Perfluoroalkoxy Alkanes (PFA) Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
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*Disclaimer: Major Players sorted in no particular order |
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Perfluoroalkoxy Alkanes (PFA) Market Analysis
The perfluoroalkoxy alkane (PFA) market is expected to reach more than 3,536 tons by the end of this year and register a CAGR of more than 4% during the period of the forecast.
The COVID-19 pandemic in 2020 had a negative impact on the market. However, the industry has since recovered. Since then, steady growth in the oil and gas, chemical processing, and semiconductor industries has driven the market.
- The growing need for high- and ultra-high-purity PFA in critical fluid transport tubing applications is one of the main things driving market growth.The growing use of PFA resin in the semiconductor industry is also a major force in the market that was looked at.
- On the other hand, the environmental and health risks of PFA are likely to slow the growth of the market.
- The growing use of PFA in lithium-ion batteries could be a chance for the market that was looked at.
- Due to high demand from industries like chemical processing, oil and gas, electrical insulation, and semiconductors, Asia-Pacific is likely to lead the PFA market over the next few years.
Perfluoroalkoxy Alkanes (PFA) Market Trends
Chemical Processing Application to Dominate the Market
- Perfluoroalkoxy alkane, or PFA, is used a lot in the chemical processing industry because it can withstand high temperatures, mechanical shock, and thermal stress.
- PFA is used for corrosion protection liners and coatings because it has good chemical resistance and low permeation, good light transparency, good resistance to UV and visible light, smooth surface, low surface energy, good resistance to weathering, high temperature and thermal stability, water repellent and anti-staining, high purity, great electric properties, and doesn't burn and makes little smoke.
- Some of the applications of PFA in the chemical processing industry include seals, O-rings, gaskets, braided packing, mechanical seals, valve seats, valve stem packing, lined valves, fittings, pumps, sight glasses, flow meters, lined pipes, dip pipes, columns, tanks, expansion joints, bellows, hoses, tubing, convoluted tubing, filters, de-misters, strainers, column packing, heat exchanger tubing, and lining and tracing heating cables.
- The United States is one of the world's leading producers of chemical products. Chemical volumes in the United States are expected to increase by 3.2% in 2022, and capital spending in the chemical industry increased by 11.9% to USD 30.6 billion in 2021 and 3.1% in 2022.
- Furthermore, according to the Bureau of Economic Analysis, the value added by the chemical products industry in the United States in the third quarter of 2022 was around USD 468.3 billion, a 5% rise over the same time the previous year. The industry for chemical products added slightly more than USD 1,400 billion in value over the first three quarters of 2022.
- Furthermore, with the rising chemical processing sector, several big firms throughout the world have begun to develop their operations or enter the chemical processing industry. For example, as of December 2022, Saudi Aramco had cooperated with TotalEnergies, a French oil company, to develop a petrochemical complex in Saudi Arabia for an anticipated USD 11 billion investment. Construction on the petrochemical complex is expected to begin in the first quarter of 2023, with commercial operations beginning in 2027.
- Thus, it's likely that the chemical processing application will lead the market during the next few years.
Asia-Pacific to Dominate the Market
- Asia-Pacific has grown to be the hub for chemical processing across the world. The chemical industry in countries such as China, India, and Japan has been growing rapidly. The largest proportion of the global chemical market is held by Asia. Over the last decade, the region has continuously accounted for more than half of the global chemical market.
- China is not just the largest market for chemicals, but it is also one of the fastest expanding. According to the European Chemical Industry Council (CEFIC), China's share of global chemical sales is expected to climb to over 49% by 2030, up from 41% currently. Because of China's chemical production capacity, many big global corporations have chemical plants there.
- India, on the other hand, is the third-largest consumer of polymers, the fourth-largest producer of agrochemicals, and the sixth-largest producer of chemicals across the world. The demand for chemicals is expected to expand by 9% per year by 2025. According to IBEF, the chemical industry is expected to contribute USD 300 billion to India's GDP by 2025.
- Perfluoroalkoxyalkane (PFA) is also used in semiconductors because it lasts longer under changing loads. Also, its better electrical properties and resistance to cracking under stress make it a great choice for the semiconductor industry. According to the India Electronics and Semiconductor Association, the country's semiconductor component business will be valued at USD 32.35 billion by 2025. The government's ongoing "Make in India" campaign is likely to lead to investments in the country's semiconductor industry.
- With Japan accounting for more than 30% of global semiconductor manufacturing equipment and material sales, an event, SEMICON Japan 2022, was held that brought together Japanese and international companies from across the microelectronics manufacturing supply chain in December 2022 at Tokyo Big Sight for insights into the latest technological innovations, developments, and trends. The growing efforts in the country to make more semiconductors are driving up the demand for PFA in the country.
- PFA has a low coefficient of friction and is resistant to heat and chemicals. This makes it a popular choice for seals, gaskets, and slide bearings in the oil and gas industry. China is the world's second-largest consumer of oil and gas, yet it ranks just sixth in terms of output. Domestic crude oil output is estimated to reach 205 million tons in 2022, the first time it has surpassed 200 million tons since 2016. Natural gas output was estimated to reach 221.1 billion cubic meters, a 6.5% rise year over year.
