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%. 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.
The high performance fluoropolymers are used mainly in the industrial processing. COVID-19 has severely impacted this industry
HPFs are used in end-use industries such as transportation, electrical & electronics, medical, food processing, chemical processing, oil & gas, power plants, and building & construction. They are used in the industrial processing, where high thermal and chemical resistance is essential to conduct the operation. Due to the ongoing pandemic, industrial production has been severely affected throughout the world. Workforce shortage, logistical restrictions, material unavailability, and other restrictions have drastically slowed the growth of the industry.
COVID-19 has led the industrial and manufacturing sectors into an unknown operating environment globally. Government restrictions on the number of people that can gather at one place have severely impacted the sector. For example, the component manufacturing sector is heavily hit by the impact of the virus. The production and factory operations in the automotive, electronics, and aerospace are on halt. Most of the industries are dependent on China for raw material supply. Hence, supply chain disruptions also have a major impact on industrial output. The global economy is contracting due to the pandemic.
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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 2019, China accounted for the largest share of the APAC market, owing to the presence of huge chemical, automotive, medical, and 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.
The recent COVID-19 pandemic is expected to impact the global manufacturing sector. COVID-19 led the manufacturing sector into an unknown operating environment, globally. Government restrictions on the number of people that can gather at one particular place, severely impacted the industrial output. HPFs are used in end-use industries such as transportation, electrical & electronics, medical, food processing, chemical processing, oil & gas, power plants, and building & construction. They are used in the industrial processing, where high thermal and chemical resistance is essential to conduct the operation. Due to the ongoing pandemic, industrial production has been severely affected throughout the world. Workforce shortage, logistical restrictions, material unavailability, and other restrictions have drastically slowed the growth of the industry.
Most active players in the HPF market:
The Chemours Company (US), Daikin Industries (Japan), 3M (US), Solvay (Belgium), AGC (Japan), The Dongyue Group (China), GFL Ltd. (India), Halopolymer OJSC (Russia), and Hubei Everflon polymer (China) are a few active players in the HPF market.
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