Demand from the automotive and aerospace industries is a key driver of this market growth, with fluoropolymers being a crucial component in these sectors.
WILMINGTON, DELAWARE, UNITED STATES, February 22, 2024 /EINPresswire.com/ — The global fluoropolymers market saw a significant rise in 2019, reaching $7.66 billion, with further growth estimated to $11.70 billion by 2027, showing a Compound Annual Growth Rate (CAGR) of 6.5%. The report published by Allied Market Research offers a detailed analysis of market dynamics, key strategies, business performance, major segments, and competitive scenarios. Demand from the automotive and aerospace industries is a key driver of this market growth, with fluoropolymers being a crucial component in these sectors. However, the surge in the price of Polytetrafluoroethylene (PTFE) has been a major restraint on the market. Nevertheless, the increasing usage of fluoropolymer films in construction and energy sectors could provide new growth opportunities for market players in the future.
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The COVID-19 pandemic had a significant impact on the fluoropolymers market, with manufacturing companies experiencing disruptions due to a supply chain crisis. Aircraft and automobile manufacturers were also affected due to shutdowns and reduced production. Despite this, the market is expected to recover, with the report offering a detailed breakdown of the impact on the market based on various factors.
The report provides a comprehensive segmentation of the market based on product type, application, end-user industry, and region. PTFE is the largest segment, accounting for over half of the total market share in 2019, with a CAGR of 7.2%. Pipes are the largest application segment, with over a quarter of the total market share, and are expected to maintain the largest share throughout the forecast period, with a CAGR of 3.3%.
The Asia-Pacific region contributed to more than half of the total market share in 2019 and is expected to grow at the highest CAGR of 6.6% from 2020 to 2027. Leading market players in the fluoropolymers market include Asahi Glass Company Limited, Arkema SA, Daikin Industries, The Chemours Company, Dupont, Dongue Group, Mitsubishi Chemical, Honeywell, Saint-Gobain, and SABIC Innovative Plastics.
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