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The fluoropolymer coating market size is estimated to grow by USD 573.32 million at a CAGR (Compound Annual Growth Rate) of 5.29% between 2023 and 2028. The growth of the market depends on several factors such as the rising population in urban regions, the growing construction activities, and the increasing usage of high-performance coatings.
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In the energy sector, particularly within the oil gas industry, gas exploration plays a pivotal role in meeting global energy demands. Within the gas industry, specialized equipment such as fasteners valves are essential for efficient operations. These industrial components ensure the integrity and safety of gas infrastructure. Moreover, advancements in materials science contribute to the development of more durable and high-performance products.
Growing construction activities is the key factor driving market growth. Fluoropolymer coating is used in a broad range of construction applications, including architectural coating, industrial coating, and automotive coating. One of the primary reasons for this growth is the increasing need for long-lasting and resilient coatings, particularly in the construction industry. Due to their superior resistance to chemical, weathering, and UV(ultraviolet) radiation, coatings are ideal for safeguarding buildings, bridges, and other structures from corrosion, fading, and wear and tear.
Furthermore, governments and private companies are investing in building strong infrastructure to promote economic development and meet the demands of a rapidly growing urban population. This has resulted in an increase in construction activity, which offers plenty of scope for the market. Thus, such factors will boost the growth of during the forecast period.
Growing consumption of fluoropolymer coatings in the automotive industry is one of the primary market trends. Fluoropolymer coatings possess remarkable anti-corroboration capabilities, safeguarding essential components from deterioration due to exposure to extreme environmental conditions, including moisture, chemical agents, and ultraviolet radiation. Thus, they are broadly used in a variety of automotive components.
Moreover, this product can help to reduce friction, which in turn helps to reduce energy losses inside the engine, thus increasing fuel efficiency. Furthermore, their non-stick characteristics reduce the buildup of dirt, making it easier to clean and reducing the use of harsh cleaning agents, thereby contributing to a more environmentally friendly product. Therefore, such factors will expand the market during the forecast period.
The high cost of fluoropolymer resins is a challenge that affects market growth. Fluoropolymer coating resins are significantly more costly than other coatings. Fluorocarbon monomers are the primary source of fluoropolymers, which are typically produced using costly and specialized chemical reactions. Moreover, fluoropolymer coatings offer a range of attractive features that make them suitable for applications with high-performance requirements.
However, these features also contribute to their high cost. For example, the non-stick characteristics of these coatings, which are commonly associated with household names such as Teflon, necessitate the addition of certain chemical additives, which further increase the cost. This high cost will hinder the growth of the market during the forecast period.
The market growth analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
In various industries such as aerospace, automotive, and building construction, the utilization of specialized coating systems is integral for enhancing durability and performance. Among the materials commonly employed in these systems are ethylene-based compounds and fluoropolymer coatings, known for their exceptional resilience to harsh environments.
The building and construction segment is estimated to witness significant growth during the forecast period. Fluoropolymer coatings are majorly used in industries such as food and oil and gas, and in automobile manufacturing. In the building and construction industry, fluoropolymer coatings use the fluorine atom, which has unique properties, particularly very high electronegativity and low polarizability. Owing to these factors, fluorine bonds have higher energy and are stronger than CH bonds.
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The building and construction segment was the largest segment and was valued at USD 522.06 million in 2018. Due to the growth of the building and construction industry segment in developing nations such as India, China, and Indonesia, construction activities are rapidly rising due to the rise in the population. This leads to the growth of the construction segment, which is anticipated to lead to the growth of the market during the forecast period.
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APAC is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC is the leading region for the market due to the increasing usage of construction materials in the residential and non-residential sectors in the region. The rising industrialization of major countries such as China and India and other manufacturing industries have increased the demand in the region.
Furthermore, due to the accessibility of raw materials and the low cost of labor in APAC, many international players are moving their manufacturing facilities to the region. As a result, this product will have a strong market base as businesses invest in manufacturing centers and infrastructure for various industries, including building and construction, and automotive. Thus, such factors are expected to drive the growth of the regional market during the forecast period.
The market is experiencing substantial growth, particularly in the Asia-Pacific region, driven by the burgeoning renewable energy sector and industrial segments. Industries such as oil and gas, crucial for exploration and recovery, heavily rely on these coatings to protect equipment and infrastructure from harsh environments.
Fluoropolymer coatings, derived from polymeric materials, offer premium, high-performance grades, ensuring longevity and durability. They find extensive applications in critical components like fasteners, valves, and subsea connectors, safeguarding them against corrosion and abrasion. With increasing investments in infrastructure and energy projects, the demand is expected to continue its upward trajectory, catering to the evolving needs of various sectors across the globe.
The market growth and forecasting report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Market Scope |
|
Market Report Coverage |
Details |
Page number |
194 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.29% |
Market Growth 2024-2028 |
USD 573.32 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.87 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 42% |
Key countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
PTFE Applied Coatings, Akzo Nobel NV, Daikin Industries Ltd., DuPont de Nemours Inc., Endura Coatings, BASF SE, Beckers Group, PPG Industries Inc., TIGER Coatings GmbH and Co. KG, The Chemours Co., Chem Processing Inc., 3M Co., AGC Inc., Axalta Coating Systems Ltd., The Sherwin Williams Co., Metal Coatings Corp., Toa Resin Corp. Ltd., Nippon Paint Holdings Co. Ltd., Innocoat Systems I Pvt. Ltd., and Tnemec Co. Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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