Fluoropolymer Coatings Market

Global Fluoropolymer Coatings Market Size (2024-2029)

The Global Fluoropolymer Coatings Market was worth USD 2.02 billion in 2023 and is anticipated to reach a valuation of USD 2.89 billion by 2029 from US$ 2.14 billion in 2024, and it is predicted to register a CAGR of 6.2% during the forecast period 2024-2029.

MARKET SCENARIO

A polymeric structure with a systematic arrangement of the fluoro-ethylene and vinyl-ether molecules is called a fluoropolymer. Fluoropolymer coatings are a mixture of high-performance resins such as ferroelectric polymers and lubricants and have features like low coefficient of friction, corrosion protection, and chemical resistance. Some other features include electricity resistance, non-wetting, reduced friction, anti-galling, and low-surface tension. Fluoropolymer coatings play a crucial role in the building and construction sector due to their features like protection from corrosion, abrasion, and electric resistance. Fluoropolymer coating has applications in steel and iron metal coating, which is used in heavy machinery, automotive, and others. The wider application of fluoropolymer coatings in many sectors drives the demand for the market.

MARKET DRIVERS

The rise in the production of iron and steel products is acting as a market driver.

Fluoropolymer coatings act as an insulating material on iron and steel products because of their excellent insulating properties. So, the application of fluoropolymer coatings is more prevalent in iron and steel products and is acting as a driving factor for fluoropolymer coatings in the market. Copper, zinc, and ethylene-tetra fluorinated ethylene polymers are used as fluoropolymer coating. According to the World Steel Association, the production of crude steel is higher compared to the past few years, resulting in the increased demand for the fluoropolymer coatings market as there is an increased requirement for fluoropolymer coatings with the increased production of iron and steel products.

Electric vehicles use a wide variety of steel, iron, and by-products, which would lead to increased demand for the market.

The demand for electric vehicles is growing worldwide; this would act as a driving factor for fluoropolymer coatings in the market. Fluoropolymer coatings are widely used on metallic substrates such as aluminum, zinc, copper, and other metals and for ferroelectric polymers like polyvinylidene difluoride and ethylene-tetra fluorinated ethylene polymers. There is a wide requirement for fluoropolymer coatings for the exteriors of electric cars. In 2020, electric car registrations experienced a year-on-year increase of 40%, according to the International Energy Association (IEA). Fluoropolymer coatings are used on electric cars to protect them from corrosion and rust. The wide applications and advantages of fluoropolymer coatings in the electric cars industry drive the market's demand.

MARKET RESTRAINTS

Some major restraints in the fluoropolymer coatings market are the high cost of fluoropolymer resins and strict norms regarding hazardous material release. Some of the fluoropolymer resins are very expensive, which causes a slight hindrance to the market growth during the forecast period. Some volatile organic compounds (VOC) are released while manufacturing fluoropolymer coatings. These dangerous, volatile gases are released into the water bodies by the factories, which are very dangerous to the environment and living beings. The government has set various strict rules and regulations to mitigate the destructiveness that may be caused by releasing these gases. In most countries, there is a limit of 90 parts per million (PPM) of VOC content in the total content, and it is based on the total non-volatile content weight of the paint. Such restrictions may act as a limitation in the adoption of fluoropolymer coatings. Some other challenges in the market are difficulty in procuring raw materials, an increase in the raw materials cost, and a rise in fuel prices due to various economic, political, and environmental factors, which would cause a drastic reduction in the demand for the market.

MARKET OPPORTUNITIES

Acceptance of environment-friendly coatings is increasing at a higher rate, which would provide an opportunity for the growth of the fluoropolymer coatings market. As per the 13th five-year plan of China, there is great market growth and expansion opportunity in this nation because, as per the plan, the nation is concentrating on urbanization, which involves the development of the public infrastructure. As China is a cost-sensitive market, it focuses more on products that provide a long lifespan and reduce the cost of maintenance and recoating. Fluoropolymer coatings suit the nation's requirements, and there is expected to be a huge demand for fluoropolymer coatings in this region.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Fluoropolymer Coatings Market Analysis By Type

• Polyvinylidene Difluoride (PVDF)

• Polytetrafluoroethylene (PTFE)

• Ethylene Tetrafluoroethylene (ETFE)

• Fluorinated Ethylene Propylene (FEP)

• Others

The polyvinylidene Difluoride (PVDF) segment is expected to hold a significant market share in the fluoropolymer coatings market. PVDF is generally a thermoplastic fluoropolymer that has been used in applications where there is a requirement for high purity, and resistance to solvents, acids, and hydrocarbons. It has wide applications as chemical tank liners, semiconductor equipment components, architectural coatings, automotive, electronics, aircraft, and others. It has the features of high electrical resistance, anti-chemical corrosion, and heat resistance, so it is widely used as an insulator in electrical wires. These advantages and applications drive the demand for the segment in the market.

Global Fluoropolymer Coatings Market Analysis By Application

• Food Processing

• Automotive

• Electrical & Electronics

• Chemical Processing

• Building & Construction

• Others

The building and construction industry holds a significant share of the fluoropolymer coatings market. Various products used in the building and construction sector require Fluoropolymer coatings, and there is an increase in construction activities in the world, increasing in demand for the market. The oil & gas industry also has a high market share in the fluoropolymer coatings market. The exploration and recovery of oil & gas have the presence of highly corrosive chemicals, high temperatures, and pressure. Fluoropolymer coatings are required to increase the operational life of the materials and withstand these harsh conditions. Such huge requirements increase the demand for the market.

REGIONAL ANALYSIS

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Asia-Pacific region is expected to have a significant share in the fluoropolymer coatings market owing to the wide applications of fluoropolymer coatings in numerous end-user segments. Countries in this region, like China, have planned an outline to focus on the development of airports, railways, and water infrastructure as a part of urbanization that drives the need for fluoropolymer coatings. China is also the largest manufacturer of automotive and auto components, which also raises the requirement for fluoropolymer coatings. An increase in consumer purchasing power and demand for premium cars drive the market in the region. North America also dominates the market owing to the region's production development and consumption.

KEY MARKET PLAYERS

1. PPG Industries
2. Whitford
3. Akzo Nobel N.V.
4. Daikin Airconditioning India Pvt. Ltd
5. Desert Coating Solution
6. DuPont
7. Nippon Paint Holdings Co. Ltd.
8. BASF SE
9. Evonik Industries
10. The Chemours Company

RECENT HAPPENINGS IN THE MARKET

• In 2021, CORAFLON platinum fluoroethylene-vinyl ether (FEVE) is launched by the PPG industries. This new launch has applications in architectural extrusion profiles and aluminium sheets.