The global fluoropolymer market is anticipated to witness significant growth during the assessment period, starting from 2021 to 2031. Fluoropolymer plays a crucial role in several end-use industries including automotive, industrial processing & appliances, healthcare, electrical & electronics, construction and others. Industrial processing & application and electrical & electronics are driving the market growth.
In the latest edition of the study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors fuelling the demand for Fluoropolymer. The report tracks the global sales of Fluoropolymer in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the rubber, plastics, automotive and construction in general, and Fluoropolymer in particular.
How the Historical and Future Outlook for Fluoropolymer Market will Match Up?
Fluoropolymer consumption is projected to grow by 1.7X during the forecast period. End-use segments are growing at a considerable rate since last few years, which is expected to experience significant growth in the near future.
In terms of regional classification of the market, East Asia and Europe are estimated to dominate at a global level and are expected to continue their dominance in the long run. The increasing consumption of fluoropolymer in the regions owing to rapidly increasing industrial infrastructure and favorable government initiatives will aid the overall expansion. Furthermore, increasing investments by regional governments for industrial development is expected to be one of the key driving factor for the global fluoropolymer market over the coming years.
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Leading manufacturers are expanding their production capacities to satisfy the demand created by end users. Leading manufacturers of fluoropolymer are strategically collaborating with end users especially industrial processing application for ensure long-term supply. According to FMI’s analysis, fluoropolymer sales to grow at 5.3% % CAGR between 2021 and 2031.
Fluoropolymer are used in pump, impellers, coating for heat exchangers, tanks, reaction vessels, autoclaves, container, flue duct expansion joints, diaphragms and among others for various end use application owing to its excellent mechanical properties, chemical resistance properties it preference over other polymers gain traction in the market.
The ongoing crisis on account of COVID-19 outbreak has impacted the global economy and industrial sector to a significant extent due to the disruption in the supply chain and reduce demand from the consumers. The same case has remain true for the case of Fluoropolymer, wherein reduce demand from many end use industries like automotive, has impacted the growth rate of the global Fluoropolymer market to a certain extent in the year 2020.
However, with initiatives taken by regional governments to revive the economic growth and to improve the performance of the industrial sector, will have a positive effect on the fluoropolymer sales prospects.
Why is R&D Key to Consolidation in the Fluoropolymer Market?
Investment in research and development (R&D) for the launch of innovative products plays a vital role in the market growth. Key players in fluoropolymer market invest around 3.5-5% of the total revenue to introduce innovative products for the end-use applications.
Thet to cater the growing demand from the end use application industries. Furthermore, globally, key players are focusing on to increase the production capacities to meet global demand by consuming less energy, emitting less carbon and producing efficient product.
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Ground breaking research and market player-centric solutions for the upcoming decade according to the present market scenario
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