High Performance Fluoropolymers Market- High growth in end-use industries

Browse 119 market data Tables and 42 Figures spread through 166 Pages and in-depth TOC on "High Performance Fluoropolymers Market"

The high performance fluoropolymer (HPF) market is projected to grow from USD 3.1 billion in 2020 to USD 4.3 billion by 2025, at a CAGR of 7.0% during the forecast period. The growth of the high performance fluoropolymer industry can be attributed to its high demand from various end-use industry and growing demand from renewables.

The transportation (automotive and aerospace), electrical & electronics, industrial processing, and medical industries extensively use HPFs due to their advantages over other polymers and versatile properties. These industries are growing rapidly, which is boosting the demand for HPFs. High heat resistance, low weight, high dimensional stability, and good chemical resistance are increasing the demand for HPFs in the automotive industry. HPFs are used in various parts of engines to improve the performance and durability of vehicles. They are used to manufacture different interior and exterior components in the automotive and aerospace sectors. The growth opportunities of the HPFs market in the automotive industry are primarily linked to the lower emissions and increased fuel efficiency. In the aerospace industry, it is important to use a material, which is fire-retardant and emits low smokes and toxic gases. The various applications in this industry require HPFs that can withstand aggressive application conditions under a broad range of temperatures. In aerospace engineering, lightweight materials are highly used, and thus, the aerospace industry is dependent on HPFs that have the perfect combination low weight; temperature, flame, abrasion and chemical resistance; and flexibility and non-leaching capabilities.

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Effective dielectric property, biocompatibility, and lubricity of HPFs are leading the way for their adoption in medical surgeries and other procedures. HPFs are used in the production of multi-lumen tubing, which is required for manufacturing of minimally-invasive devices. Because of high-resistance toward chemicals and heat, they are used in implants for the hip, ear, skull, nose, and knee parts. The growing use of HPFs in various applications, such as catheters, syringes, sutures, and bio-containment vessels, is driving the market. Some industries are entirely dependent on HPFs, for instance, the semiconductor industry. This is because a fluoropolymer is the only material that can hold and transport the chemicals used in the semiconductor production process.

APAC is projected to be the fastest-growing HPF market

APAC is expected to be the fastest-growing market for HPF, owing to the presence of large manufacturing and highly populated countries, such as China and India. China, India, Japan, Indonesia, and South Korea are some of the key countries in the HPF market in this region. In 2019, China accounted for the largest share of the APAC market, owing to the presence of huge chemical, automotive, medical, and electronics industries. The growing production of automobiles, consumer household, medical disposables, and their increasing demand across the region boosts the demand for HPF. Growth in the manufacturing of automobiles and electronics hardware across the region is expected to grow further with changing demographics. Owing to which APAC is projected to be the fastest-growing HPF market.

The recent COVID-19 pandemic is expected to impact the global manufacturing sector. COVID-19 led the manufacturing sector into an unknown operating environment, globally. Government restrictions on the number of people that can gather at one particular place, severely impacted the industrial output. HPFs are used in end-use industries such as transportation, electrical & electronics, medical, food processing, chemical processing, oil & gas, power plants, and building & construction. They are used in the industrial processing, where high thermal and chemical resistance is essential to conduct the operation. Due to the ongoing pandemic, industrial production has been severely affected throughout the world. Workforce shortage, logistical restrictions, material unavailability, and other restrictions have drastically slowed the growth of the industry.

Most active players in the HPF market:

The Chemours Company (US), Daikin Industries (Japan), 3M (US), Solvay (Belgium), AGC (Japan), The Dongyue Group (China), GFL Ltd. (India), Halopolymer OJSC (Russia), and Hubei Everflon polymer (China) are a few active players in the HPF market.

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