Global fluoropolymer market was valued at USD 6814.5 million in 2017 and is predicted to grow at a flourishing CAGR of 5.34% to reach USD 9,912.5 million by the end of 2023. This growth is attributed to the rising industrialization across the globe. Asia Pacific and Latin are getting into the major focus by industry players due to rising foreign direct investments in the industrial sector. As per MRFR analysis, Asia Pacific is likely to be the largest market due to the increasing application in various end use industries in the region.
The global fluoropolymer market is segmented on the basis of product type, application, and region. On the basis of the type, the market is segmented into PTFE, PVDF, FKM, FEP, ETFE, PCTFE, and others. The PTFE is expected to be the largest segment during the forecast period. According to MRFR, analysis, PTFE held a market share of 45% in 2016 and is expected to show a CAGR of over 6.94% whereas polyvinylidene fluoride is anticipated to be the fastest growing segment with a CAGR of over 7%.
On the basis of the application, the market is segmented into paints & coatings, films, tubing, additives, and others. The paints and coatings application segment is estimated to dominate the market. It has accounted for 89.62 kilo tons in 2016 and is projected to exhibit a CAGR of over 6% during the review period, 2017-2023.
On the basis of the end use, the market is segmented into chemical processing, automotive & transportation, electrical & electronics, construction, industrial equipment, medical, household, and others. Chemical processing is projected to be the most promising end use industry and is predicted to generate the highest revenue during the forecast period. The chemical processing industry is likely to grow at a CAGR of 6.33% during the forecast period, 2017-2023.
The global fluoropolymer market is spanned across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. According to the MRFR analysis, Asia pacific was the most promising region both in terms of market volume as well as market value as of 2016 and is anticipated to show the same trend during the forecast period. The region anticipated to grow in terms of both value and volume at a CAGR of 6.93% and 5.75% respectively during the forecast period.
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Market Research Future (MRFR) recognizes the following companies as the key players in the global market: DowDupont,Inc (U.S.), Solvay SA(Belgium), Asahi Glass Co, Ltd (Japan), 3M (U.S.), Daikin Industries, Ltd (Japan), Honeywell International Inc. (U.S.), Saint-Gobain S.A. (France), Arkema Group (France), The Chemours Company (U.S.), Kureha Corporation (Japan), W.L. Gore & Associates, Inc (Japan), Zeus Industrial Products, Inc. (U.S), and Gujarat Fluorochemicals Ltd (India)