The MRFR analysis suggests that the global market for filled fluoropolymers market size is estimated to cross USD 5 billion by the end of 2028. The report further predicts the market to thrive at a healthy CAGR of over 6% during the review timeframe.
Fluoropolymers refer to a group of plastic resins that are based on fluorine/carbon bonding. The line of products is speckled by manipulating that bond by adding or subtracting fluorine via other bonds such as ethylene, chlorine, and other chemical agents. Filled fluoropolymer includes mixing a steady mixture of alternative compounds and inserting it within the fluoropolymer matrix to produce a polymer that functions well in particular and highly aggressive environments. The global market for filled fluoropolymers market size has registered substantial growth in the last few years. The market's growth is mainly credited to the growing use in the oil gas processing industry for applications such as well-drilling components, dip tubes, seals, pump interiors, etc. Furthermore, the increasing adoption in the mechanical civil engineering applications and electrical electronics industry is also likely to boost the market's growth over the coming years. on the other hand, the hazards associated with the fillers or pigments are likely to impede the market's growth.
Competitive Analysis
The global market for filled fluoropolymers market size has an incredibly strong and competitive landscape. The players across the global market are implementing numerous growth policies to strengthen their global market position and expand their geographical reach. Some of the popular strategies include strategic partnerships, collaborations, product launches, and mergers. With the rapid growth in demand across the globe, the leading players in the filled fluoropolymer market are making heavy investments in research development activities.
The global market for filled fluoropolymer market has prominent leaders such as FLUORTEN (Italy), Standard Fluoromers Pvt. Ltd. (India), HaloPolymer, OJSC (Moscow), U-Tech Polymers (India), Shashi Fluoroplastiks (India), AGC Inc. (Japan), 3M (US), HINDUSTAN NYLONS (India), AFT Fluorotec Ltd (UK), DAIKIN INDUSTRIES, Ltd. (Japan), The Chemours Company (US), Mitsubishi Chemical Corporation (Japan), and several others.
Segment Analysis
The global market for filled fluoropolymers has been segregated into several segments based on end-user and region.
Based on end-user, the global market for filled fluoropolymer is split into chemical processing, healthcare, oil gas, electrical electronics, automotive transportation, and others.
Regional Analysis
The global market for filled fluoropolymers is studied across five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East Africa.
The MRFR report suggests that the North American region will secure the top position in the global market for filled fluoropolymers. The regional market's growth is mainly credited to the high energy consumption across the states. In 2020, the core energy consumption across the US stood at 92.94 quadrillions BTU, out of which 34% and 35% were accounted by gas and petroleum.
The Asia-Pacific region is emerging to the next leading revenue pocket in the global filled fluoropolymer market over the assessment era. The regional market's growth is attributed to growth potential in developing countries such as Malaysia, Thailand, South Korea, and India. Furthermore, the capacity expansion for oil gas is also one of the crucial aspects boosting the regional market's growth. In addition, the factors such as the increasing number of manufacturing bases, fast-paced industrialization, and rising demand for energy in the region are also projected to impact the regional market's growth positively over the assessment timeframe.
Recent Developments
January 2022 – AGC Chemicals Americas has announced its plans to expand its Thorndale, Penn., compounding manufacturing plant, which will add up to 50% more production capacity, a QC lab, and office space. Parent company AGC Japan, in 2021, founded the Global Compounds business in Exton, Pennsylvania, to manage customer requirements over various markets in several geographical regions that the Thorndale site services. Construction started in December 2021, with a target completion date of July 2023.
The Thorndale facility was selected for the expansion due to its large presence in the transportation, coatings, semiconductor, industrial, energy, aerospace markets and strong technical capabilities in compounding fluoropolymer resins.
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