type (Film, Tube, Sheet, Plate)
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.
End-user (Automotive, Chemical, Pharmaceutical, Construction)
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 market includes the following segments:
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By Product Type |
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By End User |
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APAC Market Statistics
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.
North American Market Forecast
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.
Europe Market Forecast
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
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