Fluoropolymer Tubing Market Trends
Growth Drivers
- Surging Demand for Electronics – An increase in the market for electronic devices is the result of more people using telecommuting for work, school, and pleasure, anticipated to drive the market growth. The usage of fluoropolymer tube materials, particularly PTFE, FEP, and PFA, is widespread in electrical and electronic industries. Further, fluoropolymer tubing can provide electrical insulation since it is a great insulator. As of 2021, market for consumer electronics and appliances, including cellphones, washing machines, and smart wearable devices, expanded by over 5% in India.
- Rising Automotive Sector – Rising production of passenger cars, trucks, buses, and other commercial vehicles across the globe is estimated to drive market growth. As of 2021, the global sales of passenger vehicles increased by more than 2, 00,000 units.
- Growing Aviation Industry – On the account of rising middle class population and disposable incomes, the market is expected to expand more in the upcoming years. More than 30% of all aircraft deliveries worldwide are made in the Asia-Pacific region.
- Increasing Industrialization in Developing Countries –In December 2022, India's industrial production climbed over 4% compared to the previous year.
Challenges
- Exorbitant Cost of Fluoropolymers - The increasing concern is associated with the requirement of high investment in production of fluoropolymers tubing is one of the major factors predicted to slow down the market growth. For instance, producing fluoropolymers is a complicated, and costly process, which increases the price of end products such as fluoropolymers tubing.
- Lack of Ability to Maintain Needed Temperatures Has an Impact on the Quality
- Lack of knowledgeable Compounders to Process Fluoropolymer
Fluoropolymer Tubing 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 587.66 million |
|
Forecast Year Market Size (2037) |
USD 1.33 billion |
|
Regional Scope |
|
