The fluoropolymer coatings market is expected to witness moderate growth, at an estimated CAGR of around 5%, over the forecast period. One of the major factors driving the growth of the market studied is the growing manufacturing sector in Asia-Pacific, increased usage of high-performance coatings, due to cost benefits and longer lifespan, and the increasing application sector, especially the renewable energy sector (wind energy and solar power).
Key Market Trends
Industrial Sector - A Huge Market Potential
Asia-Pacific to Witness Strong Demand
Competitive Landscape
The market for fluoropolymer coatings is consolidated in nature. However, the market consists of numerous smaller players. Key players in the fluoropolymer coatings market include The Chemours Company, The Sherwin-Williams Company, Akzo Nobel N.V., PPG Industries Inc., and DAIKIN INDUSTRIES, Ltd. among others.
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- High costs of some of the fluoropolymer resins are expected to slightly hinder the market growth.
- By application, the industrial segment was estimated to hold the largest share for the market studied, and is expected to increase throughout the forecast period.
- Asia-Pacific dominated the market studied and is expected to witness the highest CAGR during the forecast period.
Key Market Trends
Industrial Sector - A Huge Market Potential
- Fluoropolymer coatings for industrial applications are applied on various derivatives, like concrete, carbon steel, stainless steel, steel alloys, brass, zinc, magnesium, and other metals, as well as non-metallic, such as glass, ceramics, elastomers, rubber, plastics, paper, or wood, in order to offer protection against mechanical, chemical, and environmental degradation. It is designed to be both aesthetic, as well as protective.
- The list of uses of fluoropolymer coatings serve is nearly endless. The main reason for applying a coating is to protect the part that is underneath it, especially from various types of corrosion. Fluoropolymer coatings are one of the most durable types of non-stick coatings. The most common use of industrial coatings is to prevent concrete or steel from corroding. Another common use is to make these materials more resistant to fire or other chemicals.
- The oil and gas industry is a major sub-segment of industrial application, which is a major consumer of fluoropolymer coatings. Oil and gas exploration and recovery demand the harshest of all applications for polymeric materials. The temperature and pressures, the presence of corrosive chemicals, and the operational life expected of such materials require the use of only premium, high-performance grades. Fluoropolymer coating has the property of withstanding extremely low and high temperature, and providing reduced torque and galling levels, even after long-term exposure to corrosion. Fasteners, valves, and subsea connectors used in oil and gas equipment benefit from low friction, good load bearing, and anti-corrosion properties of fluoropolymer coatings.
- All the aforementioned factors, in turn, are expected to increase the demand for fluoropolymer coatings during the forecast period.
Asia-Pacific to Witness Strong Demand
- Asia-Pacific is estimated to witness tremendous growth, over the assessment period, in the fluoropolymers market, due to the wide usage of fluoropolymer coatings in numerous end-use application segments. Asia-Pacific is the biggest market, followed by Europe and North America.
- China’s 13th five-year plan outlined urbanization focused on investments in airports, railways, and water infrastructure, which is likely to drive the need for fluoropolymer-based coatings. Currently, the steadily growing number of housing stats in China is giving coating manufacturers a boost.
- Moreover, China is a cost-sensitive market. As fluoropolymer coatings provide a lifespan of more than 30 years, cutting down the cost of recoats and maintenance, there is a positive growth opportunity for the product.
- China is one of the world’s largest automotive and auto component manufacturing bases. The Government of China views its automotive industry, including the auto parts sector, as one of the country’s pillar industries running the national economy. Other than being a manufacturing hub, China continues to be the world’s largest vehicle market.
- Fluoropolymer coatings, with its high weatherability and high gloss finishes, are estimated to have an increased demand from the automotive industry.
- High demand for premier cars and consumers’ rising purchasing power is likely to drive the demand for fluoropolymer coatings from this segment.
Competitive Landscape
The market for fluoropolymer coatings is consolidated in nature. However, the market consists of numerous smaller players. Key players in the fluoropolymer coatings market include The Chemours Company, The Sherwin-Williams Company, Akzo Nobel N.V., PPG Industries Inc., and DAIKIN INDUSTRIES, Ltd. among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
This product will be delivered within 2 business days.
Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Akzo Nobel N.V.
- DAIKIN INDUSTRIES, Ltd.
- PPG Industries Inc.
- Praxair S.T. Technology, Inc.
- Tnemec
- Axalta Coating Systems, LLC
- Walter Wurdack Inc.
- The Chemours Company
- The Sherwin-Williams Company
- Kansai Nerolac Paints Limited
- KCC CORPORATION
Methodology
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