Fluoropolymer market grows at a CAGR of 5.7% to reach US$9.8 bln by 2018

25-Nov-13

The global market for fluoropolymers is estimated to grow from US$7.2 bln in 2013 to US$9.8 bln by 2018, with a CAGR of 5.7% from 2013 to 2018, as per MarketsandMarkets. The market for fluoropolymers is being driven by the expansion of existing application markets and emergence of new markets. Fluoropolymers exhibit properties superior to other polymeric materials and rubber which make them ideally suitable for a wide range of applications, especially applications demanding extreme environments, such as high temperature stability, high chemical resistance, superior dielectric properties, weldability, mechanical strength, etc. The 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 highest sales growth of 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. Emerging new applications including photovoltaic modules, fuel cells, jacketing, lithium-ion batteries, etc. would also fuel the growth of the fluoropolymers market in the near future. The durable nature and excellent performance characteristics of fluoropolymers in harsh environments and demanding applications are expected to further help the market. North America dominated the global fluoropolymers market, accounting for major share in the overall market in 2012. The growth in the Asia-Pacific market is expected to be fueled by countries such as China and India.