The market is expected grow from US$ 7billion in 2022, to US$ 10billion by 2028. It is projected to experience a 5.2% CAGR from 2022-2028.
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Fluoropolymers Market Outlook to 2028 - COVID-19 Latest Analysis
People are spending more on healthcare due to the increasing prevalence of diseases like diabetes, obesity, heart disease, and cancer and an increase in purchasing power. The American Medical Association estimates that healthcare spending in the US was US$ 4.1 trillion by 2020. This is equivalent to US$ 12,530 per person. Healthcare products are being heavily invested in to prevent disease. Because of their non-porous nature, fluoropolymers can be used to make medical implants, surgical tools and catheters. Fluorinated propylene (FEP), is used in vascular access sheaths. The rapidly developing healthcare industry is driving significant growth in the global fluoropolymers marketplace.
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3M, AGC Chemicals Americas, Daikin Industries, Ltd., Fluoroseals SpA, GFL Ltd., Halopolymer, Saint-Gobain, Solvay, Shandong Dongyue Polymer Material Co., Ltd., and The Chemours Company are some of the major players in the fluoropolymers industry. To expand their customer base, these companies employ a variety of strategies, including product innovation, expansion and collaboration, merger & acquisition, and addressing emerging market trends. AGC Chemicals introduced a new product, "Fluon+ MPEK", in April 2020. This is a modified polyetherether ketone that has been enhanced with fluoropolymers to increase its impact, wear resistance, flexibility and electrical properties. Fluoropolymer producers will be able to reap the rewards of such innovative products over the next few years.
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The PTFE fluoropolymers are low in dielectric constant, have high thermal stability and provide high electric insulation. They are used extensively in the electronics and electrical industries for insulation of wires. They are also used to coat bakeware and cookware with a nonstick coating because of their high chemical stability. They are used in the inner walls of tanks and pipes in the oil & Gas industry. They are also used in the manufacture of gaskets, seals, and other sealing materials. The fluoropolymers market can be divided by end user into four segments: industrial equipment, automobile, construction, electrical and electronics, medical, as well as others. In 2021, the automotive segment held the largest market share. The healthcare segment will see the highest CAGR between 2022 and 2028. Fluoropolymers manufacturers are investing heavily in new products to meet the growing demand from the healthcare sector. Zeus Industrial launched a new product in March 2020 called StreamLiner OTW. This is an extruded, PTFE catheter liner. The company hopes to grow its presence in the healthcare sector with the introduction of this product. Market growth is being driven by the growing strategic initiatives of key players to meet increasing demand for fluoropolymers within the healthcare sector. Businesses began to recover after the relaxation of various social restrictions by different governments in 2021. In 2021, businesses saw a shift in consumer preferences and the success of mass vaccination drives. Asia Pacific accounted for the largest share in the global fluoropolymers market, with a total of 5% in 2021. Market growth is largely due to the rapid growth of the automotive industry in this region. International Trade Administration (ITA) states that China is the world's largest automotive market in terms of annual vehicle sales and production output. The demand for cars is increasing due to rising populations and increased purchasing power in Asia Pacific countries. Because of their chemical and temperature resistance, fluoropolymers are used extensively to make automotive components and parts. Fluoropolymers are being used more in automotive parts and components because of their chemical resistance and unmatched temperature. This is a key factor driving fluoropolymers' market growth.
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Many industries were adversely affected by the COVID-19 epidemic, including the chemical & material industry. To stop the spread of the virus, the governments of different countries implemented travel bans and restrictions at the borders, as well as lockdowns. Many companies in the chemical & material industry were unable to produce due to this. Due to severe disruptions in the supply chain, it was difficult to source raw materials, resulting in a substantial shortage. The COVID-19 pandemic also had an impact on the fluoropolymers industry. Many production plants were closed due to government mandates. This hampered overall production volume for companies in the fluoropolymers industry. The COVID-19 pandemic caused a boom in the healthcare industry. Fluoropolymer tubing can be found in many medical equipment, including catheters, bio-containment vessel, syringes and sutures. Fluoropolymers market growth in 2020 was positively impacted by this factor. In 2021, the global market experienced a positive recovery and governments announced that they were easing previously imposed restrictions. The full capacity of manufacturers was allowed, which helped to overcome the supply and demand gap. Fluoropolymer producers focused on increasing production capabilities to maximize profits. This will likely to boost fluoropolymers' market growth over the forecast period.
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