The global PVDF resin market revenue was around US$ 2.3 billion in 2023 and is estimated to reach US$ 4.5 billion by 2032, growing at a compound annual growth rate (CAGR) of 7.6% during the forecast period from 2024 to 2032.
PVDF (polyvinylidene fluoride) resin is a multipurpose polymer possessing remarkable mechanical qualities, superior chemical resistance, elevated thermal stability, and distinct electrical properties. It is utilized in a variety of applications, such as actuators, sensors, electrical insulation, wire and cable insulation, and equipment used in chemical processing. It is frequently used in lithium-ion batteries as well as in the chemical, semiconductor, medical, and defense industries. It can be injected, molded, or welded. It can be found as a cross-linked closed-cell foam, which is becoming more and more popular in aerospace and aviation applications.
Factors Influencing Market Growth
- The demand for renewable energy, like solar energy, is increasing. Since PVDF has exceptional electrical insulation and weather resistance, it is used in the production of solar panel back sheets. This will increase the demand for PVDF resins, thus expanding the market.
- There is an increase in the use of PVDF resin in electrical and electronic components like photovoltaic cells and panels. PVDF resins are used for weather durability, dirt resistance, chemical resistance, prolonged reflectivity, and smoke resistance. This will increase the demand for PVDF resin in the electrical and electronic industries, propelling the market growth.
- PVDF resins are used in lithium-ion batteries, which are used in e-vehicles. An increase in demand for e-vehicles will increase the demand for lithium-ion batteries and ultimately PVDF resins. This will propel the market's growth.
- The limited supply and insufficient production demand may hamper market growth.
Impact of COVID-19
The COVID-19 outbreak negatively impacted the market. The chemical, semiconductor, and defense industries were among the end-user sectors whose demand for PVDF resins dropped sharply. Additionally, the supply chain disruption led to a shortage of raw materials, which slowed the growth of the PVDF resin market globally. However, post-COVID-19, regional governments issued relaxations that permitted businesses to resume operations, which helped the market to refrain.
Regional Insights
Asia-Pacific dominated the market in 2023. This is because the development of urbanization and industrialization in countries such as China, India, and others is increasing the need for architectural coatings, hence driving the market's expansion in the region. Furthermore, as a result of the quickening pace of urbanization, PVDF resin usage has expanded in the building and food processing sectors. In the Asia-Pacific region, China is one of the biggest producers and consumers of PVDF resin. PVDF resin is in high demand due to advancements in China's chemical processing, electrical, and building industries. The growing chemical industry, especially in areas like specialty chemicals, water treatment, and pharmaceuticals, driving the PVDF resin market in the region.
Leading Competitors
- KUREHA CORPORATION
- Arkema
- Daikin Industries Ltd.
- SABIC
- Zhejiang Fotech International Co. Ltd
- Solvay
- Gujarat Fluorochemicals Limited
- RTP Company
- Dongyue Group Limited
- Shanghai Ofluorine Co. Limited
- 3M Company
- Other Prominent Players
Segmentation Analysis
The global PVDF resin market segmentation focuses on the type of crystalline phase, application, end-user industry, and region.
Segmentation based on Type of Crystalline Phase
- Alpha
- Beta
- Gamma
- Delta
Segmentation based on Application
- Pipes and Fittings
- Films and Sheets
- Coatings
- Membranes
- Wire and Cable
- Li-ion Batteries
- Others
Segmentation based on End-User Industry
- Chemical Processing Industry
- Electrical and Electronics
- Building and Construction
- Oil and Gas
- Automotive
- Others
Segmentation based on Region
- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa