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The global fluoropolymers market size was USD 6.95 billion in 2020 and is projected to grow from USD 7.23 billion in 2021 to USD 10.31 billion in 2028 at a CAGR of 5.2% during the 2021-2028 period. The impact of COVID-19 has been unprecedented and staggering, with ferromanganese witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of -6% in 2020 as compared to the average year-on-year growth during 2017-2019. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
Increasing applications in construction, automobiles, medical, electrical & electronics industries, and chemical industries due to its high chemical & electrical resistance, non-toxic, non-stick, and excellent tensile strength properties shall drive the market growth. Rising polymer demand for manufacturing semiconductors used in electrical appliances, including smartphones and computers, shall augment the industry growth during the forecast period. The product prevents corrosion of pipes, fluid-handling components, vessels, vents, cables, and filters. This factor reduces the overall life cycle costs, including waste management, maintenance, and material usage to renew corroded components, therefore increasing overall safety and lifetime.
COVID-19 Pandemic: Market Set to Observe Growth Backed by Medical Device Requirement
The industry was impacted due to the COVID-19 outbreak, as some of the market players in the chemical industry were forced to delay their production. However, the market is seeing profitable growth during the outbreak as medical device manufacturing companies quickly offer medical products. The biocompatibility, dielectric, and lubricity properties of the polymer are required to produce PPE products. PTFE is a lubricious polymer with a coefficient of friction of 0.1, and fluorinated ethylene propylene (FEP) has a coefficient of 0.2. Therefore, these polymers signify most of the tubing used in medical devices and are beneficial to use during the COVID-19 pandemic.
The aerospace industry has had seen an unprecedented challenge during the COVID-19 pandemic. Global air traffic has drastically reduced, in turn affecting the aircraft demand. Thus, the commercial aerospace segment may recover slowly, as traveling is not likely to return to pre-COVID-19 levels. Lower aircraft demand, traveling restrictions of people, and movement of goods due to the outbreak has impacted the aerospace supply chains. In addition, this has impacted various small-scale suppliers, mainly those with heavy exposure to the aftermarket business and commercial aerospace. However, the aerospace industry is shifting its focus towards transforming supply chains by vertical integration and on-shoring.
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Increasing Use in Li-ion Battery and Renewable Energy To Propel Market Growth
Properties such as excellent chemical, abrasion and corrosion resistance, and resistance to extreme temperature play an important role in increasing components lifetime such as fuel cells, photovoltaics, and batteries. The growing global population and rapid industrialization may drive energy demand. By 2040, the world’s energy consumption is expected to increase by around 50%. To control global warming, renewable energies, including sunlight, wind power, and new energy vehicles (NEV), are increasing continuously. Consequently, advancements in technological for power storage, power saving, power transmission, and offers for new business models are booming. Therefore, the demand for lithium-ion batteries and other power storage technologies is flourishing.
Many companies have developed new and innovative solutions to improve the life cycle for Li-ion batteries. For example, Daikin has developed innovative solutions to improve the high efficiency and life cycle of lithium-ion batteries and primary lithium batteries. The company uses fluoro-based additives and solvents, thus increasing the Li-ion battery energy densities, voltage range, power, safety, and cycle life. Daikin's uses modified PVDF, which provides superior flexibility, allowing for high electrode densities and higher power densities than standard PVDF binder resin.
In June 2021, Arkema announced the launch of a new sustainable Kynar CTO polyvinylidene fluoride grade. These new grades will claim 100% renewable attributed carbon derived from crude tall oil bio-feedstock. The process will be produced at Arkema’s Pierre-Bénite plant in France for European consumers, focusing on the lithium-ion battery market.
In addition, in April 2019, the Chemours Company entered into a strategic partnership with UniEnergy Technology LLC, a redox flow battery (RFB) manufacturer in Washington, the U.S. This strategic partnership will consist UniEnergy Technology supply agreement for Nafion ion-exchange membranes. Also, it will enable Chemours to further optimize and develop the Nafion product offering in energy storage, create competition, and accelerate flow batteries adoption in the marketplace. However, the energy market is a key growth area for Chemours Fluoroproducts business.
