The high-performance fluoropolymer (HPF) market is projected to grow from USD 3.3 billion in 2019 to USD 4.6 billion by 2024, at a CAGR of 6.9% 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 PV installations.
Coatings Segment: The Largest Market Share in HPF Market
HPF possesses high energy & stronger C-F bond, excellent oxidative stability, boiling point, and electrochemical properties, which make them highly suitable for coating application in various industries. Owing to these unique benefits, HPFs are in high demand in the form of coating for various substrates such as metal, glass, fiber, plastics, and wire & cables.
PTFE Accounted for the Largest Share in Total HPF Market
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.
APAC is Projected to be the Fastest-growing HPF Market
APAC is expected to be the fastest-growing market for HPF, owing to the presence of large manufacturing and highly populated countries, such as China and India. China, India, Japan, Indonesia, and South Korea are some of the key countries in the HPF market in this region.
In 2018, China accounted for the largest share of the APAC market, owing to the presence of:
- Chemical Businesses
- Automotive Industries
- Medical Sector
- Electronics Industries
The growing production of automobiles, consumer household, medical disposables, and their increasing demand across the region boosts the demand for HPF. Growth in the manufacturing of automobiles and electronics hardware across the region is expected to grow further with changing demographics. Owing to which APAC is projected to be the fastest-growing HPF market.
Source: MarketsandMarkets