FEVE Fluoropolymer Coatings Market - Forecast(2024 - 2030)
FEVE Fluoropolymer Coatings Market Overview
FEVE
Fluoropolymer Coatings Market size is expected to reach a value of US$1.8 billion
by 2027 after growing at a CAGR of 4.7% during the forecast
period from 2022-2027. FEVE fluoropolymer coatings are high-performance
coatings that can withstand ultraviolet light exposure 2-3 times longer than
conventional coatings. Fluoroethylene vinyl ether (FEVE) fluoropolymer
coatings provide weather ability, corrosion resistance, and environmental
benefits, and can be repairable. Fluoropolymer coating resins such as
polyvinylidene fluoride (PVDF), polytetrafluoroethylene (PTFE), tetrafluoro
ethylenehexafluoropropylene copolymer (FEP), and others protect against
elements of nature, corrosion, abrasion and are used on metallic substrates
such as aluminum composite panels which
makes them an ideal solution for architectural and industrial coatings. Thus, the growing
buildings & construction industries are expected to drive the FEVE
fluoropolymer coatings industry growth during the forecast period. FEVE
fluoropolymer coatings have excellent color retention and chalk resistance which
is the ideal solution for automotive bodies. This is one of the major factors
to create an opportunity for the FEVE fluoropolymer coatings market.
COVID-19 impact
During 2020-Q2 of
2021, the Covid-19 pandemic was at a peak, the infrastructure activities were dropped
which is hampering the FEVE
fluoropolymer coatings. FEVE coatings can be used on metallic
substrates such as steel and aluminum composite panels which provide
energy savings through solar reflectance and reduction of heat transfer into
buildings are expected to increase the demand for the FEVE fluoropolymer
coatings market during the forecast period.
According to U.S. Census Bureau, construction spending in the US decreased 0.8%
in January 2021. According to the U.S. Census Bureau, in January 2021, private
construction declined 0.5 percent, residential (-0.2 percent), health care
(-4.4 percent), and office (-0.5 percent) in the United States. In 2021, all
the residential and non-residential have been stopped due to which is hugely
affected in terms of consumption due to the less infrastructural activities are
limiting the market growth.
Report Coverage
The
report: “FEVE Fluoropolymer Coatings
Market– Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis
of the following segments of the FEVE Fluoropolymers Coatings Industry.
By Technology: Water-Based,
Solvent-Based, and Powder Based
By Fluoropolymer
Coatings Type: Polytetrafluoroethylene
(PTFE), Tetrafluoro Ethylenehexafluoropropylene Copolymer (FEP),
Tetrafluoroethylene-ethylene Copolymer (ETFE), Polyvinylidene Fluoride (PVDF),
Polyvinyl Fluoride (PVF), Polyphenylene Sulfide (PPS), Perfluoroalkoxy Alkane
(PFA), and Others
By End-Use
Industry: Building & Construction
{Residential Buildings (Private Dwellings, Apartments, Row Houses), Commercial
Buildings (Office, Healthcare [Hospitals, Long Term Care Facilities, Clinics
and Diagnostic Centers, Others], Hotels and Restaurants, Concert Halls and
Museums, Sports Arena [Gym, Training and Coaching Centers, Sports and
Recreation Centers, Others], Educational Institutes [Schools, Universities and
Colleges, Research Center], Industrial Buildings [Production Space, Warehouse,
Others], Others}, Automotive (Passenger Car, Light Duty Commercial Vehicles, Heavy Duty
Commercial Vehicles), Aerospace, Marine Industry,
Military,
and Others
Key Takeaways
- Asia Pacific dominated the FEVE fluoropolymer coatings market owing to increasing infrastructural projects from economically developed and developing countries such as India and China.
- FEVE coatings can be used on steel and other metallic substrates, such as aluminum composite panels, copper, zinc, and other metals. It is also suitable for concrete surfaces which are estimated to boost the consumption of FEVE coatings from architectural structures.
- Additionally, increasing adoption of Polyvinylidene fluoride for lithium-ion batteries as they offer high dielectric strength, resistance to most chemicals & solvents, and are stronger than polytetrafluoroethylene fluoropolymer resins. This will be creating growth for the FEVE fluoropolymer coatings market.
