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Fluoropolymer Market to be Worth of US$690.3 Mn by 2026 due to Growing Demand From Healthcare and Medical Devices - TMR
ALBANY, New York, June 27, 2019 /PRNewswire/ -- The global fluoropolymer market is highly competitive and consolidated due to the presence of numerous market stalwarts and their stronghold in the competition, states Transparency Market Research (TMR) in its upcoming report. Some of the top players in the global fluoropolymer market include Asahi Glass Co., Ltd, 3M Company, Solvay SA., Daikin Industries Ltd. and Honeywell International Inc. These companies are involved in continuous research and development to hold their position in the global fluoropolymer market.
The rising number of surgical procedures in the medical sector is expected to provide growth to the global fluoropolymer market. The market is projected to grow at a CAGR of 5.3%. The market is expected to reach up to an estimated value of US$690.3 Mn by the end of 2026.
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In terms of geographical distribution, Asia Pacific excluding Japan in predicted to remain dominant in the global fluoropolymer market during the forecast period. The growth in this region is primarily due to large scale manufacturing owing to availability of cheap resources such as land, labor cost, and other natural resources. Countries such as Vietnam, Thailand, and Indonesia are heavily investing on providing better healthcare infrastructure. Therefore, these countries are expected to boost the global fluoropolymer market in the upcoming years.
The global fluoropolymer market is segmented into polytetrafluoroethylene, fluorinated ethylene propylene, and polyvinylidene difluoride, in terms of product types. However, polytetrafluoroethylene is projected to dominate in the global fluoropolymer market.
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Increasing Use of Medical Devices to Boost Growth in Global Fluoropolymer Market
Surgeons across the globe prefer fluoropolymer implants and devices while carrying out different surgical procedures. Fluoropolymers are used in implants of hips, skull, nose, knees, and ears. Additionally, fluoropolymer products in healthcare help in minimally invasive procedures. Thus, the global fluoropolymer market is likely to witness a good growth due to large number of patients seeking surgeries due to minimal invasiveness.
Further, the fluoropolymer have high lubricity and biocompatibility and they are highly sought after in operation theatres in jackets, aprons, and limb fixing to protect the injured area from infection and formation of other devices. The catheters that are being used in the industry is expected to increase the demand for fluoropolymer based catheters due to its capability of performing surgeries without replacing it with another catheter. Hence, the global fluoropolymer market is expected to witness expansion in the coming years.
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They also provide high compatibility, tissue stability, and purity at fluctuating temperatures, owing to the growth in the global fluoropolymer market during the forecast period.
Rising Demand for Medical Tourism to Strengthen Global Fluoropolymer Market
Due to the high cost of surgeries in developed countries, the large pool of patients are moving to developed countries for surgical procedures. Surgeries in developing countries are not only cost effective but also minimally invasive due to better medical infrastructure. Such a growing number of patients for medical therapy and surgeries are projected to drive the global fluoropolymer market in the upcoming years.
Increasing stringent regulations on manufacturing of products made of fluoropolymers is anticipated to restrict the growth of the global fluoropolymer market in the near future. Nonetheless, on-going extensive research and development for offering innovative products is projected to strengthen the global fluoropolymer market with lucrative growth potential in the upcoming years.
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Thus, taking all the factors into consideration, the global fluoropolymer market is projected to observe good growth in the upcoming years.
This information is based on the new report by TMR, titled "Fluoropolymer Market (Product Type- Polytetrafluoroethylene, Polyvinylidene Difluoride, Fluorinated Ethylene Propylene, Other Product Types; Application - Pharmaceutical Packaging, Medical Devices, Drug Delivery, Other Applications))- Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017-2026."
The global fluoropolymer market has been segmented as below:
- Polyvinylidene Difluoride
- Fluorinated Ethylene Propylene
- Pharmaceutical Packaging
- Medical Devices
- Drug Delivery
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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