- Thus, because of the above factors, it seems likely that Asia-Pacific will lead the market being studied during the forecast period.
Perfluoroalkoxy Alkanes (PFA) Industry Overview
The perfluoroalkoxy alkane (PFA) market is majorly consolidated in nature, with the top five or six players accounting for more than 80% of the market. The major players in the market include (not in any particular order) The Chemours Company, AGC Inc., Solvay, Daikin Industries Ltd., and 3M, among others.
Perfluoroalkoxy Alkanes (PFA) Market Leaders
The Chemours Company
AGC Inc.
Solvay
Daikin Industries Ltd.
3M
*Disclaimer: Major Players sorted in no particular order
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Perfluoroalkoxy Alkanes (PFA) Market News
- September 2022: Gujarat Fluorochemicals announced the expansion of PFA production in India to meet the increasing demand for PFA required by the semiconductor and battery industry. This move will strengthen the company's presence in the Indian region as it will increase the company's PFA production capacity by 4x with an investment of INR 2500 crore for all fluoropolymers.
- September 2022: The Chemours Company announced the expansion of PFA production in the Fayetteville Works Plant to meet the increasing demand for PFA required by the semiconductor industry. This move will strengthen the company's presence in the North American region.
Perfluoroalkoxy Alkanes (PFA) Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Application of PFA Resin in the Semiconductor Industry
4.1.2 Increasing Demand for High- and Ultra High-purity PFA in Critical Fluid Transport Tubing Applications
4.2 Restraints
4.2.1 Environmental and Health Hazards Associated With PFA
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Supply Overview
4.6 Raw Material and Price Overview
5. MARKET SEGMENTATION (Market Size in Volume)
5.1 Product Type
5.1.1 Aqueous Dispersion
5.1.2 Pellets/Powder
5.2 Application
5.2.1 Oil and Gas
5.2.2 Chemical Processing Industry
5.2.3 Fiber Optics
5.2.4 Semiconductor
5.2.5 Cookware and Bakeware Coatings
5.2.6 Electrical Insulation
5.2.7 Other Applications
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 ASEAN Countries
5.3.1.6 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 France
5.3.3.4 Italy
5.3.3.5 Spain
5.3.3.6 Rest of the Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 3M
6.4.2 AGC Inc.
6.4.3 Daikin Industries Ltd.
6.4.4 Gujarat Fluorochemicals
6.4.5 Hubei Everflon Polymer Co. Ltd.
6.4.6 Li Chang Technology (Ganzhou) Co. Ltd.
6.4.7 RTP Company
6.4.8 Solvay
6.4.9 The Chemours Company
6.4.10 Zeus Industrial Products Inc.
6.4.11 Zibo Bainaisi Chemical Co. Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Use of PFA In Lithium-ion Batteries
Perfluoroalkoxy Alkanes (PFA) Industry Segmentation
Perfluoroalkoxy Alkane (PFA) is a type of fluoropolymer that is made when tetrafluoroethylene and perfluoroalkyl vinyl ether are mixed together. PFA has great physical and chemical properties, like being flexible, non-sticky, and resistant to corrosive agents, UV light, and high temperatures. This makes it useful for applications that need high purity, protection from chemicals, and low stiffness. The PFA market is segmented by product type, application, and geography. By product type, the market is segmented into aqueous dispersion and pellets/powder. By application, the market is segmented into oil and gas, the chemical processing industry, fiber optics, semiconductors, cookware and bakeware coatings, electrical insulation, and other applications. The report also covers the market size and forecasts for the PFA market in 16 countries across major regions. For each segment, market sizing and forecasts have been done based on volume (tons).
| Product Type | |
| Aqueous Dispersion | |
| Pellets/Powder |
| Application | |
| Oil and Gas | |
| Chemical Processing Industry | |
| Fiber Optics | |
| Semiconductor | |
| Cookware and Bakeware Coatings | |
| Electrical Insulation | |
| Other Applications |
| Geography | ||||||||
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Perfluoroalkoxy Alkanes (PFA) Market Research FAQs
What is the current Perfluoroalkoxy Alkane (PFA) Market size?
The Perfluoroalkoxy Alkane (PFA) Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Perfluoroalkoxy Alkane (PFA) Market?
The Chemours Company, AGC Inc., Solvay, Daikin Industries Ltd. and 3M are the major companies operating in the Perfluoroalkoxy Alkane (PFA) Market.
Which is the fastest growing region in Perfluoroalkoxy Alkane (PFA) Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Perfluoroalkoxy Alkane (PFA) Market?
In 2024, the Asia-Pacific accounts for the largest market share in Perfluoroalkoxy Alkane (PFA) Market.
What years does this Perfluoroalkoxy Alkane (PFA) Market cover?
The report covers the Perfluoroalkoxy Alkane (PFA) Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Perfluoroalkoxy Alkane (PFA) Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Perfluoroalkoxy Alkanes (PFA) Industry Report
Statistics for the 2024 Perfluoroalkoxy Alkanes (PFA) market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Perfluoroalkoxy Alkanes (PFA) analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
