SELBYVILLE, Del., January 9, 2020 (Newswire.com) - According to the report published by Global Market Insights Inc., the global fluorinated ethylene propylene market was estimated at $695 million in 2018 and is expected to hit $1.2 billion by 2025, registering a CAGR of 8.3% from 2019 to 2025. The report provides a detailed analysis of the market size and estimations, major investment pockets, top winning strategies, drivers and opportunities, competitive scenario, and wavering market trends.
The rise in demand for pickup trucks and small passenger cars has driven the growth of the fluorinated ethylene propylene (FEP) market over the past few years. FEP granules are well-suited for manufacturing the brake line tubing used in vehicles while being widely deployed to boost coolant circulation. Consistent sales of premium SUVs worldwide are expected to drive FEP consumption over the forecast period. An increase in the purchasing power of consumers across emerging economies will boost the auto manufacturing sector.
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Fluorinated ethylene propylene tubing is a robust engineering fluoropolymer that offers excellent fluid visibility, low-temperature resistance, and low coefficient of friction and is perfect for flow control monitoring. Hence, the product finds significant use in chemical processing applications, as well as the petroleum and oil and gas industry. Additionally, fluorinated ethylene propylene will continue to attract huge demand from numerous industries, owing to its vast benefits.
Key reasons for fluorinated ethylene propylene market growth
- Rising demand in oil & gas applications
- Increasing usage of fluorinated ethylene propylene in the manufacturing of lining and parts in the automotive business
- A surge in demand for optical fiber and electrical and electronics industries.
2025 forecasts show the ‘granules’ segment retaining its dominance
Based on products, the granules segment contributed to nearly 120 million FEP market revenue in 2018 and is expected to lead the trail throughout the forecast period. The dispersions segment, on the other hand, is likely to register over 5% gains during the study period.
North America to continue its top status in terms of revenue
Based on geography, North America, driven by the U.S., Canada, and Mexico, surpassed $175 million in 2018 and is anticipated to maintain the lion’s share during the estimated period. Simultaneously, the European region would register over 6% gains until 2025.
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Leading market players
The key market players analyzed in the global FEP market report include 3M, DowDuPont, Daikin Industries, Ltd., Shanghai, F New Materials Co. Ltd., Saint-Gobain, Merck Millipore, The Chemours Company, Juhua Group Corporation, AMETEK, Inc., and others.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Source: Global Market Insights, Inc.