In August 2017, 3M introduced Dyneon Fluoropolymers that can be used in batteries as an additional solution for electro-mobility, mainly as anode or cathode binders or for separator coatings. These materials can withstand high voltages and have good electrical properties. Also, they can exhibit high flexibility for the cyclic stress on the electrodes. Overall, the product can prolong batteries lifetime, which has an advantage in the automotive industry.
Growing Automotive Industry to Drive Growth
The rise in disposable income, R&D expenditure for the automobile sector, rising traffic congestion, and strict government regulations regarding reducing carbon emissions are the key factors driving the market growth in the automotive industry. The polymer prolongs the component's life for emission control, safety, and performance in the automotive sector. They provide effective protection and durability against aggressive fluids and fuels, heat, vibrations, compression, and humidity. Polymer coatings help prevent corrosion and friction on car parts, thus extending the lifespan. They are important in car components such as gears and ball bearings, which withstand wear and tear.
Using biodiesel, ethanol, and other biofuels is becoming common as manufacturers are inclining alternatives to nonrenewable oil resources to reduce harmful carbon emissions. As per the U.S. Department of Energy, nearly 97% of petrol in the U.S. contains some ethanol. The major concern is that these additives and biofuels are extremely harsh on the vehicle fuel components and systems. Moreover, to avoid such damages, most manufacturers utilize hoses and other parts made with new fluoropolymers. This factor will significantly improve the chemical resistance of the car.
Adhesive Ethylene tetrafluoroethylene (ETFE) enables automotive components such as vapor and liquid fuel lines, fuel tanks, filler necks, and compressor hoses to show great performance. High-temperature ETFE is ideal for automotive wire. These polymers exhibit superior performance properties, so car manufacturers rely on these products. Automotive manufacturers create more value for car buyers and suppliers by building components that withstand corrosion and high temperatures. For instance, Chemours introduced Teflon product solutions that protect the vehicles inside and out. High-performance polymers increase longevity and efficiency, enable car parts to tolerate harsh environments, and provide low-friction surfaces.
Careless Release of PFAS to Adversely Impact Environment Adversely
When released or disposed of at the industrial site, Per and polyfluoroalkyl substances (PFAS) pose some environmental risk. An insoluble PTFE may pose a little health or environmental risk. Various PFAS, including oligomers and monomers, are emitted during the polymer's processing, production, and use.
Due to the varied use of PFAS in consumer and commercial products, the diffuse release of PFAS to the environment may occur during the use and disposal of some PFAS-containing products. Although, these may result in significant environmental impacts. Different PFAS sources and products differ in their relative environmental significance, distribution mechanism, volumes released, and area affected. For example, Class B firefighting foam application may affect a moderate area relative to air dispersion from polymer production.
Non-polymer PFAS and some side-chain fluorinated polymer PFAS may pose a greater risk when released to the environment than PTFE, FEP, and ETFE. These polymers are stable, not bioavailable, and insoluble in the environment. However, the manufacturing and production of some fluoropolymers can pose a significant risk to the environment if the emissions are not properly controlled at the industrial site. Also, releases to the environment from the polymers disposal cannot be ruled out, as non-polymer PFAS may be found at trace levels as byproducts or impurities in the product.
Polytetrafluoroethylene Segment to Dominate Market Progress
Based on product, the market is segmented into polytetrafluoroethylene (PTFE), polyvinylidene fluoride (PVDF), fluorinated ethylene propylene (FEP), polyvinylfluoride (PVF), and others.
Polytetrafluoroethylene (PTFE) segment accounted for the fastest growing CAGR during the forecast period. PTFE is a cost-effective solution for various industries, including automotive, aerospace, electronics & electrical, construction & building, oil & gas, consumer goods, and industrial processing. The polymer is found in non-stick coatings in kitchen cookware such as baking trays, pans, and others. PTFE exhibits low friction, good resistance to heat and low temperature, flexibility, strong anti-adhesion properties, good resistance to UV, weathering, and light, low water absorption, and good electrical insulating power in wet hot environments.
