Fluoropolymer Tubing Market to Witness an Outstanding Growth by 2021-2031

 

COVID-19 Impact on Global Fluoropolymer Tubing Market

• On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
• Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
• The outbreak of the COVID-19 pandemic has led to disturbance in the supply chain due to the global lockdown in several countries. Also, the spread of coronavirus has led to a fall in demand for chemical intermediates due to uncertainty in the global economy and capital markets.
• Large numbers of major chemical producing & consuming countries observed significant variation in demand for fluoropolymer tubing from end-use industries such as automobiles and construction materials due to the pandemic. This has adversely affected the fluoropolymer tubing market.

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Key Drivers and Restraints of Fluoropolymer Tubing Market

• Demand for fluoropolymer tubing is expected to increase at a significant pace during the forecast period due to growth in usage of fluoropolymer tubing in various industries such as automotive, aerospace, and marine, electrical & electronics, industrial processing, and medical. Transportation is one of the largest end-use industries of fluoropolymer tubing. Various applications in the automotive and other industries require tubing that can withstand aggressive application conditions under a broad range of temperatures. This is boosting the fluoropolymer tubing market. However, high cost of fluoropolymer than other conventional material is negatively affecting the fluoropolymer tubing market.

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Fluoropolymer Tubing Market: Material Segment

• Based on Material, the fluoropolymer tubing market can be divided into PTFE, FEP, PFA, ETFE, PVDF, and others. Of these, the FEP segment dominates the market.
• Strong demand for fluoropolymer tubing in the global market is expected to drive the fluoropolymer tubing market during the forecast period

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Asia Pacific to Hold Leading Share of Global Fluoropolymer Tubing Market

• In terms of region, the fluoropolymer tubing market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
• Asia Pacific is expected to hold major share of the global fluoropolymer tubing market, followed by North America and Europe, during the forecast period
• Of late, the automobile industry has witnessed robust growth, especially in Asia Pacific. Infrastructure development, improving socio-economic trends, growing disposable income, and rapid urbanization are the major factors contributing to the growth of the automobile industry. Raw materials account for over 45% of the overall manufacturing cost of vehicles.

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• In the recent years, there has been a shift in manufacturing facilities of fluoropolymer tubing from Europe to Asia Pacific, especially China and India, for various applications, primarily transportation, mining equipment, and medical equipment. This shift is due to the availability of cheap labor, supportive government policies, and availability of natural resources has resulted in Asia Pacific being the major consumer of fluoropolymer tubing. In addition, growth of these applications is largely driven by the rise in population and per capita income; and changing lifestyles in the region.
• Demand for automobiles has been increasing due to the growth in disposable income of middle-class families. Additionally, penetration of e-vehicles in the regional market is expected to drive the demand for fluoropolymer tubing market in Asia Pacific.

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Key Manufacturers Operating in Global Fluoropolymer Tubing Market

The fluoropolymer tubing market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the fluoropolymer tubing market include:

• Solvay SA
• Dupont De Nemours
• 3M Company
• Daikin Industries Ltd.
• Honeywell International Inc.
• Saint-Gobain
• Optinova TE Connectivity
• Ametek

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