The global fluoropolymer market features a fairly competitive landscape attributed to the presence of a handful of players holding sizeable stake, notes Transparency Market Research (TMR). Key players operating in the market include Mexichem, W. L. Gore & Associates, Inc., Saint-Gobain SA, Zeus Industrial Products Inc., the Chemours Company, E.I Dupont De Nemours and Company, Daikin Industries Ltd., Solvay SA, Honeywell International Inc., Asahi Glass Co., Ltd., and the 3M Company.
TMR observes that several top players are increasingly introducing high-performance products that are recyclable and environmental-friendly. A number of prominent manufactures are focusing on developing fluoropolymers with advanced properties to be used in a host of diverse application areas, notably in the healthcare sector.
The global market for fluoropolymer is projected to rise at a steady CAGR of 5.3% in between the forecast period of 2017 – 2026. By the end of 2026, the market is estimated to reach a worth of US$ 690.3 Mn, vis-à-vis revenue.
The key product types of fluoropolymers are polytetrafluoroethylene, polyvinylidene difluoride, and fluorinated ethylene propylene. Of all the categories, the sale of polytetrafluoroethylene will surpass all others over the assessment period, contributing revenue worth of more than US$ 300 Mn by 2026 end. The prominence can be attributed to the extensive uptake of polytetrafluoroethylene in numerous application areas.
Regionally, Asia Pacific Excluding Japan (APEJ) is likely to hold the sway over the forecast period. The regional market will also rise at an attractive pace through 2026, on account of the fact that it has emerged as the largest producer as well as consumer of fluoropolymers.
Extensive usage of Fluoropolymer in Numerous Application Areas attributable to several High-performance Properties
The global fluoropolymer market is driven increasingly by the widespread usage of the material in diverse application areas. The extensive demand for various types of fluoropolymers for making industrial and consumer products can be attributed to several unique performance properties the polymer exhibits. Remarkable resistance to high temperatures and corrosion, apart from good di-electric properties, durability, and low co-efficient of friction it shows accounts for the attractive demand.
The rising uptake of fluoropolymers has been most notable in the healthcare and medical device manufacturing sectors. Exceptional biocompatibility and lubricity of this high-performance plastic material has led to its burgeoning application in making medical devices and graft materials for surgical interventions. Furthermore, the extensive usage of fluoropolymers in biomaterials used in artificial corneas and heart valves is accentuating the growth of the market.
Substantial Research to Realize Full Potential in Healthcare and Medical Devices Industries unlocking Promising Prospects
The rising adoption of fluoropolymer materials in packaging application in the healthcare sector is also boosting the global market. The healthcare industry is witnessing potentially high demand for this polymer as it can meet performance standards unique to sterilization, biocompatibility, and inertness to chemical reactions. Of particular significance is the rising usage of medical devices among surgeons such as that of multilumen catheter to assist minimally-invasive procedures.
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Relentless research carried out in various parts of the world are focused on uncovering the full potential of fluoropolymer materials for new applications in the healthcare industry. This will pave way for product innovations, opening lucrative avenues in the global fluoropolymer market.