The market for fluoropolymers is being driven by the expansion of existing application markets and emergence of new markets, as per MarketsandMarkets.
Automotive and transportation industry is the largest end use application for fluoropolymers. The growing trend towards lower vehicle weight, lower emissions, and enhanced fuel efficiency is expected to drive the consumption growth of fluoropolymers in the automotive and transportation industry. The high sales growth of the passenger cars in emerging markets such as China and India is also expected to boost the market. Electrical and electronics is the second largest application for fluoropolymers where they are increasingly being used in semiconductor fabrication, wire and cable insulation, lithium-ion batteries, jacketing, etc.
The global fluoropolymers market in terms of revenue was estimated to be worth US$5880 mln in 2010 and is expected to reach US$9446 mln by 2016, growing at a CAGR of 6.5% from 2011 to 2016.
North America dominates the global fluoropolymers market, accounting for 40.7% of the overall market in 2010. The growth in the Asia-Pacific market is expected to be fuelled by countries such as China and India.