Global consumption of fluoropolymers is expected to reach 969.1 million lbs. in 2020
Wellesley, Mass. (PRWEB) June 30, 2015
Global demand for fluoropolymers is growing at an increasing rate due to world economic activity. BCC Research reveals in its new report that with the Western fluoropolymer markets being mostly mature, the Asia-Pacific region is the main growth engine.
The global market for fluoropolymers amounts to a projected 740.4 million lbs. in 2015, with a market value of $8.7 billion. Global fluoropolymer consumption is forecast to grow during the forecast period of 2015 to 2020 at a compound annual growth rate (CAGR) of 5.5%, reaching 969.1 million lbs. and a value of $11.3 billion in 2020. Fluoropolymer demand during the forecast period will continue to be driven primarily by the emerging and developing economies of Asia-Pacific.
In general, fluoropolymer market growth in developed geographic regions will not exceed GDP growth by very much. Most key markets are mature and most of the replacement of traditional materials by fluoropolymers has already taken place. There are nevertheless growth opportunities in several markets, including automotive and developing electrical/electronic applications.
“As a result of investment in new production capacity and growing market demand, Asia-Pacific is the largest fluoropolymers market in 2015, accounting for approximately 50% of total consumption, followed by North America (28.3%) and Western Europe (17.8%),” says BCC research analyst David Platt.
Mr. Platt adds, “Replacement of traditional materials such as metal, glass and high-performance coatings and composites by fluoropolymers—across a wide range of applications over several decades—has been a key market driver. Fluoropolymer market growth will benefit further from the trend of replacing traditional materials with lightweight, cost-effective and high-performance materials in various niche markets.”
Fluoropolymer Materials: Technologies and Global Markets (PLS080A) analyzes fluoropolymer technology developments, industry structure and market drivers and trends. Company profiles of the leading fluoropolymer resin companies and processors describe their product, market and geographic focus; market share; and recent corporate developments. Market data presented by material, end-use sector and geographic region.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven(dot)cumming(at)bccresearch(dot)com.
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