Figure: Asia Pacific FEVE Fluoropolymer Coatings Market, 2021-2027 (US$ Billion)
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FEVE Fluoropolymer Coatings Market Analysis – By Technology
Water-based technology held the largest share of more than 40% in the FEVE fluoropolymer coatings market in 2021. Water-based coating technology is applied on surface areas due to having low toxicity, and flammability. Water-based coatings are required in less quantity to cover floor area as compared to solvent-borne coatings. It contains low volatile organic compounds and hazardous air pollutant emissions. In November of 2021, Solvay developed Reactsurf 0092, a non-ionic reactive water-based emulsifier that is free of alkylphenol ethoxylates (APE). It is primarily used in industrial coatings, paints, and binders. Water-based coating is inexpensive than solvent-based coatings. Water-based FEVE coatings are do not require additives and hardeners thus, it is bond well to a wide range of metallic substrates such as plastics, glass, aluminum composite panels, and fiberglass, as well as various types of primers and coatings. This will further drive the demand for solvent-based FEVE fluoropolymer coatings.
FEVE Fluoropolymer Coatings Market Analysis – By Fluoropolymer Coatings Type
Polyvinylidene
fluoride (PVDF)
held the largest share of more than 30% in the FEVE fluoropolymer coatings market
in 2021. Polyvinylidene fluoride fluoropolymer resins are corrosion and
chemical resistant which makes them an ideal solution to coat automotive brake
tubes and on underbody fasteners. In June 2021, Arkema launched a
sustainable Kynar polyvinylidene fluoride (PVDF) range. This new PVDF grade
will be 100% renewable attributed carbon derived from crude tall oil
bio-feedstock and will be useful for the lithium-ion battery. It has
excellent electrical properties; thus, it is used for toner applications and
coating for copier blades. Polyvinylidene fluoride coatings are long-lasting as
they resist environmental forces that can attack lower-performing products.
These coatings are used in cool metal and aluminum roofing panel systems. Polyvinylidene
fluoride coatings systems retain their solar reflectance longer than due to
their superior resistance to photochemical degradation and excellent dirt
shedding. This
will further create growth for the UV tapes industry.
FEVE Fluoropolymer Coatings Market Analysis – By End-Use Industry
Building & Construction held the largest share of more than 35% in the FEVE fluoropolymer coatings market in the year 2021. Fluoroethylene vinyl ether (FEVE) resins exhibit excellent corrosion resistance, weather ability, protection against UV rays, wind, dirt, and chemicals. FEVE is the coating of aluminum composite panels thus it is used in high-end architectural buildings, metal roofing, metal curtain-wall systems, and panel systems. This will further create growth from the buildings sector for the FEVE fluoropolymer coatings. According to the US Census Bureau, new housing unit construction was 11,471 thousand units in 2019 in the United States, which reached 3,642 units in 2020. In April 2021, The U.S. Census Bureau and the U.S. Department of Housing and Urban Development announced the construction of 1.6 million houses, out of which 1.4 houses have been built. According to the India Brand Equity Foundation (IBEF), the warehouse attracted private equity investments of US$ 971 million in 2020. Additionally, according to the U.S. Census Bureau, healthcare construction increased by 47,113 units in January 2021 compared to 46769 units in April 2020. Hence, the growing buildings & construction industry is expected to propel the FEVE fluoropolymer coatings industry growth.
FEVE Fluoropolymer Coatings Market Analysis – By Geography
Asia Pacific region held the largest share of more than 40% in the FEVE fluoropolymer coatings Market size in the year 2021, due to the increasing demand from various end-use industries such as building & construction in Asian countries in functioning as India and China are estimated to grow the demand for FEVE fluoropolymer coatings. According to Central Sanctioning and Monitoring Committee (CSMC), 1,68,606 new homes were approved to construct in urban areas under Pradhan Mantri Awas Yojana in 2021 in India. According to the Ministry of Rural Development and Ministry of Housing and Urban Affairs indicate a housing shortage of about 3 crore units in rural areas and 1.2 crore units in urban areas. According to the India Brand Equity Foundation (IBEF), the real estate sector of India will grow US$ 1 trillion by 2030 and Rs. 65,000 crore (US$ 9.30 billion) by 2040. According to the National Bureau of Statistics, China's real estate market investment jumped from 15.7% in 2019 to 38.3% in January-February 2021. Hence, these are hugely creating an opportunity for the FEVE fluoropolymer coatings industry growth in the region.
