Fluoropolymers market size was valued over 720 kilo tons in 2014. Increasing demand of polymer for manufacturing semiconductors functioning in electrical appliances such as smartphones and computers is likely to drive industry growth over the forecast period. Rising electronics industry especially in Japan, China and South Korea, in light of rising domestic demand coupled with existence of R&D base is projected to boost growth over the forecast period.
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Fluoropolymers are widely used in several applications for numerous industries such as electronics, automobiles electrical and chemical processing industries mainly due to its excellent tensile strength and maximum resistance. Based on product, fluoropolymers industry was dominated by polytetrafluroethylene (PTFE) market as this segment contributed for over 60% of the total volume in 2014. Additionally, Chemical stability and enhanced wear resistance are the vital properties of PTFE and are majorly used in manufacturing pump interiors, gaskets, seals, pimp interiors and other industrial applications.
Polyvinylidene diflurode (PVDF) is projected to undergo rapid growth and is estimated to cross over USD 408 kilo tons by 2022. Furthermore, it is widely used as an insulation material in electrical wires as it contains properties like low thermal conductivity, flexibility heat resistance and chemical corrosion resistance.
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Rising significance of piezoelectric materials in electronics segment is anticipated to favor industry growth for PVDF over the forecast period. Furthermore, Augmenting expenditure towards development of PVDF based architectural coatings by chemical manufacturers like Solvay is estimated to offer new avenues over the coming years.
In 2014, Industrial applications dominated the market contributing for over 30% of the total fluoropolymers market. Fluoropolymers are broadly used in industrial applications such as filtration membranes, fuel gas heath exchangers, pharmaceutical processing equipments and coatings. Fluorine based polymers are widely used in industrial applications to supply corrosion resistance. Furthermore, Construction is anticipated to be the emerging application segment growing at a CAGR of over 11% during 2015 to 2022.
Rising construction spending in Middle East, India and China in light of supportive regulations to encourage infrastructure developments is likely to influence the market over the forecast period. Asia Pacific region contributed over 30% of the total market volume in the year 2014. Furthermore, North America market contributed over 290 kilo tons in 2014 and is anticipated to develop further owing to augmenting construction, electronics and automotive sector in the U.S
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