Amid the Covid-19 pandemic, fluoropolymer coatings market witnessed a decline in the demand and growth owing to the various economic and legal restrictions across the world. The restrictions and ban on trade activities, imports, exports and other activities further caused the slowdown of the operations of the fluoropolymer coatings market. The covid-19 pandemic caused losses to the fluoropolymer coatings market in terms of production, distribution, marketing activities and sales. Therefore, the fluoropolymer coatings market was very dull and witnessed a slow growth during the year 2020. The fluoropolymer coatings market is however set to improve and grow substantially during end of the year 2021.
Fluoropolymer Coatings Market Segment Analysis By Type
Polyvinylidene Difluoride (PVDF) segment held the largest share in the fluoropolymer coatings market in the year 2021. Polyvinylidene Difluoride (PVDF) is a thermoplastic fluoropolymer that is majorly used in applications that require high purity and resistance to solvents, acids and hydrocarbons. Polyvinylidene Difluoride (PVDF) is widely used in chemical tank liners, semiconductor equipment components, aircrafts, automotive, electronics, architectural coatings and various other applications. Furthermore, Polyvinylidene Difluoride (PVDF) is also majorly used in insulation on electrical wires owing to its high electrical resistance, anti-chemical corrosion and heat resistance properties. This is majorly driving the demand for Polyvinylidene Difluoride (PVDF) segment in the fluoropolymer coatings market.
Fluoropolymer Coatings Market Segment Analysis By Substrate
Metal segment held the largest share in the fluoropolymer coatings market in the year 2021. The increase in the use of various metal substrates such as aluminium, brass, cast iron, copper, stainless steel and others across various end use industries is majorly driving the use of fluoropolymer coatings market. According to data from International Aluminium Institute, the daily average production of aluminium during September 2021 increased by 1.77% to 183.6 thousand metric tonnes as compared to the production during September 2020 of 180.4 thousand metric tonnes. Furthermore, according to International Stainless-Steel Forum, the compounded annual growth of world stainless steel melt shop production was valued at 5.68% during the year 2020. This is increasing the demand for fluoropolymer coatings.
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Fluoropolymer Coatings Market Segment Analysis By End Use Industry
Building and construction industry held the largest share in the fluoropolymer coatings market in the year 2021 with a growing CAGR of 4.22% during the forecast period 2022-2027. The increase in the construction activities across the globe is majorly driving the demand for fluoropolymer coatings which is used in various products used in the building and construction sector. According to the World Bank, the expenditure cost of construction industry is estimated to reach US $ 11.9 trillion by 2023, which is an increase of 4.2% as compared to the previous year expenditure. This is widely driving the demand for fluoropolymer coatings in the building and construction sector.
Fluoropolymer Coatings Market Segment Analysis By Geography
Asia-Pacific region held the largest share of 35% in the fluoropolymer coatings market in the year 2021. The increase in the growth of various end use industries such as building & construction, electrical and electronics and other industries is driving the demand for steel and metal products as it majorly used in the architecture of buildings and plumbing. According to Asian Development Bank, developing countries in Asia will invest US$26 trillion in infrastructure from 2016 to 2030, or US$1.7 trillion per year. The revenue of the building & construction industry in China reached US $2.5 trillion in the year 2020. According to The Japan Refrigeration and Air Conditioning Industry Association, the demand for AC in Japan increased by 7.97%, in Malaysia increased by 3.29% and in Pakistan increased by 6.45% during the year 2018. This will increase the demand for fluoropolymer coatings as it is widely used in various applications in the building and construction industry. This will further drive the demand for fluoropolymer coatings market in the region.
Fluoropolymer Coatings Market Drivers
The increase in production of iron and steel products is majorly driving the demand for fluoropolymer coatings market
The increase in application of fluoropolymer coatings in iron and steel products is one of the major factors driving the demand for fluoropolymer coatings market. Fluoropolymer coatings are used as insulating material on iron and steel products since it is an excellent insulating material. Fluoropolymer coatings are used in various forms of copper, zinc and ethylene-tetrafluorinated ethylene polymers. According to the World Steel Association, the total production of crude steel across the world increased in April 2021 by 23.3% and reached 169.5 million tonnes as compared to steel production in March 2021. The total production of crude steel from January to April 2021 grossed a production of 662.8 million tonnes, an increase of 13.7% as compared to the previous year. This is majorly driving the demand for fluoropolymer coatings in the iron and steel production.
Growing demand from the use of various steel and metal products and by-products in electrical vehicles is majorly driving the fluoropolymer coatings market
The growing demand from the electrical vehicles across the globe is one of the important factors driving the growth of the fluoropolymer coatings, as it is widely used in metallic substrates, such as aluminium, copper, zinc and other metals and ferroelectric polymers such as polyvinylidene difluoride and ethylene-tetrafluorinated ethylene polymers. Fluoropolymer coatings are widely used in the exteriors of electrical cars. Furthermore, electric cars registered a 40% year-on-year increase in the year 2020 at 2.94 million units according to IEA (International Energy Association. Fluoropolymer coatings are used in the body of electric cars for protection against corrosion and rust. This is majorly driving the demand for fluoropolymer coatings market from the electric cars industry.
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Fluoropolymer Coatings Market Challenges
Strict norms regarding hazardous materials are hindering the growth of the fluoropolymer coatings market
The manufacturing of fluoropolymer coatings releases volatile organic compounds (VOC). Volatile organic compounds are mostly released into water bodies by the factories, which is highly dangerous. Therefore, governments have set various norms and standards regarding the release of volatile organic compounds. This is one of the major challenges faced by the fluoropolymer coatings market. For an instance, the limit set for the content of such volatile organic compounds is 90 parts per million (ppm) total content, and is based on the weight of the total non-volatile content of the paint, in most countries. This is hindering the growth of the fluoropolymer coatings market.
Fluoropolymer Coatings Industry Outlook
Acquisitions and mergers, production expansion, facility expansion collaborations, partnerships, investments, are some of the key strategies adopted in the market. Major players in the Fluoropolymer Coatings Market include:
Daikin Industries Limited
The Valspar Corporation
Nippon Paint Holdings Co. Ltd.
Tiger Drylac U.S.A. Inc.
On 31 May 2021, PPG launched CORAFLON Platinum fluoroethylene-vinyl ether (FEVE), fluoropolymer powder coating used for architectural extrusion profiles and aluminium sheet applications.
Asia-Pacific market held the largest share in the fluoropolymer coatings market owing to the increasing population coupled with the growing demand for infrastructure in countries like China, India, Japan and South Korea.
The increase in production of iron and steel products is majorly driving the demand for fluoropolymer coatings market.
Growing demand from the use of various steel and metal products and by-products in electrical vehicles is majorly driving the fluoropolymer coatings market.
Amid the Covid-19 pandemic, the fluoropolymer coatings market has witnessed slow growth owing to the covid-19 pandemic.
FEVE Fluoropolymer Coatings Market
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