High performance fluoropolymers market will flourish due to growing demand of high-strength light weight products used in automotive industries. Asia-Pacific will propel the growth rate of high performance fluoropolymers market in coming years due to increase in number of automotive manufacturing plants in the region. Rapid growth in the consumer electronics industry will also be a key growth driver for this market due to use of high performance fluoropolymer in smartphones and other such gadgets.
The high performance fluoropolymers are also used with additives to enhance the UV resistance properties of various products. This will provide significant opportunities for the high performance fluoropolymers market mostly in the industrial maintenance sector. Due to recent surge in environment concerns, governments in many countries have made new regulations for use of high performance fluoropolymers which will result in higher cost of raw materials which may hinder the overall growth of the market.
High performance fluoropolymers are segmented on basis of their types as fluorinated ethylene propylene (FEP), polyethylene tetrafluoroethylene (ETFE), polyvinyl tetrafluoro ethylene (PTFE), perfluoro alkoxy polymer (PFA) and others such as polyvinyl fluoride (PVF), polychlorotrifluoroethylene (PCTFE), polyvinylidene difluoride (PVDF), etc. PTFE is likely to share substantial amount in terms of value and volume, owing to vast applications, proper availability and excellent properties such as chemical resistance, and low cost as compared to other fluoropolymers. It is most extensively used polymer for dental filling, cookware, nonstick pans, water proof clothing, etc.
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The market is segmented, based on application, into industrial processing, automotive & transportation, electrical & electronics, medical & healthcare and other end-users such as paint, coatings, cookware etc. Industrial processing is likely to have substantial share in terms of value and volume, owing to extensive product usage to provide heat and chemical resistance. The industrial processing includes chemical, textile, pharmaceutical, and food industries.
High Performance Fluoropolymers Market Size is likely to grow at a steady rate from 2016 to 2024 due to increasing consumption of the polymers in industrial processing units, electrical & electronic industry, and automotive industry.
High performance fluoropolymers are polymers which contain fluorocarbon compounds and have unique characteristics such as high mechanical strength, low coefficient of friction, excellent electrical insulation, resistance against chemical environment and elevated temperature. High performance fluoropolymers provides better efficiency as compared to conventional materials.
North America is likely to have a large consumption of high performance fluoropolymers due to its economic advancement and flourishing industries of chemical, electrical, electronics, automobile etc. The North American high performance fluoropolymers market will also flourish due to product usage in telecommunication industries for high speed data transmission over a wide distance as well as production of semiconductors, and wires & cables. Asia pacific is likely to be the most significant market for high performance fluoropolymers in terms of volume and value during the forecast period. The factors that will fuel the growth of Asia pacific are high economic growth, cheap labor, foreign investments, increase in manufacturing industries, easy availability of raw materials, and technological advancements. Countries including China, Japan, Korea, India, etc. has been witnessing high growth in the electronics & electrical industry which will fuel product demand in the Asia Pacific region in coming years.
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The key players that are operating in the high performance fluoropolymers market are Shamrock Technologies, DuPont, Solvay, 3M, Gujarat Fluorochemicals ltd., Shanghai 3F New Materials Company Ltd., The Chemours Company, Hubei Everflon Polymer Co. Ltd., and Daikin Industries Ltd. Some other notable players in this market include Halo Polymer OJSC, Jiangsu Meilan Chemical Co. Ltd, Quadrant AG, Asahi Glass Co. Ltd, Dongyue Group Ltd, Chenguang Research Institute of Chemical Industry, Juhua Group Corporation, and Saudi Basic Industries Corporation (SABIC).
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