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Asia-pacific Fluoropolymer Market Size

The Asia-Pacific fluoropolymer market is experiencing significant growth, driven by its extensive applications across various industries such as automotive, aerospace, and industrial machinery. The market's expansion is particularly notable in China, which is the largest consumer due to its booming aerospace, automotive, and industrial sectors. Japan and India are also contributing to the market's growth, with increasing demands in vehicle production and industrial machinery. The electrical and electronics industry, a major sector in the region, further fuels the demand for fluoropolymers, especially with the rise of electric vehicles and advanced technologies.

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Market Size of asia-pacific fluoropolymer Industry

Asia-pacific Fluoropolymer Market Summary
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svg icon Study Period 2017 - 2029
svg icon Market Size (2024) USD 2.03 Billion
svg icon Market Size (2029) USD 3.06 Billion
svg icon Largest Share by End User Industry Industrial and Machinery
svg icon CAGR (2024 - 2029) 8.56 %
svg icon Largest Share by Country China
svg icon Market Concentration Medium

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

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Asia-pacific Fluoropolymer Market Analysis

The Asia-pacific Fluoropolymer Market size is estimated at 2.03 billion USD in 2024, and is expected to reach 3.06 billion USD by 2029, growing at a CAGR of 8.56% during the forecast period (2024-2029).

2.03 Billion

Market Size in 2024 (USD)

3.06 Billion

Market Size in 2029 (USD)

5.66 %

CAGR (2017-2023)

8.56 %

CAGR (2024-2029)

Largest Market by End-user Industry

43.81 %

value share, Industrial and Machinery, 2023

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Due to the high demand for fluoropolymers in coating and lining applications, the industrial and machinery segment has dominated the market.

Fastest Growing Market by End-user Industry

13.43 %

Projected CAGR, Automotive, 2024-2029

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Fluoropolymer coatings and components such as fuel tubes and hoses help improve engine efficiency and battery functions in automobiles. Hence, the segment is projected to witness the fastest growth.

Largest Market by Sub Resin Type

36.76 %

value share, Polytetrafluoroethylene (PTFE), 2023

Due to the high demand from the food and beverage, construction, and chemical processing and manufacturing industries, PTFE held the largest share of the market.

Largest Market by Country

58.59 %

value share, China, 2023

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China dominated the market due to the high demand for fluoropolymer resins from major sectors, including industrial and machinery, electrical and electronics, and automotive, along with strong economic growth in recent years.

Leading Market Player

17.05 %

market share, Dongyue Group, 2022

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Dongyue Group is the largest fluoropolymer resin producer in Asia-Pacific, with a production capacity of 75 kilotons, of which PTFE resin accounts for 55 kilotons.

Industrial machinery may lose its share to the electrical and electronics industry

  • Fluoropolymers have applications ranging from oil and gas, semiconductor and electronic, chemical processing, automotive, wire and cable, building, aerospace, and pharmaceutical applications. The Asia-Pacific fluoropolymer market is led by industrial machinery, electrical and electronics, and automotive industries. Electrical and electronics accounted for around 27.28% of the revenue of the overall fluoropolymer market in 2022.
  • Electrical and electronics is one of the largest industries in the region, especially in China. In China, the industry accounted for 39% of the GDP in 2021. The increasing demand for electrical and electronics empowered the onset of electric vehicles, autonomous robots, and top-secret defense technologies, which, in turn, has been boosting the demand for fluoropolymers in the region.
  • Industrial machinery is the largest end-user industry in the region. In China, the industry is the largest consumer of fluoropolymers, with a share of 44.4%, owing to the increasing demand for chemical processing equipment, pumps, and engines. The abovementioned factors are expected to increase the demand for fluoropolymers in the region during the forecast period.
  • Automotive is the fastest-growing industry in the region by revenue, with a CAGR of 14.16%. The application of fluoropolymers for plastic composites and lithium-ion batteries used in electric automobiles has increased. This, coupled with the growing electric vehicle production and demand in the region, is expected to drive the demand during the forecast period.
Asia-pacific Fluoropolymer Market

China and India to lead the booming Asia-Pacific fluoropolymer market

  • Fluoropolymer is an important polymer in Asia-Pacific for various industries, including automotive, aerospace, and industrial and machinery. Asia-Pacific accounted for 53.64% of the global consumption of fluoropolymer resins in 2022.
  • China is the largest consumer of fluoropolymers in the region owing to its rising aerospace, automotive, industrial, and machinery segments. Electrical and electronics and industrial and machinery held shares of 35.66% and 39.29%, respectively, in 2021 and are driving the increasing demand for fluoropolymer resins in the country. The rising automotive, industrial, and machinery production is expected to drive the demand for fluoropolymer resins in the country during the forecast period.
  • Japan's demand for fluoropolymer resins is increasing significantly due to rising vehicle production, industrial and machinery, and others. Japan is Asia-Pacific's fourth-largest vehicle producer. In 2022, the country produced 9.4 million units, which is 3.4% more than in 2021. The country's industrial machinery segment is also expanding. In 2021, the order value for metal cutting machines (milling machines, etc.) at manufacturers in Japan amounted to approximately JPY 1.16 trillion, increasing from around JPY 697.39 billion in the previous year. These factors are expected to drive the demand for fluoropolymer resins in the country.
  • India is expected to be the fastest-growing consumer of fluoropolymer resins, registering a CAGR of 10.13% by revenue during the forecast period 2023-2029. Vehicle production in the country is expected to reach 33 million units in 2029 from 27.4 million units in 2022.

