Renewable PVDF Market Trends

Growth Drivers

• Extensive Growth in the Automotive Industry – With the rising automotive industry, the usage of lithium-ion batteries is expected to considerably grow. Lithium-ion batteries for automotive applications require PVDF for binding electrodes. Therefore, the surge in the automotive industry along with the increasing demand for automobiles is expected to escalate the demand for renewable PVDF. Recently, it has been calculated that the global automotive industry manufacturing industry amounted to almost USD 3 trillion by the end of 2021.
• The Surge in the Aerospace and Defense Industry – Renewable PVDF has been used in the aerospace and military industries which is beneficial for protecting equipment from stress, moisture, chemicals, and vibrations. Thus, with the increase in the aerospace and defense industry, it is projected to create favorable opportunities for market growth during the assessment period. As per the recent analysis, it has been estimated that the aerospace and defense industry was valued at almost USD 720 billion in 2021, which is an increase of 4% from the previous years.
• Growth in the Electrical and Electronics Industry – Owing to the various advantages such as low thermal conductivity, flexibility, and lightweight, renewable PVDF has found its application in wires and cables of various commercial, industrial, and consumer electrical and electronic products. Thus, with the rapid expansion of the electrical and electronics industry, it is estimated to create a positive outlook for the global renewable PVDF market to grow during the forecast period. As per the recent statistics, it has been revealed that the revenue generation of the consumer electronics sector is expected to stand at USD 1,030 billion by the end of 2023 and is further expected to grow with almost 3% CAGR value.
• Increased Investment in the Research & Development (R&D) Sector – As per the World Bank, the Research and Development expenditure accounted for 2.63% of total GDP in 2020. This was a rise from 2.13% of the total GDP in 2017.

Challenges

• Requirement of a High Cost in The Manufacturing Process – During the initial stage, a high amount of investment is required to manufacture renewable PVDF as it requires top-notch technology along with high-quality materials. As a result, there is a limited supply of renewable PVDF owing to the insufficient fund. All these factors couple up to increase the cost of renewable PVDF and impose a major roadblock to the market’s growth.
• Less Awareness Level About Renewable PVDF
• Rising Stringent Government Rules