The fluorinated ethylene propylene (FEP) segment may witness significant market share during the forecast period. FEP is considered a corrosion preventive coating for metallic surfaces due to its low friction and non-reactivity properties. Growing applications in electronics & electrical, and food processing, aerospace industries are expected to boost demand. The polymer is made by co-polymerizing tetrafluoroethylene and hexafluoropropylene. As FEP coatings are non-porous, they are extremely chemically resistant, making them suitable for food processing industries as this coating is resistant to hot water, fats steams, and oils. In addition, it is an excellent insulator with unique mechanical, chemical, and thermal properties.
Coatings Application Segment to Account for Major Share
On the basis of application, the market is segmented into coatings, films, additives, and others.
Fluoropolymer coatings application dominated the market growth in 2020 and may continue its dominance during the forthcoming years. These coatings are a blend of high-performance resins and lubricants. It produces a hard, smooth, and slick coating with excellent chemical and corrosion resistance. Other key benefits include reduced friction, non-stick resistance to galling, non-wetting, abrasion resistance, and electrical resistance. These coatings are applied to various OEM and fasteners components to provide a longer life before replacement. It is also used in different architectural coating formulations, preferably for exterior applications, due to its resistance against unfavorable weather. Polyvinylidene fluoride (PVDF) and fluoroethylene vinyl ether (FEVE) are widely used in architectural coatings.
In addition, these coatings are applied to the wiring insulation in airplanes. It protects the wiring and reduces the risk of fire on aircraft. In the food industry, coatings are used in trays and molds, which aids in the production of cheese, candy, bread, and other products by preventing sticking and making the trays and molds easy to clean.
The films application segment may witness a significant growth rate during the forecast period. This factor is attributed to properties such as high-temperature tolerance, chemical resistance, weather & UV resistance, high insulation, moisture resistance, low surface energy, non-flammable, and low-coefficient of friction. Due to such unique characteristics, the application is extensively used in the pharmaceutical & medical, food packaging, aerospace, and electronics industries. These factors are driving the market growth.
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Industrial Equipment Segment to Account for Major Share
On the basis of end-use, the market is segmented into industrial equipment, automotive, construction, electrical & electronics, and others.
Industrial equipment may account for a major share during the forecast period. It is widely used in industrial applications such as chemical processing, pharmaceutical processing equipment, membrane & filtration, and heat exchangers. Fluorine-based polymers are mostly used to provide corrosion and thermal resistance in industrial applications. Chemical processing equipment is successfully coated for various products, including small vessels, filter tanks, reactors, flanges piping, and valves. Molecular weights with controlled viscosity and high purity levels make these polymers an excellent choice for membranes & filtration applications. The chemical processing industry uses corrosion-resistant fluid handling equipment and components.
Growing population, rapid urbanization, rising infrastructure spending, and supportive regulations to promote building & construction development shall boost the industry growth. Films exhibit good tear strength, puncture strength, and good resistance properties, making them suitable for various construction applications. Fluoropolymers provide thermally stable, durable, and easy-to-clean building materials that reduce building cooling costs and energy use. For instance, the Denver International Airport utilizes Birdair’s innovative steel cable systems and durable PTFE teflon-coated fabric membrane. These are chemically inert, provide a long lifecycle with minimal service, and are highly resistant to pollution and dirt. The airport roof consists of 34 steel masts, ten miles of structural steel cable, 3.8 miles of aluminum clamping, and 660,000 square feet of PTFE fiberglass architectural membrane.
