Fluorinated ethylene propylene market to garner appreciable valuation from tube sales over 2019-2025, chemical processing industry to drive the application landscape
The global fluorinated ethylene propylene market is slated to experience immense growth prospects in the coming years owing to the product’s extensive use across the automotive, electronics, food & beverage, and medical industries. In the automotive sector, FEPs are widely used in compact and small-sized cars, in the tubing, bellows, and pressure hoses. The increasing shift among car buyers from sedans to more compact cars, especially in emerging economies will thus propel the growth of FEP industry.
U.S. Granules Fluorinated Ethylene Propylene (FEP) Market Size, 2018 & 2025, (Kilo Tons)
Small cars are also the most affordable vehicles to get on to the road and are easy to park as they don’t take up much space. For a middle-class family in emerging nations, a compact car facilitates savings since they are more fuel-efficient compared to sedans and SUVs. Hatchbacks also serve as the best option, in terms of passenger and driver safety with advanced collision control at affordable prices. In 2018, car manufacturers in India invested heavily on small cars to enhance sales records in smaller parts of the country.
For instance, Hyundai, relaunched its most loved hatchback Santro to appeal to Tier 1 and 2 cities where per capita vehicle ownership is still significantly small. Therefore, increasing demand for small vehicles from emerging and low-to-middle income nations will boost the global FEP market outlook.
Growing product demand for automotive ball bearings, paints, and adhesives, and sealants from the construction sector will also help the global FEP market gain traction in the coming years. Latest data from The Bureau of Labor Statistics and Timetric’s Construction Intelligence Center, estimates the construction industry to grow at a modest rate over the next several years. Industry professionals further predict one of the largest increase in real output for the construction space, with the business hitting the trillion-dollar remuneration space by 2020. This would remarkably surge the need for adhesives and sealants, driving FEP industry share.
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Construction of residential housing will witness growth in the years to come owing to the rising population in the United States. Government spending to support homeownership, housing developments and a sustainable community in a bid to provide access to affordable housing will further increase the demand for construction projects. The development in the construction industry will massively boost the demand for paints, adhesives, and sealants, which will eventually drive the fluorinated ethylene propylene market in the coming years.
Fluorinated ethylene propylene tubing is a robust engineering fluoropolymer which 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 & gas industry.
For instance, the Indian government has come out with new policy reforms, which makes drastic changes in the country’s Hydrocarbon Exploration Licensing Policy and the Open Acreage Licensing Policy in a bid to garner more domestic and foreign investment for exploration of oil and gas, which if successfully implemented could drive the demand for FEP tubes. According to a report by Global Market Insights, Inc., FEP tubes market from chemical processing application is estimated to register more than 6% over 2019-2025.
These materials are also commonly used in solar panel applications. Fluorinated ethylene propylene films serve as the perfect protective front sheet for solar panels due to their smooth, flexible and light-weight features. The material also makes sheets stronger, thereby improving the durability and life span of solar panels, while enhancing its looks as compared to traditional glass. The adoption of these glasses will be fueled by growing energy consumption and issues concerning energy-efficiency.
Increasing efforts to generate energy from renewable sources, stringent government regulations and the benefits pertaining to efficient energy use and affordability of solar panels will further propel the solar power industry. Recently, in an effort to become America’s leading rooftop solar company, automotive and energy giant Tesla, slashed prices of solar panels. Such moves will accelerate the adoption of solar energy, which will boost the demand for FEP films, thereby driving the global FEP market growth over 2019-2025.
Fluorinated ethylene propylene will continue to attract huge demand from numerous industries owing to its vast benefits. According to Global Market Insights, Inc., the fluorinated ethylene propylene market valuation is anticipated to reach $1.2 billion by 2025.
Author Name : Krithika Krishnan