Polyvinylidene Fluoride (PVDF) Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2029)

The Global Polyvinylidene Fluoride (PVDF) Market size is expected to grow from 67.21 Kilo metric tons in 2023 to 152 Kilo metric tons by 2028, at a CAGR of 17.73% during the forecast period (2023-2029).

Key Highlights

• Industrial and Machinery is the Largest End User Industry. The industrial and machinery industry registered the largest market share due to the high demand for PVDF resin for coating and lining applications.
• Automotive is the Fastest-growing End User Industry. The increasing usage of PVDF materials in batteries and electric vehicles in the automobile industry is likely to create opportunities for market growth.
• Asia-Pacific is the Largest Region. Asia-Pacific was driven by major developing economies like India, China, Japan, and South Korea. These countries also happen to be the largest consumers of PVDF in automotive, food and beverages, etc.
• Asia-Pacific is the Fastest-growing Region. Asia-Pacific witnessed a significant increase in investments in various industries, including automotive, construction, packaging, etc. It is projected to have the fastest growth in the market.

Polyvinylidene Fluoride (PVDF) Market Trends

GROWING DEMAND FROM THE AUTOMOTIVE INDUSTRY TO LEAD THE MARKET'S GROWTH

• PVDF is known as a highly non-reactive fluoropolymer with UV stability and resistance to chemicals, abrasion, and flame. It is often used in applications that require components of the highest purity levels. PVDF is one of the most frequently used fluoropolymers, accounting for 16.21% of the total consumption of all fluoropolymer sub-resin types in 2022.
• The electrical and electronics segment is the largest consumer of PVDF in terms of value due to its desired properties like flexibility, lightweight nature, low thermal conductivity, chemical corrosion resistance, and heat resistance. PVDF is commonly used as insulation on electrical cables. Its application as an insulating material in batteries, including lithium-ion batteries, has also grown. Owing to the rapidly growing demand for lithium-ion batteries and cable insulations, the demand for PVDF from the segment is expected to record a CAGR of 21.42% in terms of value during the forecast period (2023-2029).
• The industrial machinery segment is the second-largest consumer of PVDF in terms of value. Its high tensile strength, resistance to radiation, abrasion, and chemical properties make it a preferred material in this segment. For instance, in the chemical processing industry, PVDF is used in bearings, vessels, pipes, pipe fittings, isolation valves, linings, and pump impeller casing. It is also used as a corrosion and water-resistance coating for equipment.
• The automotive segment is the fastest-growing consumer, with an expected CAGR of 34.03% in terms of value during the forecast period. The demand for PVDF coating in brake tubes, underbody fasteners, rocker panels, and tail lamp housings is growing, primarily due to its excellent corrosion and chemical resistance.

AFRICA MAY BECOME A MAJOR MARKET IN THE FUTURE

• The global PVDF market accounted for 12.21% of the global fluoropolymers market in 2022. Asia-Pacific and North America are among the major consumers of PVDF globally.
• Asia-Pacific is the largest consumer of PVDF and is expected to record a CAGR of 20.81% in terms of value during the forecast period. Countries like China and Japan majorly utilize PVDF, occupying 60% and 17%, respectively, of the total PVDF market share in terms of revenue in 2022. China's industrial machinery industry is the major consumer of PVDF. In recent years, China has invested heavily in the development of advanced machine tools, such as high-speed and precision machine tools, as well as smart and digitalized manufacturing technologies. The government aims to make China a world leader in advanced manufacturing by 2025. The government has set a five-year plan for smart manufacturing development, with the goal of digitizing 70% of its large enterprises.
• North America is the second-largest consumer and is projected to record a CAGR of 18.04% in terms of value during the forecast period. This growth is expected due to the rising investments in the region's electrical and electronics manufacturing. Schneider invested USD 100 million in 2022 to increase the production of electrical goods in the region. The United States is among the major consumers of PVDF in the region, with a market revenue share of 92%, owing to its electronics industry, which is predicted to record a CAGR of 17.19% in terms of value during the forecast period.

Polyvinylidene Fluoride (PVDF) Industry Overview

The Polyvinylidene Fluoride (PVDF) Market is fairly consolidated, with the top five companies occupying 77.03%. The major players in this market are Arkema, Dongyue Group, KUREHA CORPORATION, Sinochem and Solvay (sorted alphabetically).

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