Asia-pacific Fluoropolymer Industry Segmentation

Aerospace, Automotive, Building and Construction, Electrical and Electronics, Industrial and Machinery, Packaging are covered as segments by End User Industry. Ethylenetetrafluoroethylene (ETFE), Fluorinated Ethylene-propylene (FEP), Polytetrafluoroethylene (PTFE), Polyvinylfluoride (PVF), Polyvinylidene Fluoride (PVDF) are covered as segments by Sub Resin Type. Australia, China, India, Japan, Malaysia, South Korea are covered as segments by Country.

  • Fluoropolymers have applications ranging from oil and gas, semiconductor and electronic, chemical processing, automotive, wire and cable, building, aerospace, and pharmaceutical applications. The Asia-Pacific fluoropolymer market is led by industrial machinery, electrical and electronics, and automotive industries. Electrical and electronics accounted for around 27.28% of the revenue of the overall fluoropolymer market in 2022.
  • Electrical and electronics is one of the largest industries in the region, especially in China. In China, the industry accounted for 39% of the GDP in 2021. The increasing demand for electrical and electronics empowered the onset of electric vehicles, autonomous robots, and top-secret defense technologies, which, in turn, has been boosting the demand for fluoropolymers in the region.
  • Industrial machinery is the largest end-user industry in the region. In China, the industry is the largest consumer of fluoropolymers, with a share of 44.4%, owing to the increasing demand for chemical processing equipment, pumps, and engines. The abovementioned factors are expected to increase the demand for fluoropolymers in the region during the forecast period.
  • Automotive is the fastest-growing industry in the region by revenue, with a CAGR of 14.16%. The application of fluoropolymers for plastic composites and lithium-ion batteries used in electric automobiles has increased. This, coupled with the growing electric vehicle production and demand in the region, is expected to drive the demand during the forecast period.
End User Industry
Aerospace
Automotive
Building and Construction
Electrical and Electronics
Industrial and Machinery
Packaging
Other End-user Industries
Sub Resin Type
Ethylenetetrafluoroethylene (ETFE)
Fluorinated Ethylene-propylene (FEP)
Polytetrafluoroethylene (PTFE)
Polyvinylfluoride (PVF)
Polyvinylidene Fluoride (PVDF)
Other Sub Resin Types
Country
Australia
China
India
Japan
Malaysia
South Korea
Rest of Asia-Pacific
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Asia-pacific Fluoropolymer Market Size Summary

The Asia-Pacific fluoropolymer market is experiencing significant growth, driven by its extensive applications across various industries such as oil and gas, semiconductors, electronics, chemical processing, automotive, and aerospace. The region's market is predominantly led by the industrial machinery, electrical and electronics, and automotive sectors. The electrical and electronics industry, particularly in China, plays a crucial role due to its substantial contribution to the region's GDP and its demand for advanced technologies like electric vehicles and defense systems. The industrial machinery sector also shows robust demand, especially in China, where it is the largest consumer of fluoropolymers, driven by the need for chemical processing equipment and engines. The automotive industry is rapidly expanding, with fluoropolymers being increasingly used in electric vehicles and lithium-ion batteries, further propelling market growth.

China stands out as the largest consumer of fluoropolymers in the region, supported by its burgeoning aerospace, automotive, and industrial machinery sectors. Japan and India are also significant contributors to the market's expansion, with Japan's vehicle production and industrial machinery orders on the rise, and India expected to be the fastest-growing consumer of fluoropolymer resins. The ASEAN region, particularly Thailand and Malaysia, leads in electronics production, benefiting from integrated production networks that enhance trade with larger Asian economies. The market is moderately consolidated, with major players like Daikin Industries, Dongyue Group, and Gujarat Fluorochemicals Limited actively expanding their capacities to meet the growing demand. These developments underscore the dynamic nature of the Asia-Pacific fluoropolymer market, poised for continued growth in the coming years.

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Asia-pacific Fluoropolymer Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)

    1. 1.1 End User Industry

      1. 1.1.1 Aerospace

      2. 1.1.2 Automotive

      3. 1.1.3 Building and Construction

      4. 1.1.4 Electrical and Electronics

      5. 1.1.5 Industrial and Machinery

      6. 1.1.6 Packaging

      7. 1.1.7 Other End-user Industries

    2. 1.2 Sub Resin Type

      1. 1.2.1 Ethylenetetrafluoroethylene (ETFE)

      2. 1.2.2 Fluorinated Ethylene-propylene (FEP)

      3. 1.2.3 Polytetrafluoroethylene (PTFE)

      4. 1.2.4 Polyvinylfluoride (PVF)

      5. 1.2.5 Polyvinylidene Fluoride (PVDF)

      6. 1.2.6 Other Sub Resin Types

    3. 1.3 Country

      1. 1.3.1 Australia

      2. 1.3.2 China

      3. 1.3.3 India

      4. 1.3.4 Japan

      5. 1.3.5 Malaysia

      6. 1.3.6 South Korea

      7. 1.3.7 Rest of Asia-Pacific

Asia-pacific Fluoropolymer Market Size FAQs

The Asia-pacific Fluoropolymer Market size is expected to reach USD 2.03 billion in 2024 and grow at a CAGR of 8.56% to reach USD 3.06 billion by 2029.

In 2024, the Asia-pacific Fluoropolymer Market size is expected to reach USD 2.03 billion.

Asia-pacific Fluoropolymer Market Report Snapshots

Asia-pacific Fluoropolymer Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029