Medical Fluoropolymers Market Growth & Trends
The global medical fluoropolymers market size is expected to reach USD 962.03 million by 2030, expanding at 9.2% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. Increasing demand for advanced medical technology and devices and growing healthcare investments in emerging economies is expected to drive the demand for medical fluoropolymers over the forecast period.
The medical fluoropolymers industry is also expected to witness high adoption of fluoropolymers in implants on account of their chemical inertness and superior fatigue resistance. The demand for medical device packaging is likely to be driven by the rise in the demand for in-house and advanced medical devices.
The global fluoropolymers industry is one of the most heavily regulated in the world. It will be driven by increasing fluoropolymers consumption in construction, automotive, medical devices, and electrical & electronics applications. A large number of players are operating in the market across the globe, with various types of fluoropolymers, such as polytetrafluoroethylene (PTFE), polyvinylidene fluoride (PVDF), fluorinated ethylene–propylene (FEP), fluoroelastomers, and others are included as product segments. Other product types include ECTFE, PVF, ETFE, PFA, CTFE-VDF, PCTFE, and THV.
Fluoropolymers have been in high demand as substitutes for alloys and metals in a variety of industries, including industrial machinery, consumer goods, and automobiles in recent years. The industry's criticality rests in technological advancement, as end customers' ever-increasing demands for adaptability and product specification steadily drive the consumer electronics sector.
Other elements that influence industry trends include industrial procedures, feedstock availability, and sociopolitical events. Rapid modernization and availability of trained labor in Asia Pacific's growing economies have fueled the region's manufacturing sector's growth. The global epidemic of highly contagious COVID-19, on the other hand, had a significant impact on manufacturing industries, which, in turn, harmed the growth of the global fluoropolymers industry. Work-from-home policies, order cancellations, and shipping issues are all on the rise in the industry as a result of the pandemic's global spread.
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Medical Fluoropolymers Market Report Highlights
- The global medical fluoropolymers industry was valued at USD 475.18 million in 2022 and is estimated to grow at a CAGR of 9.2% from 2023 to 2030
- In terms of revenue, the polytetrafluoroethylene (PTFE) product segment accounted for a significant share of the market in 2022 and is further expected to witness prominent growth over the forecast period. The growth of PTFE can be attributed to its easy blending properties with numerous fillers such as carbon graphite, glass bead, and molybdenum disulfide for enhancing certain end-use applications
- The medical tubing application segment dominated the global market and accounted for more than 37.0% of the market revenue share in 2022. Medical tubing is designed for several applications such as anesthesiology, respiratory equipment, peristaltic pumps, biopsy, and check pump functions. It is also used for diagnosing congenital heart defects to allow clinicians to administer fluids and devices or to enable gas flow
- In 2022, North America accounted for more than 41.0% share of the overall market in terms of revenue. The medical fluoropolymers industry in North America is projected to witness significant growth in the coming years owing to the increased demand for medical fluoropolymers for developing drug delivery devices, medical tubing, catheters, medical bags, etc
- Various strategic initiatives were recorded over the past few years to boost the growth of medical fluoropolymers. For instance, in November 2020, Mueller Corporation launched a new suite of fluoropolymer coatings for medical devices including polytetrafluoroethylene (PTFE), perfluoro alkoxy (PFA), and fluorinated ethylene propylene (FEP) to their existing portfolio
Access Press Release@ https://www.grandviewresearch.com/press-release/global-medical-fluoropolymers-market
Medical Fluoropolymers Market Segmentation
Grand View Research has segmented the global medical fluoropolymers market based on product, application, and region:
Medical Fluoropolymers Product Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
- Ethylene Tetrafluoroethylene (ETFE)
- Polytetrafluoroethylene (PTFE)
- Polyvinylidene Fluoride (PVDF)
- Fluoroelastomers
- Others
Medical Fluoropolymers Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
- Medical Tubing
- Catheters
- Medical Bags
- Drug Delivery Device
- Others
Medical Fluoropolymers Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
- North America
- US.
- Canada
- Mexico
- Europe
- Germany
- France
- UK.
- Italy
- Asia Pacific
- China
- India
- Japan
- South Korea
- Central & South America
- Brazil
- Middle East & Africa
- GCC Countries
List of Key Players in Medical Fluoropolymers Market
- Daikin Industries, Ltd.
- The Chemours Company
- Solvay SA
- Arkema
- Adtech Polymer Engineering Ltd.
- Dongyue Group Limited
- Saint-Gobain
- L. Gore & Associates, Inc.
- Hitachi, Ltd.
- Holscot Fluoropolymers Ltd.
About Grand View Research
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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
