The global fluoropolymers market size was valued at USD 7.92 billion in 2023 and is projected to grow from USD 8.32 billion in 2024 to USD 12.63 billion by 2032, exhibiting a CAGR of 5.4% during the forecast period. Fortune Business Insights™ provides this information in its report, titled, “Fluoropolymers Market, 2021-2028.”
According to our researchers, surging applications in construction, medical, electrical & electronics industries, automobiles, and chemical industries due to its elevated chemical and electrical resistance, non-stick, non-toxic, and outstanding ductile forte characteristics are expected to fuel the global fluoropolymers market growth.
Source: https://www.fortunebusinessinsights.com/fluoropolymers-market-102132
COVID-19 Pandemic: Market Set to Witness Growth Stoked by Medical Device Necessity
The industry was affected owing to the COVID-19 outbreak, a few of the major players in the chemical industry were compelled to adjourn their production. Nevertheless, the industry perceives prompt growth during the outbreak as medical device producers are manufacturing more products at a speedier pace.
Moreover, lubricity, the dielectric, and biocompatibility characteristics of the polymer are required to manufacture Personal Protection Equipment (PPE).
Report Coverage
The report presents a systematic study of the fluoropolymers market segments and a thorough analysis of the market overview. It offers a thoughtful evaluation of the current market trends and future opportunities. Moreover, it presents an exhaustive analysis of the regional insights and how they help form market growth. The COVID-19 impacts have been discussed in the report to assist investors and business owners in better understanding the possible threats present in the market. The report discusses the key players and their prominent strategies to stay in the dominating position.
Segmentation
On the basis of product, the global market is segregated into polytetrafluoroethylene (PTFE), polyvinylidene fluoride (PVDF), fluorinated ethylene propylene (FEP), polyvinylfluoride (PVF), and others.
Drivers and Restraints
Rising Automobile Industry to Create Novel Market Prospects
The upsurge in disposable income, increasing R&D spending for the automobile sector, growing traffic jamming, and stringent government norms concerning plummeting carbon releases are the vital influences fueling the demand for fluoropolymers from the automotive industry.
Regional Insights
Asia Pacific held the maximum fluoropolymers market shares, and the growth of this region is accredited to the surging demand from pharmaceutical, electrical industries, and construction sectors in this region.
North America is estimated to observe substantial growth due to rising demand from the electrical & electronics, and aerospace industries. As producers and designers endure to invent electronic devices, the demand for these products is rewarding.
Europe is predicted to perceive considerable growth during the forecast period. The region is accredited with rising demand from the automotive industry. Europe is among the world's dominating producers of motor automobiles and signifies the largest private stakeholder in R&D.