A Global Fluoropolymer Market Report – Space Exploration, Housing Sector, and Electronic Products will record a Rise in Demand
Within the period between 2018 and 2023, the Global Fluoropolymer Market will record an excellent growth of a CAGR of up to 6.18%. That is not entirely new since the market has been registering a positive growth over the years. One of the major factors that have played a considerable role in the growth of the global fluoropolymer market is the rise in demand for related products. The major industries that have contributed to the same are the automotive, electronics and construction sectors.
The automotive industry has registered a rise in demand for obvious reasons. One of them is an increase in the investment of not only aerospace but also the defense industries. The case is also similar when it comes to space exploration.
That’s not all since both electronics and housing are proliferating. Ever since the emergence of government initiatives regarding accommodation, the revival of global economic condition together with the economies related to the housing sector, the global fluoropolymer market has never been the same. Constructions use various fluoropolymers including PTFE, PFA, and PVDF. Their importance when it comes to improving not only the physical but also the chemical properties of such properties is indisputable.
In addition to that, the same fluoropolymers are also common in the aerospace, transport and automotive. PVDF is also commonly used in making composite films that are famous for being environmentally friendly. Based on the forecast, that particular industry will grow at a CAGR of 3.9%. Equally important, the major global construction market will comprise Russia, Saudi Arabia, Malaysia, Vietnam, China, and India.
There are yet other factors. First, the fact that every region and country is striving to ensure that they are self-reliant as far as defense. Secondly, there is also a rise in demand for markets such as electronics and semiconductor. Last but not least, people have decided to venture in hi-tech fields including rocket propellants aerospace.
Going into details of the global fluoropolymer market, segmentation was based on the likes of application, type of product and regions. The Asia Pacific contributed to the largest market in 2018 about the region segmentation. Equally important, the APAC region will hog the market throughout the forecast period. The market share was 39% and is expected to increase by over 1% throughout the period. As far as products are concerned, PFTE has been leading by 57% market, and that will not change either.