Fluoropolymer Coating Market Trends

Growth Drivers

• Urban Population Growth – As the population grows, the demand for residential and non-residential buildings is expected to increase. In addition, as cities expand, demand for affordable housing, integrated transportation networks, and other infrastructure, basic services, and jobs increases. By 2021, about 55% of the world's population will live in urban areas, and this proportion is expected to rise to almost 68% by 2050.
• Growing Renewable Energy Industry – Increased investment in renewable energy sources is one of the trends boosting the construction industry. In 2022, India recorded the highest year-over-year increase in renewable energy with over nine of her units.
• Growing Workforce – The size of the working-age population has a significant impact on the labor market and the economy. Moreover, they bring economic growth potential and are expected to drive fluoropolymer coating market growth. Africa's working-age population is expected to grow by more than 20% by 2037.
• Growing Interest in Eco-friendly Products – The desire to protect the environment is a major reason why customers choose sustainable products and brands. Additionally, consumers of all generations, from baby boomers to Gen Z, are willing to spend more on sustainable items. Data show that the number of global web searches for sustainable products has increased by 70% over the past five years. 
• High Demand in Iron and Steel Production Units - One of the key factors boosting interest in fluoropolymer coatings is the rise in the use of these coatings on iron and steel goods. Due to its superior insulating qualities, fluoropolymer coatings are utilized to insulate iron and steel items. A total of 662.8 million tonnes of crude steel were produced between January and April of 2021, a rise of 13.7% as compared to last year.

Challenges

• Strict Environmental Policies and Regulations - Several regulatory organizations in North America, Europe, and MEA enforce strict rules to manage the negative consequences of solvent-based coatings, which are made of volatile compounds and can negatively impact the environment. Strict laws influence the use of the popular fluoropolymer known as polytetrafluoroethylene (PTFE). Thus, the price of using and purchasing fluoropolymer coatings has gone up owing to the necessity to adhere to numerous laws.
• Improper Disposal of Products Coated with Fluoropolymer
• High Cost of Few Fluoropolymer Resins