Fluoropolymer Films Market - Forecast(2023 - 2028)

Overview

Fluoropolymer Films Market Size is forecast to reach $3.97 billion by 2025, after growing at a CAGR of 5.8% during 2020-2025. The major factor driving the fluoropolymer films industry during the forecast period is its outstanding resistance to high temperature and chemically aggressive environment. It is used in a wide range of industries such as electronic, machine, automotive and medical as these films offers low coefficient of friction, chemical resistance, dielectric properties, optical transparency, low-moisture absorption, heat resistance and weather & UV resistance. The rising popularity of fluoropolymer films as a substitute for glass photovoltaic (PV) modules is anticipated to enhance the overall market demand for fluoropolymer films during the forecast period.

Report Coverage

The report: “Fluoropolymer Films Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Fluoropolymer Films Industry.

Key Takeaways

·         Asia-Pacific dominates the fluoropolymer films market, owing to increasing demand of fluoropolymer films from various end use industries in the region for production of fuel hose, anti-corrosive linings, anti-graffiti coverings, circuitry, photovoltaic cell glazing, pharmaceutical cap liners, hot melt adhesive, sterile packaging, cable insulation, hot melt adhesive and permeation barrier.

·         Fluoropolymer films are majorly used as protective films in the automobile industry as they can withstand almost every environmental wear and tear. This in turn makes them extremely desirable for paint protection applications in the automobile segment which drives the fluoropolymer films market.

·         International Renewable Energy Agency (IRENA) stated that the share of renewable energy in the power sector would increase from 25% in 2017 to 85% by 2050, mostly through growth in solar and wind power generation. As a result, the demand for PV modules will increase which will further drive the fluoropolymer films market.

·         Fluoropolymer films are often used as a roll cover to shield metal rolls from rusting owing to their extensive properties such as thermal stability, weatherability, flame retardancy and more, which is likely to have a subsequent positive impact on the fluoropolymer films market.

By Type – Segment Analysis

The Polytetrafluoroethylene (PTFE) Films hold the largest share in 2019, owing to its superior properties such as versatility, low frictional coefficient, excellent electrical insulation, chemical inertness, high-temperature resistance and thermal & electrical resistance. PTFE is widely used in electrical & electronics, chemical processing, medical & pharmaceutical industries as these films are strong, tough, waxy and nonflammable. PTFE films are extensively used in insulations for electronic wires & cables as they are thermally stable enough to be used between -200 degrees C and +260 degrees centigrade without degrading. These factors have led to the rapid growth of the Polytetrafluoroethylene (PTFE) Films in the market during the forecast period.

Polyvinylidenefluoride is the second largest segment type in the fluoropolymer films industry. Polyvinylidenefluoride offers excellent chemical and corrosion resistance, and features a high tensile strength. It also has good thermal stability and can be used in sustained applications up to 300°F. Polyvinylidenefluoride films are extremely pure, which makes it a good candidate for food applications.

By Application – Segment Analysis

The pharmaceutical cap liner application holds the largest share in 2019, owing to benefit of using cap liners such as leak prevention and freshness preservation provided by the hermetic sealing of the container. Also, the cap liners seal such as induction liner, Foam liner, plastisol, phenolic cone liner prevents oxygen and moisture from entering the container through the foil seal and alerts the consumer if the package has been previously tampered.  Also, these films are often used for manufacturing fluid bags and blister packaging for biological liquids as they offer weather resistance, negligible moisture absorption and do not show any chemical change or degradation by medical fluids. Furthermore, there is an increasing demand of tamper-evident labeling on packaging from the retailers as part of their supply chain risk mitigation programs. Consumers have also come to expect some type of seal as indication that the product is safe, which have led to the rapid growth of the pharmaceutical cap liners in the market during the forecast period.

By End Use – Segment Analysis

The medical and pharmaceutical sector holds the largest share in the fluoropolymer films market in 2019, owing to rising demand for fluoropolymer films to manufacture advanced drug containers and to upgrade drug delivery measures. Medical sector shall hold robust demand for fluorine-based films for production of cap liners, stoppers, and plunger laminates, release films for skin-mounted devices, cryogenic sample bags used in biotechnology and genetic studies in the near future. According to the Ministry of Health Labour and Welfare (MHLW), the Annual Pharmaceutical Production Statistics of Japanese market for medical devices and materials in 2018 was approximately $29.3 billion, up approximately 6.9% from 2017 in yen terms.   The growing demand from the healthcare sector for fluorine-based polymer films as they can withstand steam, ethylene oxide, or radiation sterilization without being degraded will propel the fluoropolymer films market.

