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The high-performance fluoropolymers market size is expected to grow at a commendable rate during the forecast timeline of 2024-2032. The automotive sector is growing rapidly due to increase in per capita income and R&D investments. This factor will fuel the demand for high-performance fluoropolymers as they play a crucial role in safeguarding vehicle components against high impacts of environment and biofuels.
High-performance fluoropolymers are fluorocarbon-based plastic elements in which hydrogen atoms have been replaced by one or more molecules with fluorine. The product is used in various highly specialized applications that other materials can’t withstand. High-performance fluoropolymers offer the unique ability to withstand high heat and corrosive environments. Moreover, their unmatched applications such as non-adhesive and low-friction properties make the product more suitable for applications including electrical & electronics, automotive & transportation, industrial processing, medical, and others.
The rapid growth in the automotive industry owing to a rise in per capita income, and R&D expenditure for the automobile sector are the key drivers for the automotive industry which further creates an excellent opportunity for high-performance fluoropolymers as it protects the vehicle components from harsh impacts of biofuel and environment. They provide effective protection against toxic fluids and fuels, heat vibrations, compression, and humidity. Additionally, rising the product demand for manufacturing semiconductors used in electronics appliances shall augment the high-performance fluoropolymers market growth during the forecast period.
Certain high-performance fluoropolymers pose an environmental risk when they are released or disposed of directly in the environment. They show the uncertain health effects on human health as fluoropolymers such as PFOA and PFOS are not safe for human health. Thus, the U.S. Government banned the production of PFOA and PFOS and the U.S. Environmental Protection Agency (EPA) set new rules and regulations that generally prevent companies from importing or producing such toxic fluoropolymers without prior approval by EPA. Thus, all these factors are anticipated to hinder the product's market growth.
The high-performance fluoropolymers report will cover the following key insights:
Based on type, the high-performance fluoropolymers market can be segmented into PTFE, FEP, PFA/MFA, ETFE, and Others. Ethylene tetrafluoroethylene or ETFE is widely used in automotive components such as liquid fuel lines, fuel tanks, filler necks, compressor hoses, and other components due to its inactive behaviors against most petrochemical products. Moreover, high-performance fluoropolymers increase longevity and efficiency and enable automotive parts to tolerate harsh environments and low-friction surfaces. Thus, ETFE is expected to dominate the moderate market share during the forecasted timeframe.
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Asia Pacific's high-performance fluoropolymers market is attributed increasing demand from the electrical & electronics industries. Rising demand for cable & wires is increasing the product demand. Growing demand for the medical industry is at its peak in the region which surges the product demand.
The product demand in North America is increasing as manufacturers and designers are involved to produce new electronic devices. Thus the demand for these products is lucrative. According to the International Trade Administration (ITA), the U.S. aerospace industry’s size was US$ 151 billion in 2018. Thus, the domination of the aerospace industry by the U.S. create massive opportunities for the product in the region.
The rapid growth of the automotive industry in entire europe creates remarkable market growth. Europe of one of the leading producers of motor vehicles. Additionally, the European Commission is supporting the production activity in the region which will surge the high-performance fluoropolymers market growth. At the same time, Latin America and the Middle East are expected to grow moderately.
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