Ethylene Tetrafluoroethylene Market Trends
Growth Drivers
- Growing Demand from the Aviation and Aerospace Industries – These industries use ETFE for wire coatings and fuel efficiency. The demand for fluoropolymers such as ETFE is heightening in the aerospace industry with the rising need to employ far lighter materials for aerospace construction so as to reduce the jet fuel demand globally. Lighter materials reduce the weight, improving the agility and speed of aerospace craft besides reduction of needed fuel quantities. The International Energy Agency predicts that jet fuel demand is anticipated to rise at an annual average of 7.2 million barrels a day in 2023 worldwide, compared to 6.1 million in 2022.
- Increasing Investment in Clean Energy – for instance, it was found that the energy investment globally increased by 8% in 2022 to reach USD 2.4 trillion with the anticipated rise coming mainly in clean energy. Moreover, solar PV was observed to account for 3.6% of total global electricity generation in 2021, remaining the third largest renewable electricity technology behind hydropower and wind. This transition is expected to boost the ETFE market growth as ETFE solar panels have widespread applications from small solar collectors to industrial PV systems.
- Prospering Architectural Sector – The boom in the architectural sector can be affirmed by the rising employment opportunities in the sector. For instance, according to the U.S. Bureau of Labor Statistics (BLS), architecture design careers are projected to grow by 3% between 2022-2030. Moreover, the growing use of ETFE in modern architectural projects to build stadiums, polytunnels, and other such structures owing to its cost-efficiency and toughness is anticipated to propel the global ethylene tetrafluoroethylene market in the upcoming years. For instance, as per studies, it is found that ETFE has high strength and is expected to bear a weight that is 400 times its own weight.
Challenges
- Concern About Plastic Pollution – ETFE though claimed "natural" building material is plastic in reality owing to which its widespread utilization is debatable, hampering its market growth. With plastic pollution becoming a major global threat the demand for ETFE is anticipated to hamper over the forecast period. It is observed that of all plastic waste generated worldwide only 9% of plastic gets recycled. Moreover, 24 billion pounds of plastic enter the oceans every year gradually creating a plastic ocean that is responsible for killing over 1 million marine animals.
- Inability to Curb Sound Transmission
- Complexity in Use for Small Projects
Global Ethylene Tetrafluoroethylene Market: Key Insights
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
6.7% |
|
Base Year Market Size (2024) |
USD 498.97 million |
|
Forecast Year Market Size (2037) |
USD 1.15 billion |
|
Regional Scope |
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