PUNE, India, July 19, 2018 /PRNewswire/ --
According to a new market research report "ETFE Market by Type (Pellet/Granule, Powder), Technology (Extrusion, Injection), Application (Films & Sheets, Wires & Cables, Tubes, Coatings), and Region (North America, Europe, APAC, Middle East & Africa, South America) - Global Forecast to 2023", published by MarketsandMarkets™, the ETFE Market is projected to grow from USD 352.4 million in 2018 to USD 518.4 million by 2023, at a CAGR of 8.0% during the forecast period. The eco-friendly and recyclable properties of ethylene tetrafluoroethylene, increased demand for ethylene tetrafluoroethylene in various end-use industries, and better properties offered by ethylene tetrafluoroethylene than glass and other conventional fluoropolymers are driving the growth of the ETFE Market across the globe. Ethylene tetrafluoroethylene is used in various applications such as films & sheets, wire & cables, tubes, coatings, and others due to its lightweight. Moreover, ethylene tetrafluoroethylene can be recycled into various other useable products. It is 100% recyclable and requires lesser fabrication than the traditional building materials, thereby reducing CO2 emissions.
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Ethylene tetrafluoroethylene is replacing glass or plastics in the building & construction industry. It is highly transparent and hence, allows a large amount of natural light to enter buildings, thereby creating bright and open spaces that can emulate the outdoors. This reduces the cost of artificial lighting and hence, resulting in energy saving. All these factors have also resulted in a significant demand for ethylene tetrafluoroethylene.
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Based on type, the pellet/granule segment is projected to lead the ETFE Market, in terms of both, volume and value during the forecast period.
The pellet/granule form of ethylene tetrafluoroethylene can be both, extruded and injected to convert it to films & sheets, wires & cables, and tubes, which are then used by various end-use industries such as architecture, automotive, chemical processing, and others. The excellent tear propagation resistance and extremely high resistance to the outdoor weathering offered by them, make ethylene tetrafluoroethylene granules suitable for the production of architectural and other films.
Based on technology, the injection segment of the ETFE Market is projected to grow at the highest CAGR, in terms of both, volume and value during the forecast period.
Ethylene tetrafluoroethylene resins can be processed at a wide range of temperatures due to their improved thermal stability and low melting points using the conventional injection molding techniques. These resins are also resistant to ultraviolet rays, making them suitable for outdoor applications. Ethylene tetrafluoroethylene resins, which are available in the granular or powder forms, can be molded to tubes by the injection molding process, which is used in the automotive and medical industries.
Based on application, the wires & cables segment of the ETFE Market is projected to grow at the highest CAGR from 2018 to 2023, in terms of both, volume and value.
Ethylene tetrafluoroethylene is used as an insulation material for wires & cables and cable jacketing. Ethylene tetrafluoroethylene-insulated wires & cables exhibit a high level of mechanical toughness, flexibility, and abrasion resistance. Ethylene tetrafluoroethylene insulations are commonly used in applications, which require high mechanical strength, improved chemical resistance, high-temperature endurance, and excellent electrical stability. These insulations are used for medical and scientific instruments, computers, motors, transformers, aircraft, appliances, process instrumentation, and marine systems.
The Asia Pacific ETFE Market is projected to grow at the highest CAGR during the forecast period, in terms of both, volume and value.
The growth of the Asia Pacific ETFE Market can be attributed to the easy availability of cheap labor and economical and accessible raw materials, which have led to significant foreign investments in the region. This, in turn, has led to the growth of various end-use industries in the Asia Pacific region, thereby resulting in an increased demand for ethylene tetrafluoroethylene from the region. The growing economy of countries such as China, Indonesia, Taiwan, and India is also attracting increased foreign investments in these countries, thereby leading to the growth of the ETFE Market in the region.
The key companies operating in the ETFE Market include Asahi Glass Company (Japan), Daikin Industries (Japan), The Chemours Company (US), 3M (US), Quadrant (Switzerland), Guangzhou LiChang Fluoroplastics (China), Hubei Everflon Polymer (China), Ensinger (Germany), and Vector Foiltec (Germany).
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