By Geography – Segment Analysis

Asia Pacific holds the largest share of 45% in the fluoropolymer films market in 2019, owing to increasing demand of fluoropolymer films from end-use industries such as electronics, automotive, and medical & pharmaceutical. The North American and European markets are also projected to grow significantly during the forecast period, owing to the substantial developments in the region. The market growth is spurred by the rapid expansion of the medical, hospital, and dental service industries in the regions. Moreover, the growing population and increasing disposable income demands for high-quality medical facilities which will increase the demand for fluoropolymer films in the region. Governments are taking initiatives by investing in health care sector for making health care accessible and affordable such as Rashtriya Swasthya Bima Yojana (RSBY) which begun in India in 2008  to deliver health insurance coverage to families living on incomes below the poverty line, under the Ministry of Labour and Employment,. In 2019, a sum of RM29 billion (US$7 billion) was allocated for the public healthcare sector from the Malaysian Government, an increase of 7.8 percent from 2018. In 2019, Australian Government announced a $5 billion, 10-year investment plan for the Medical Research Future Fund (MRFF) as a part of its 2019–20 budgets to support Australian health and medical research. All these long term government investments in the APAC are anticipated to propel the fluoropolymer films market in the region.

Drivers – Fluoropolymer Films Market

·         High Performance Properties

The growing demand for high performance films from the automotive, aviation, electronics and medical industries owing to their exceptional physical and chemical properties such as high-temperature tolerance, chemical inertness, negligible moisture absorption, and others acts as a driver for fluoropolymer films market. These films also have exceptional optical properties, low surface energy and high insulation properties. All these properties enhance the durability of the fluoropolymer films. Therefore, these significant characteristics of fluoropolymer films are driving the market.

·         Healthcare Investments By Various Countries

The market growth is spurred by the rapid expansion of the medical & pharmaceutical industry mainly due to growing population, urbanization, increasing disposable income, and increasing demand for advanced medical devices across the regions. Moreover, the growing investment in healthcare services is strengthening the medical and pharmaceutical industry. such as In 2014, China spent approximately 5.6 percent of its gross domestic product (USD992 billion) on health care, where 38 percent was financed by publicly financed health insurance, private health insurance, or social health donations and 30 percent was financed by the central government and local governments. In 2018, the Australian Government announced to drive a new era of better health care in Australia it will invest $1.3 billion in the Health and Medical Industry Growth Plan. According to Thailand Board of Investment Thailand is now becoming a key player in the $2.3 trillion global medical industry. The market will be flourished by the cumulative healthcare investments by various countries in order to match safety needs demanded by a growing population which acts as a driver for the forecast period.

Challenges – Fluoropolymer Films Market

·         High Manufacturing Cost

The cost of fluoropolymer films is extensively dependent on the complex manufacturing process, cost involved in their technology development and the cost of the raw materials used for manufacturing the films such as PVF, PTFE, ETFE and PVDF. The major players in the industry have established high-cost, patented technologies to manufacture fluoropolymer films. All these factor leads to the high price of fluoropolymer films which is expected to restrict the use of fluoropolymer films in different price-sensitive applications. This factor may act as a restraint to the market growth.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the cast acrylic sheets market. In 2019, the market of cast acrylic sheets has been consolidated by the top five players accounting for xx% of the share. Major players in the cast acrylic sheets market are The Chemours Company, Saint-Gobain, Nitto Denko, 3M, Daikin Industries Ltd., Honeywell International, DUNMORE, Guarniflon, ACG Chemicals, Acton Technologies Inc., Textile Coated International and NOWOFOL kunststoffprodukte GmbH & Co. KG.

Acquisitions/Technology Launches

·         In May, 2019, Daikin Industries Ltd. announced the launch of new subsidiary in China for the production and sales of fluorochemical products.

·         In May, 2019, Daikin Industries Ltd. announced its investment of 100 billion yen ($896 million) to double its output of fluoropolymer for production of semiconductor equipment.

·         In January, 2017, DUNMORE Corporation presented a new adhesion-promoting technology for fluoropolymer films for variety of applications where robust characteristics are needed.