DUBLIN--(BUSINESS WIRE)--The "Fluoropolymer Tubing Market by Material (PTFE, PVDF, FEP, PFA, ETFE) Application (Medical, Semiconductor, Energy, Oil & Gas, Aerospace, Automotive, Fluid Management, General Industrial) Form Factor, and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global fluoropolymer tubing market size is projected to grow from USD 513 million in 2021 to USD 662 million by 2026, at a CAGR of 5.2% between 2021 and 2026.
The market is driven by various factors, such as aging population, rising demand for semiconductor microchips, new applications of fluoropolymer tubing, such as solar panels & electric vehicles (EVs), high growth in end-use industries, and industrialization in Asia Pacific. Additionally, the increasing demand for fluoropolymer tubing in the medical industry, and technical advancements in medical technologies is expected to drive the demand for fluoropolymer tubing. However, high cost of fluoropolymers materials, and environmental sustainability restricts the growth of the market.
Rising geriatric population is driving the demand for fluoropolymer tubing in the medical industry.
The fluoropolymer tubing market in Asia Pacific countries such as India, Japan and China is expected to witness high growth, owing to rise in geriatric population, improving healthcare system, and increasing average life expectancy. Additionally, Asia Pacific is growing at a fast rate with its medical devices and semiconductor production. Countries such as China and Japan are focusing on the development of medical electronics and robotics for minimum invasive surgeries. This demographic trend will increase the demand for portable, lightweight medical devices, and fluoropolymer tubing which is expected to increase the growth rate in Asia Pacific, during the forecast period.
Rising production of electric vehicles to fuel the demand for fluoropolymer tubing in automotive industry.
The fluoropolymer tubing market is expected to witness growing demand from automotive industry due to the rising production of electric vehicles owing to the global emission reduction targets, government initiatives, and changing consumer behavior toward the adaptability of EVs. Automotive manufactures such as Ford Motor Co. and SK Innovation announced that they would be investing USD 11.4 billion on new production sites of EVs and batteries in Tennessee and Kentucky. Such factors are expected to boost the demand for fluoropolymer tubing in the automotive industry.
Asia Pacific is the largest market for fluoropolymer tubing in 2020.
The fluoropolymer tubing market in Asia Pacific is anticipated to grow during the forecast period due to rising industrialization, growing end-use industries, and aging population. The demand for fluoropolymer tubing in Asia Pacific countries such as China, Japan, and India, are rising, owing to the development of healthcare facilities, government investment in semiconductor production, and automotive industry. China has the fastest-growing automobile market globally. Government of India is planning to introduce production-linked incentive plans to increase the manufacturing of semiconductors in the country. Such factors are expected to increase the demand for fluoropolymer tubing during the forecast period in Asia Pacific.
Market Dynamics
Drivers
- Rise in Geriatric Population
- Increasing Use of Fluoropolymer Tubing in the Solar Industry
- Growing Demand for Electric Vehicles (Evs)
- High Growth in End-Use Industries
- Industrialization in Asia-Pacific
Restraints
- Higher Cost of Fluoropolymers Than That of Conventional Materials
- Environmental Sustainability
Opportunities
- Increasing Healthcare Investments in Emerging Economies
- Emerging Market for Melt Extrusion
Challenges
- Stringent and Time-Consuming Regulatory Policies
- Difficulty in Processing High-Performance Fluoropolymers
- Intense Competition from Low-Cost Suppliers in China
Companies Mentioned
- 3M (Dyneon)
- Adtech
- Allied Supreme Corp.
- Ametek
- Elringklinger Ag
- Entegris, Inc
- Fluorotherm
- Fluortubing B.V.
- Habia Teknoflour
- Insultab
- Junkosha
- NES IPS
- Newage Industries
- Nichias Corporation
- Optinova
- Parker Hannifin
- Polyflon Technology
- Qualtek
- Saint-Gobain Sa
- Swagelok
- TE Connectivity
- Tef-Cap Industries
- Teleflex Inc.
- Xtraflex
- Zeus Industrial Products
For more information about this report visit https://www.researchandmarkets.com/r/xkjs15
