Global Fluoropolymer Coating Market - Overview
The fluoropolymer coating is defined as a combination of fluoropolymer-based lubricants and high-performance resin. A new report on the global fluoropolymer coating market, published by Market Research Future (MRFR), states that this market can explore expansion at 6.1% CAGR between 2021 and 2030. In terms of money value, the market can be worth USD 2,139.7 Mn by the end of the forecast period.
The most significant market driver for the global fluoropolymer coating market growth is its significant use in the food processing industry. It can be applied on trays and mold in the making of bread, candy, and cheese to prevent sticking. Other market drivers for the global fluoropolymer coating market growth include a rise in demand for bakery products, craze for ready-to-eat-foods, shifting customers preferences, and a rise in the working population. A fluoropolymer coating is used in metals that are used for constructing roofs during the process of building construction. In the automobile sector, the fluoropolymer coating is used for protecting the metal from corrosion.
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Global Fluoropolymer Coating Market – Prominent Players
Daikin Industries Ltd (Japan),PPG Industries Inc. (US),The Chemours Company (US),KCC Corporation (South Korea),Kansai Paints Co. Ltd (Japan),The Sherwin-Williams Company (US),Walter Wurdack Inc. (US),Axalta Coating Systems Ltd (US).
Drivers and Restrains Impacting Fluoropolymer Coating Market
A fluoropolymer coating is known for its ability to provide better product durability and increase life span. In insulating wires to prevent them from catching fire, this type of coating is getting momentum. Especially, this is true for the aerospace industry. Among its other usage, fluoropolymer coating finds significant usage in the food processing industry where it is applied on the mold or baking tray to prevent food items from sticking. Its application in the setup for crude oil production is also quite substantial. In the automobile sector, the fluoropolymer coating finds significant traction.
Fluoropolymer Coating are predominantly utilized in various end use industries such as construction, oil gas, automotive, food processing, cookware, aerospace, and others. Fluoropolymer Coating market is estimated to witness robust growth on account of rising demand from construction sector and continuous growth of automotive as well as oil gas industry across the globe. Furthermore, oil gas is estimated to remain the largest consumer of fluoropolymer coating in 2016 and is predicted to retain its dominance over the assessment period due to their highly non-reactive nature, which provide resistance to the reactions with solvent and bases. Moreover, increasing crude oil production across the globe to meet the energy demand for growing population is estimated to fuel the market growth. In addition, automotive end use segment is estimated to grow with the highest CAGR on account of increasing per capita disposable along with rising demand for passenger vehicle in developed and developing nation.
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Fluoropolymer Coating Market - Segments:
The global report on the market for the fluoropolymer coating has segments like resin and end-use industry. This segmentation reveals several inputs regarding the market and helps in the understanding of insights as to the premise of future strategies.
By resin, the report on the global market for fluoropolymer coating can be segmented into polytetrafluoroethylene (PTFE), polyvinyl fluoride (PVF), perfluoroalkoxy alkanes (PFA), ethylene tetrafluoroethylene (ETFE), fluorinated ethylene propylene (FEP), and others. The polyvinyl fluoride segment has the upper hand as its intake in various end-use industries is growing.
By end-use industry, the global report on the fluoropolymer coating market comprises building construction, aerospace, automotive, food processing, electrical, and others. The building and construction segment had the maximum market share of 20.1% as per the last analytical report.
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Global Fluoropolymer Coating Market -Regional Analysis
A geographical outlining of the global fluoropolymer coating market covers North America, Asia Pacific, Europe, Latin America, and the Middle East Africa (MEA).
In North America, the market has potential to grow as the largest, and during the forecast period, it can grow at 5% CAGR due to the production expansion and consumption in this region. The USA is the leading country-specific market in term of volume consumption. High consumption happens as USA is one of the largest markets for aircraft, automotive, and electronics products. Demand for new vehicles is also growing in the USA due to the presence of many key market players and high disposable income of people. Many key players of fluoropolymer coating market are also based in the USA. After USA, Canada is the strongest country-specific market.
The Asia Pacific market is the fastest-growing regional market in terms of revenue. The revenue is high due to the increasing number of the construction project where the application of fluoropolymer coatings is required in metals used for constructing roofs. Fluoropolymer coatings provide durability, weather ability, and ultraviolet (UV)-resistance to construction materials, that makes it an ideal application for the construction industry. Thus, the surge in urban population is expected to propel commercial building activities and residential building activities that can drive the fluoropolymers coatings market in this region during the forecast period. An examination of the remaining countries in the Asia Pacific region featured in this report sums up the additional market revenue from some other countries.
The European market can witness a remarkable growth due to the increasing application of fluoropolymers coatings in the electronic appliances industry and food processing industry. The rising expenditure on product innovation and surging purchasing power of consumers are also boosting the market growth in this region. Presence of diverse automobile manufacturers in this region, especially in Germany, is also boosting the market growth. Research on the remaining countries in Europe featured in this report estimate the strong addition to market revenue from various other countries in this region.
In Latin America, as well as the MEA region, the market is growing primarily due to the increasing public and private sector investment in the construction industry. The investment is generating higher demand for fluoropolymers coatings. In the MEA region, the market can grow due to increasing demand for fluoropolymer coating. An assessment of the remaining countries in the MEA region featured in this report anticipates a decent contribution to market revenue from some other countries.
In Latin America, the market in countries like Argentina, Brazil, and Colombia, is predicted to witness a substantial growth due to increasing consumer spending on passenger cars. The involvement of new technologies and inventions in fluoropolymer coating can also strengthen the market in this region. Mexico is another important country-specific market in this region. An assessment of the remaining countries in Latin America listed in this report anticipates a decent contribution to market revenue from many other countries.
Industry/ Innovation/ Related News:
January 2017- Arkema group, one of the leading supplier of coatings is persistently promoting the cooperative synergies between Arkema’s fluoropolymer and polyamide product offerings, the technical polymers business is announced to launch new Kynar PVDF powder coatings. With this product launch the company enhance its product portfolio and to position itself as true solution providers for the industry.
July 2016- Precision Coating Co., Inc. announced to establish a new plant operations in Costa Rica. The new plant has an area of around 1300 square metre and estimated to start its operation by the end of July 2016. This plant is involved in the manufacturing of fluoropolymer coating solutions and their derivatives for a broad range of medical applications and processes.
January 2016- Precision Coating Co., Inc. declared to acquire Boyd Coatings Research Co., Inc., a leading supplier of coating application services in Hudson, MA. This acquisition helps to create a fluoropolymer coatings application powerhouse providing global medical device manufacturing capabilities.
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