The global fluoropolymer market to grow at a CAGR of 5.46% during the period 2016-2020.
The report covers the present scenario and the growth prospects of the global fluoropolymer market for 2016-2020. To calculate the market size, the report considers the revenue generated from the fluoropolymers market across regions has been considered for
One of latest trends in the market is rise in applications of fluoropolymers in construction and pharmaceuticals. Fluoropolymers are in high demand in the construction segment due to its high durability, UV radiation resistance, and anti-corrosion properties. They are used in manufacturing materials such as architectural membranes, coatings and paints, caulks, tubings, and wires and cables. The architectural membranes made of fluoropolymer coated fabrics, especially PTFE, are used in the construction of large roofs (mainly in stadiums).
According to the report, one of the primary drivers in the market is rapid growth and expansion in APAC. Currently, APAC is the largest producer and consumer of fluoropolymer products. The region is the largest market for PTFE, the largest fluoropolymer product type, accounting for around 40% of the global market share by revenue. Further, the availability of raw materials (fluorspar, ethylene, and fluorocarbon) at lower prices and availability of skilled labor, land, and industrial equipment has made the region a target destination for manufacturing fluoropolymers.
Further, the report states that one major challenge in the market is intense competition from low-cost products from China. China produces low-cost fluoropolymers (mainly PTFE) in huge quantities, which it exports to other countries, including the US, Europe, and countries in Middle East Asia. This is posing a challenge to other manufacturing countries such as Japan, Germany, India, and Russia. The availability of cheaper products can be attributed to factors such as the availability of cheap labor, efficient supply chain, mass production and dumping, and controversial currency manipulation of Chinese Yuan.