Global filled fluoropolymer Market Forecast
The global filled fluoropolymer market is expected to exhibit a CAGR of over 6% to reach a value of around USD 5 billion by the end of 2028.
Filled fluoropolymer is manufactured by combining a balanced mixture of alternative compounds and embedding it within the fluoropolymer matrix. This creates a polymer that functions well in highly aggressive environments such as oil & gas and building & construction. Some of the fillers used to fill fluoropolymers include carbon, graphite, glass, bronze, and aluminum.
Under the OSHA standard 29 CFR 1910.1027, respirators must be selected based on the potential hazards of the chemicals in the resins while processing and handling filled compounds. The standard also states that goggles and protective gloves should be worn as recommended on the supplier’s SDS.
In addition to this, the ASTM D4745 – 19 classifies the specification for filled polytetrafluoroethylene (PTFE) molding and extrusion materials. It coversPTFE-filled molding compounds made with virgin PTFE resins defined in a certain specification.
Impact of Coronavirus Outbreak
After witnessing a 3.5% contraction during the COVID-19 pandemic in 2020, the global economic activity has gained significant momentum after the second wave. The recovery in the global market is expected to hit 4.3% in 2022.
The outbreak of COVID 19 has had a negative influence on the global filled fluoropolymer market owing to its extensive use in oil & gas, which witnessed a drop in production in 2020. The market is likely to bounce back to normalcy with the uplifting of bans and restrictions, resulting in oil & gas exploration activities driving the demand for filled fluoropolymer products.
Moreover, the other end use industries also took a toll on account of reduced demand and production along with the disrupted supply chain.
By End Use
- On the basis of end use, the global filled fluoropolymer market has been segmented into oil & gas, automotive & transportation, healthcare, electrical & electronics, chemical processing, and others.
- The market for oil & gas is growing on account of the increasing investment in oil & gas exploration activities across the globe. This can be attributed to the ever-increasing demand for energy which drives the demand for filled fluoropolymer products in the oil & gas industry.
- Filled fluoropolymer is used in machine tools, air compressors, bridge bearing, and hydraulic & pneumatic seals in the automotive, aerospace, and other transportation industries.
- In the pharmaceutical industry, the use of filled PTFE in drug as well as implants manufacturing.
- It exhibits good electric insulation properties and is widely used in insulating cables and connector assemblies. Thus, the product is an ideal choice of material for hookup wire, coaxial cable, and printed circuit boards.
- In the chemical industry, modified fluoropolymers find uses in handling and storing corrosive chemicals andcoating parts such as bearings and screws.
- The others segment includes its uses in machinery and consumer goods.
- North America: Regional growth for filled fluoropolymer in North America is driven by the high energy consumption across the states. The high demand for energy can be attributed to the widespread use of end-use industries and investments in oil & gas projects to meet the domestic supply.
- Asia-Pacific: Asia-Pacificemerged as the fastest-growing regional market. Factors such as improving economic conditions along with fast-paced urbanization and industrialization are driving the global market growth.
- Europe: Europe is a well-established market and is primarily driven by the growth of the automotive & transportation industry in the region, Germany, Russia, and the UK being the major contributors to the regional growth.
- Latin America:The Latin American region is expected to witness significant demand for filled fluoropolymers owing to the growth potential in the region. Increased production and sales of automobiles in the region promote market growth.
- Middle East & Africa: The market in the Middle East & Africa region is expected to witness strong demand for filled fluoropolymer on account of the presence of large reservoirs of oil & gas in the GCC countries.
Some of the key players operating in the global filled fluoropolymer market include 3M (US), Mitsubishi Chemical Corporation (Japan), AGC Inc. (Japan), The Chemours Company (US), Shashi Fluoroplastiks (India), DAIKIN INDUSTRIES, Ltd. (Japan), U-Tech Polymers (India), AFT Fluorotec Ltd (UK), HaloPolymer, OJSC (Moscow), HINDUSTAN NYLONS (India), Standard Fluoromers Pvt. Ltd. (India), and FLUORTEN (Italy).
3M is a diversified technology company with a global presence and operates through four business segments: safety and industrial, transportation and electronics, healthcare, and consumer. The company operates through64 manufacturing facilities in 29 states in the US. Internationally, the company has97 manufacturing and converting facilities across 35 countries. As of 2019, it held 118,000 patents. 3M aims to achieve sustainable growth by switching toward renewable electricity and eco-friendly products.