Asia Pacific Fluoropolymers Market Size, 2020 (USD Billion)
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Asia Pacific fluoropolymers market growth is attributed to increasing demand from pharmaceutical, construction, and electrical industries. Rising demand for polyvinylidene fluoride (PVDF) and fluorinated ethylene propylene (FEP) for manufacturing wire & cable insulation, coatings, and semiconductors applications shall drive the regional market growth. With a growing demand for medicines, the pharmaceutical sector is skyrocketing. Improving the standard of living and increasing demand for home healthcare devices may propel the pharmaceutical industry in the region. The growing pharmaceutical sector in India and South Korea due to increasing government spending shall augment the market growth in this region during the forthcoming years.
North America is expected to witness significant growth due to growing demand from the electrical & electronics, and aerospace industries. As manufacturers and designers continue to innovate electronic devices, the demand for these products is lucrative. High-performance polymers enable the development of smaller, faster, and more durable transistors, microprocessors, and semiconductors, thus driving the industry's growth. The International Trade Administration (ITA), the aerospace industry, contributed USD 151 billion in export sales to the U.S. in 2018. The U.S. aerospace industry is the largest globally. It offers extensive distribution systems, an educated and skilled workforce, diverse offerings, and support at the national and local levels for promotion and policy. An increase in airport infrastructure and rising aviation security markets in the U.S. shall augment the demand for fluoropolymers.
Europe is anticipated to witness significant growth during the forecast period due to the growing demand from the automotive industry. Europe is the world's leading producer of motor vehicles and represents the biggest private investor in R&D. To strengthen the regional automotive business competition, the European Commission is supporting the global technological harmonization and providing funds for automotive research and development. According to the European Automobile Manufacturers’ Association (ACEA), with growing industry investments and national support measures to boost car sales during the COVID crisis, the electrically-chargeable cars accounted for 10.5% market share in 2020.
Latin American market may show a slow growth rate during the forecast period. The rising penetration of FEP and PVDF for its usage in the wire and cable insulation, semiconductor manufacturing, and construction coating applications shall lead the regional growth towards material development and product innovation.
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The Middle East & Africa market may account for a favorable market share during the forecast period due to the rise in the chemical processing and oil & gas industries. Growing investment in the oil & gas industry and rapid increase in energy consumption in Saudi Arabia shall drive the market growth. As per the Organization of the Petroleum Exporting Countries, Saudi Arabia will account for around 17% of the world’s proven petroleum reserves in 2020. In addition, the country’s oil and gas sector accounts for around 50% of GDP and around 70% of the export earnings in the same year.
Key Players Form Crucial Strategies to Maintain Their Market Position
The fluoropolymers market share is fragmented and competitive, with prominent players engaged in the industry. Most companies are involved in strategic partnerships, capacity expansion, new product development, acquisition, and forming new organizations to promote production. For instance, In May 2020, Daikin Industries Ltd., AGC Inc., and Chemours Company LLC formed a new organization, the Performance Fluoropolymer Partnership (PFP). The mission of PFP is to promote the use, management, and production of fluoropolymers.
An Infographic Representation of Fluoropolymers Market
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The global fluoropolymers market research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, products, and applications. Also, the report offers insights into key market trends and highlights vital industry developments. This report includes historical data & forecasts revenue growth at global, regional, and country levels, and analyzes the industry's latest market dynamics and opportunities. In addition to the factors mentioned above, the report encompasses various factors contributing to the market's growth in recent years.
Value (USD Billion); Volume (Kilo Tons)
Product, Application, End-Use, and By Region
Fortune Business Insights says that the global market size was USD 6.95 billion in 2020 and is projected to reach USD 10.31 billion by 2028.
In 2020, Asia Pacific stood at USD 2.25 billion.
Growing at a CAGR of 5.2%, the market will exhibit steady growth during the forecast period (2021-2028).
Polytetrafluoroethylene is expected to be the leading segment in this market during the forecast period.
The growing automotive industry is the key factor driving the market.
The Chemours Company, Arkema, Daikin Industries, and Solvay are the major players in the global market.
Asia Pacific dominated the market share in 2020.
Rising product demand for manufacturing semiconductors used in electrical appliances is expected to drive product adoption.
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