Fluoropolymer Market 2022 Outlook, Current and Future Industry Landscape Analysis 2031

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 Increasing consumption of fluoropolymer in industrial processing & application is anticipated to create opportunities for growth of the market. According to a new study by Future Market Insights (FMI), over the assessment period between 2021 and 2031, the market will rise at a CAGR of 5.4%.

A fluoropolymer is characterized by high resistance to acids, solvents, and bases. Polytetrafluoroethylene (PTFE) is the most well-known fluoropolymer. It is expected to constitute over half of fluoropolymer sold globally. Fluoropolymers are widely used in industrial processing industries for numerous applications such as heat exchanger coatings, pump impellers, tanks, autoclaves, reaction vessels, flue duct expansion joints, autoclaves, and among others.

Geographically, East Asia is anticipated to dominate the market, accounting for more than one third of market value share. The Fluoropolymer market is estimated to reach a total market value of US$ 12,991.5 Mn by the end of 2031, growing at a rate of 5.3% during the forecast period. Rising demand from end use industries such as industrial processing as well as electrical & electronics are the key factors driving the global Fluoropolymer market during the assessment period.

Due to the COVID -19 crises the automotive and other allied industries has experienced a substantial decline owing to the restriction on trade between the regions, shortage of skilled labor, disruption in supply chain channel and among others. However, the trend is expected to regaining its growing from first half of estimated year and is expected to continue its boost in the near future.

“Some of the key players have developed and introduced risk management and business continuity plans during the pandemic situation by broadening their supply chains network geographically. These companies have multi-sourced goods to minimize their dependence on a single supplier, and they have considered an inventory strategy to mitigate supply chain disruptions,” says an FMI analyst

Key Takeaways of Fluoropolymer Market Study

  • Driven by application across diverse industries, fluoropolymer market is poised to reach US$ 12.99 Bn by 2031
  • Industrial growth will support expansion in the U.S., which is expected to account for over 87% of sales in North America
  • Following a year of set-back in 2020, the U.K. market will recover, exhibiting 3.7% y-o-y growth in 2021
  • Steady growth in Germany and France is expected as fluoropolymer sales continue to rise across various industries
  • China will emerge as a lucrative market within East Asia, accounting for over half of sales registered

Read Full Report - https://www.futuremarketinsights.com/reports/fluoropolymers-market

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