India fluoropolymer & fluorosurfactant market is expected to reach USD 258.5 million by 2022, according to a new report by Grand View Research, Inc. Fluoropolymer is extensively used in numerous applications for industries including automobiles, electrical & electronics and chemical processing owing to its high heat resistance and excellent tensile strength. Growing automotive sector in India on account of new product launches by vehicle manufacturers including Toyota and Volkswagen is expected to open new market avenues over the forecast period.
Rising awareness among citizens to curb fire emergencies coupled with introduction and implementation of regulations by state governments is expected to drive growth of firefighting solutions, which will promote fluorosurfactant growth. Moreover, increasing product demand in water-based paints to increase its wetting properties, is expected to propel industry expansion.
Chemicals & pharmaceuticals dominated the fluoropolymer market and is expected to witness significant gains at a CAGR of 14.3% from 2015 to 2022, in terms of volume, owing to growth of the chemical processing sector in the country. In addition, the government has announced plans to invest USD 80 million for technology upgradation of the chemical sector as part of the 12thFive Year Plan. Growing requirement of the product in chemical processing and pharmaceutical sectors owing to its superior chemical and thermal resistance will propel demand in the near future.
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Further key findings from the report suggest:
- India fluoropolymer & fluorosurfactant demand was 8,300.0 tons in 2014 and is expected to reach 20,005.9 tons by 2022, growing at a CAGR of 11.7% from 2015 to 2022. Rapid industrialization is expected to be a key factor driving growth over the forecast period.
- Demand for fluorosurfactant in industrial cleaning accounted for 20.6% of the overall revenue in 2014. The product reduces surface tension, offers high wetting of contaminate and effectively provides sustainable foams which will drive industry size over the next seven years. Technological advancements in industrial cleaning sector in the country will augment product demand in the near future.
- Key industry participants include Gujarat Fluorochemicals Ltd., Chemours, Arkema and Hindustan Fluorocarbons Limited, Chemours, and 3M.Dyneon Fluoropolymers from 3M can withstand extreme temperatures, endures aging and wear & tear, and extends the life of processing equipment. Companies including Chemguard have developed fluorotelomer-based products which do not contain PFOS and PFOA, which will open growth opportunities in the near future.
- Fluorosurfactants are mainly imported into the country on account of absence of local manufacturing units. High capital investments coupled with complex technology for manufacturing the product has resulted in the absence of manufacturing units in the country.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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