According to the new market research report "High Performance Fluoropolymers Market by Type (PTFE, FEP, PFA/MFA, ETFE), Form (Granular, Fine Powder & Dispersion), End-use Industry (Industrial Processing, Transportation, Electrical & Electronics, Medical), and Region - Global Forecast to 2025″ The high performance fluoropolymer (HPF) market is projected to grow from USD 3.1 billion in 2020 to USD 4.3 billion by 2025, at a CAGR of 7.0% during the forecast period. The growth of the high-performance fluoropolymer industry can be attributed to its high demand from various end-use industry and growing demand from renewables.
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PTFE is the most widely used type of HPF and accounted for the largest market share. There is an increase in the use of dispersion and fine powder PTFE, for various applications, especially in North America and APAC. It is used in a wide range of applications such as semiconductor, automotive components, electrical appliances, and non-stick cookware. The growing applications in the electrical & electronics industry are expected to trigger the demand for PTFE, especially in advanced batteries and fuel cells.
HPF market is segmented into various forms such as suspension/granules, Fine powder & dispersion, and micropowder. HPFs in the form of suspension/granules dominate the market. HPFs exhibit excellent properties, such as good insulation, low surface energies, and high resistance to oils, UV radiation, chemicals, water, and corrosion. Granular fluoropolymers are processed by compression and sintering to make parts directly or to make billets suitable for machining. HPFs in the form of granules are ideal for manufacturing high-performance mechanical/electrical products requiring excellent end-use performance such as skived tapes, films, sheets, machined gaskets, expansion joints, bellows, piston rings, and diaphragms. Suitability of granular form of HPFs in the manufacturing of various components is a major reason for the large market size.
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The global high-performance fluoropolymers (HPF) market size is estimated to be USD 3.1 billion in 2020 and is projected to reach USD 4.3 billion by 2025, at a CAGR of 7.0%, between 2020 and 2025. HPF is used mainly in industrial processing, transportation, electrical & electronics, and medical, among others. It is used for manufacturing various products such as coatings, films, membranes, tubes, wire & cable, seals, gaskets, liner, mechanical parts, and many others in these industries. High chemical & temperature resistance, excellent dielectric properties, and lightweight are some of the characteristics owing to which the demand for high performance fluoropolymers is high in industrial processing segment.
The key players in the HPF market are The Chemours Company (US), Daikin Industries, Ltd. (Japan), 3M (US), Solvay SA (Belgium), AGC (Japan), The Dongyue Group (China), Gujrat Fluorochemicals Ltd. (India), Halopolymer OJSC (Russia), and Hubei Everflon polymer (China). Expansion is the key growth strategy adopted by key HPF manufacturers. Apart from this, acquisition and new product launch are other strategies adopted by manufacturers between 2015 and 2020.
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AGC (Japan) was one of the key players in the HPF market in 2019. It is primarily engaged in the production and marketing of glass, electronic materials, chemicals, and ceramics globally. It has 210 subsidiaries and has a presence in 30 countries across APAC, Europe, North America, South America, and the Middle East & Africa. It hasastrong foothold across the APAC region, contributing around 70% of the group's revenue. The company has adopted organic growth strategies to increase its market share and revenue. For example, in February 2019, the company launched FEP high performance fluoropolymer under its brand AFLAS. This polymer is used majorly in automotive underhood component systems and can withstand an operating temperature of 392OF.
The Chemours Company is one of the leading providers of performance chemicals. It is a pioneer in the fluoropolymers products and has renowned brands, namely, Teflon, Zonyl, and Tefzel, have acquired a significant share in the market. The company has been focusing on organic strategies to maintain its competitive position in the HPF market. In July 2016, the company opened a new Teflon finishes plant at Chemours' Changshu Works site in Changshu (Jiangsu), China. This expansion was aimed at enhancing the production of various fluoroproducts to cater to the growing demand for HPF in Asia Pacific.
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