Worldwide fluorinated ethylene propylene market is anticipated to cross US $1.2 billion by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
The known properties of fluorinated ethylene propylene such as greater mechanical strength, higher breakdown voltage, and longer life are exploited in the fabrication of wires and electrical cables used in the power distribution sector. Growing number of initiatives taken by the government to expand and upgrade the prevailing power infrastructure is a major factor driving the fluorinated ethylene propylene market growth. Other factors like rising awareness regarding renewable energy generation, rapid urbanization, and flourishing motor vehicle production industry will further increase the demand of the material, cites the study.
According to the report, fluorinated ethylene propylene market from granules was worth US $120 million in the year 2018. The significant market value is attributed to the use of product in the manufacturing of tubes, sheets, and rods. It is extensively used for the manufacturing of break line tubing and coolant circulation in pickup vehicles and premium SUVs, the demand for which has increased manifold. The rising adoption of fluorinated ethylene propylene in cryogenic seals, seats in aerospace industry, guide bushes, and high-performance hoses, in consort with the surging military expenditure and increased air travel, will propel the market growth in the approaching years.
Fluorinated ethylene propylene powder market is expected to witness the growth of 6.5% over the forecast period owing to the desirable chemical properties of the product such as low friction coefficient, chemical resistance, and non-stickiness. The product is extensively used in the oil & gas industry where the chemical is used in gaskets, tubing, valves, fluid handling systems, and vessel liners. FEP powder is also used in the construction industry as sealants, cement, and coatings. Burgeoning investments on research & development, use of advance material in automotive, and widespread nanotechnology adoption are presumed to fuel the market growth, cites the report.
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Considering the regional landscape, North America fluorinated ethylene propylene film market is projected to be worth over US $165 million by 2025 pertaining to the surging power demands and awareness regarding the adoption of renewable energy resources in the region. North America is shifting to solar energy generation to curb environmental threats and installing solar cells having less weight, longer life, weather-based performance, and UV resistance, cites the report. The market growth will be further stimulated by the need to be self-sufficient along with the initiatives taken the government to control greenhouse gas emissions and subsidized photovoltaic installations.
The key players operating in the fluorinated ethylene propylene market comprise of Saint-Gobain, Daikin Industries, 3M, Merck Millipore, and DowDuPont among others which are constantly working towards expanding their product portfolio and attracting new customers.