In Europe, Germany holds a dominating position in the fluoropolymers market attributed to its rapid economic advancement along with significant demand from across industries, particularly automobiles. The U.K. was the second largest market for fluoropolymers in Europe.
North America fluoropolymers market is expected to witness moderate growth over the forecast period. This is mainly attributed to growing demand for fluoropolymers in various flourishing industries such as electrical & electronics and automobile in the region. U.S. holds a leading position in the North America market, followed by Canada and Mexico, respectively. Rapid industrial growth in Mexico in turn creates a highly conducive environment for growth of the regional market for fluoropolymers in the near future.
Asia Pacific held the largest share of the global fluoropolymers market in 2016. Owing to the high growth in GDP along with the significant increase in manufacturing activities, the market in APAC has witness a prominent growth in the recent past and the trend is expected to continue in the foreseeable future. Increasing demand from the electrical and electronics and healthcare industries is expected to further drive demand for fluoropolymers in the region. Moreover, the significant adoption of specialty grades of fluoropolymers in the healthcare industry for manufacturing of medical devices is expected to generate high revenue for the market.
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Prominent players operating in the global fluoropolymers market include E.I. Dupont DE Nemours & Company, Gujarat Fluorochemicals Ltd. (GFL), Honeywell International Inc., Daikin Industries Limited, Solvay SA, 3M Company, Asahi Glass Co. Ltd., Kureha Corporation, Saint-Gobain Arkema SA, Dongyue Group Ltd, Halopolymer Ojsc, and others.
Fluoropolymers are polymers characterized by numerous strong carbon-fluorine bonds. Owing to the unique attributes such as mechanical, chemical resistant and electrical insulation, fluoropolymers are considered as highly durable protective coatings in various applications such as architectural coating preparations, particularly those required in the exteriors. Fluoropolymers have a high usage in industrial processing due to their oil and chemical resistant properties.
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Key factor driving the global consumption levels of fluoropolymers is rampant growth of the automotive end-use industry. Fluoropolymers have a prominent application in the auto industry activities such as production processes of fuel hoses, gaskets, O-rings, shaft seals, power steering systems, and transmission systems. All types of fluoropolymers used in automotive industry offer superior and desirable characteristics of high resistance to thermal wear, chemical exposure, friction, and mechanical wear and tear. Furthermore increasing demand for fluoropolymers is also observed in the manufacturing processes of electronics and medical devices. The various other applications of fluoropolymers in cookware, semiconductors, cables, and wires are also expected to fuel demand for fluoropolymers over the forecast period (2016–2024).
However, the market is expected to have few potential restraints such as environmental concern regarding the usage of fluoropolymers, as it is nearly impermeable to natural degradation due to its attributes. Furthermore, numerous fluoropolymers break down into chemicals that can cause cancer.