The high-performance fluoropolymer (HPF) market is projected to grow from USD 3.7 billion in 2021 to USD 5.1 billion by 2026, at a CAGR of 6.8% during the forecast period. The growth of the high-performance fluoropolymers industry can be attributed to its high demand from various end-use industry and growing demand from renewables.
The transportation (automotive and aerospace), electrical & electronics, industrial processing, and medical industries extensively use HPF due to their advantages over other polymers and versatile properties. These industries are growing rapidly, which is boosting the demand for HPF. High heat resistance, low weight, high dimensional stability, and good chemical resistance are increasing the demand for HPF in the automotive industry. HPF are used in various parts of engines to improve the performance and durability of vehicles. They are used to manufacture different interior and exterior components in the automotive and aerospace sectors. The growth opportunities of the HPF market in the automotive industry are primarily linked to lower emissions and increased fuel efficiency. In the aerospace industry, it is important to use a material, which is fire-retardant and emits low smoke and toxic gases. The various applications in this industry require HPF that can withstand aggressive application conditions under a broad range of temperatures. In aerospace engineering, lightweight materials are highly used, and thus, the aerospace industry is dependent on HPF that have the perfect combination low weight; temperature, flame, abrasion, and chemical resistance; and flexibility, and non-leaching capabilities.
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Effective dielectric property, biocompatibility, and lubricity of HPF are leading the way for their adoption in medical surgeries and other procedures. HPF are used in the production of multi-lumen tubing, which is required for the manufacturing of minimally-invasive devices. Because of high-resistance toward chemicals and heat, they are used in implants for the hip, ear, skull, nose, and knee parts. The growing use of HPF in various applications, such as catheters, syringes, sutures, and bio-containment vessels, is driving the market. Some industries are entirely dependent on HPF, for instance, the semiconductor industry. This is because a fluoropolymer is the only material that can hold and transport the chemicals used in the semiconductor production process.
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 2020, 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 households, 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 Chemours Company (US), Daikin Industries (Japan), 3M (US), Solvay (Belgium), AGC, Inc. (Japan), The Dongyue Group (China), GFL Limited (India), Fluoroseals SpA (Italy), Halopolymer (Russia), and Hubei Everflon polymer (China) are a few active players in the HPF market.
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