FEVE Fluoropolymer Coatings Market Drivers
The growing Infrastructure Activities in APAC Region is anticipated to grow the demand for FEVE Fluoropolymer Coatings
FEVE fluoropolymer coatings are used to recoat existing structures previously coated with PVDF which makes them an ideal coating solution for structures that are difficult to repaint such as tall buildings, water towers, bridges, and other structures. FEVE fluoropolymer coatings are ultra-weatherable, have high corrosive resistance, and maintain their excellent appearance infrastructural structures. Hence, the increasing infrastructure activities are growing the demand for FEVE fluoropolymer coatings. In 2021, according to the National Development and Reform Commission China approved a Beijing–Shenyang high-speed railway project connecting the Xiongan New Area with Hebei and Shanxi provinces worth 57.24 billion yuan (US$8.82 billion). According to the Civil Aviation Administration of China (CAAC), in 2021, China is aiming to have 400 civilian transport airports by the end of 2035. According to China Electronic Information Industry Development (CCID), the country is expected to spend CNY10 trillion (US$1.4 trillion) on new infrastructure projects between FY20-FY25. According to India Brand Equity Foundation (IBEF), India plans to spend US$ 1.4 trillion on infrastructure projects through the National Infrastructure Pipeline (NIP) by 2023. Hence, all such factors are expected to drive the growth of the infrastructure sector, which is further expected to increase the demand for the FEVE fluoropolymer coatings market.
Growing Consumption of FEVE fluoropolymer coatings in Automotive Industry
FEVE
fluoropolymer coatings are performed outstanding UV protection, have excellent
color retention, chalk resistance, and good adhesion to metallic substrates.
Thus, FEVE fluoropolymer coatings can be used on automobile bodies, doors, door handles,
bumper fascia, wheel emblems, lettering and logos, taillight lenses, and
aluminum composite panels. Thus, growth in
the automotive industry is expected to augment the demand for FEVE fluoropolymer coatings. According to the
International Organization of Motor Vehicle Manufacturers (OICA), global
vehicle production increased by 21.08 million in January-march 2021 compared to
18.03 million in January-March 2020. According to
the India Brand Equity Foundation (IBEF), the Indian Government expects the
automotive sector to attract US$ 8 billion to US$10 billion in local and
foreign investments by 2023. According to the International Organization of
Motor Vehicle Manufacturers (OICA), the production of light commercial vehicles
has increased in the APAC region by 10.2 % in 2018 and 0.2% in Europe in 2019.
According to the International Trade Administration (ITA), the Chinese
government expected to run the production of automobiles with 35 million units
by 2025. Hence,
the globally increased automotive industry is estimated to boost the demand for
FEVE fluoropolymer
coatings.
FEVE Fluoropolymer Coatings Market Challenges
High Cost of Fluoropolymer Resins
Polyvinylidene fluoride (PVDF) coatings are used for architectural structures as they provide excellent resistance to degradation by UV radiation, chemical and airborne pollution, severe weather, and environmental conditions. But polyvinylidene fluoride resins have poor resistance to fuming acids, high dissipation factor, decomposition by boron makes it difficult for the polymer to reinforce with glass fibers. Thus, it requires a high cost for coatings. The cost of metallic polyvinylidene fluoride is higher by 10%-12% than standard PVDF. The cost of standard PVDF at worth US$3000-US$5000 for a 20,000 square foot. Hence, the high cost of fluoropolymer resins may create hurdles for the consumption of FEVE fluoropolymer coatings.
FEVE Fluoropolymer Coatings Industry Outlook
Technology
launches, acquisitions, and R&D activities are key strategies adopted by
players in this market. FEVE Fluoropolymer Coatings top 10 companies include:
- PPG Industries Inc.
- AkzoNobel NV
- The Sherwin
Williams Company
- Daikin Industries
Ltd.
- KCC Corporation
- E.I. Du Pont De Nemours
- Whitford Corporation,
- Nippon Paint
Holdings Co. Ltd.
- BASF SE
- Evonik Industries,
and more.
Recent Developments
- In May 2021, PPG CORAFLON Platinum fluoroethylene-vinyl ether (FEVE) fluoropolymer powder coating for architectural extrusion profiles and aluminum sheet applications has been launched. When compared to traditional FEVE powder coatings, this proprietary coating method has a coating efficiency of over 20% and a greater corrosion resistance.
- In July 2019, In May 2019, Dongyue Polymer planned to expand the production capacity of PTFE (polytetrafluoroethylene) concentrated emulsion and dispersion resin. This project will be located in China, with a total investment of RMB 755,072,500.
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