The global PVDF resin market size was valued at USD 871 million in 2021, projected to grow at a CAGR of 7.7% and reach USD 1,577 million during the forecast period. Polyvinylidene fluoride (PVDF), also referred to as polyvinylidene difluoride, is a type of engineering plastic member of the fluoropolymer family known as semi-crystalline fluoropolymers. It is a fluoropolymer produced by polymerizing vinylidene difluoride and does not react with other substances. PVDF is utilized in applications requiring high thermal stability, chemical resistance, resilience, and purity against acids, bases, and solvents.
Furthermore, it is a critical component in high-end coatings for residential and commercial metal roofing. Due to their affinity for amino acids, PVDF membranes can immobilize proteins. In addition, PVDF resins find widespread application as sheets, films, tubes, and coatings in diverse end-user industries, including chemical processing, oil & gas, construction, and electrical & electronics.
In recent years, the market for PVDF resin has expanded significantly. It is anticipated that this pattern will carry on throughout the forecast period due to the rise in demand for lithium-ion batteries, photovoltaic films, and coatings, and the government's support for research & development activities to discover new commercial opportunities. In addition to Europe and the United States, PVDF resin is in high demand in emerging countries such as China, India, and others.
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The Growing Demand from Various End-Users to Drive Market
During the forecast period, the global PVDF resin market is anticipated to expand at a healthy rate due to a rise in demand from end-user industries such as oil & gas, construction, electrical, and electronics, as well as high growth in the new power and energy sector for applications like photovoltaic films and lithium-ion batteries. The development of the global electronics industry is anticipated to boost the growth of the global PVDF resin market share significantly. Most electronic and electrical goods manufacturers claim to use PVDF resin primarily due to its piezoelectric properties, low thermal conductivity, and high heat resistance. The increase in demand for PVDF resin as electrical wire insulation will further augment its sales in the electrical and electronics industries. The Asia-Pacific region is witnessing a continual growth in demand for PVDF resin due to a rise in order from the electronics, electric vehicle, and renewable energy industries. In the construction industry, the utilization of PVDF resin has also increased significantly. It is one of the essential raw materials used in PVDF architectural coatings. PVDF resin has superior weather ability, a longer lifespan, and requires less maintenance. Thus, architectural coatings comprised of PVDF resin are utilized extensively in places such as power plants, airports, highways, and high-rise buildings.
The PVDF resin market is expected to be driven during the forecast period by initiatives aimed at the improvement of infrastructure as well as an increase in the housing market in emerging economies. It is anticipated that the oil and gas industry will soon see an increase in demand for PVDF resin, particularly in deep offshore applications like offshore flexible pipelines and offshore umbilical cables (cables). Other applications, such as cathodic protection cables, underground piping at gas stations, and automotive fuel handling systems, are anticipated to contribute to the PVDF resin market growth. New consumer applications for PVDF include new energies, aerospace, automotive, and food and beverage. In addition, the increased utilization of PVDF resin in water treatment is anticipated to create new growth opportunities for the PVDF resin market.
The Environmental and Health Concern Related to PVDF to Hinder Market Growth
Recent years have seen a gradual increment in the uses and applications of PVDF resin in end-products; consequently, it is expected that the emission of PVDF resin into the environment will increase significantly via multiple exposure routes. As this emission of PVDF resin into the environment increases, various regulatory agencies, like the EPA, REACH, and others, are concerned. These regulatory bodies designed the framework for controlling the emission of these fluoropolymers from waste or discarded products. The incorporation of PVDF resin on a commercial scale may be hindered by stringent environmental regulations imposed by various governing bodies, thereby negatively impacting the global market expansion. In addition to skin irritation and indigestion, contact with PVDF resin can cause skin irritation. In addition, the thermal decomposition vapors of fluorinated polymers may induce polymer fume fever with influenza-like symptoms in humans, particularly when harmful tobacco is smoked. Moreover, the volatile fluctuation of raw material prices may inhibit PVDF resin market expansion shortly.
Government Initiatives and Investment in Energy Sector to Boost Market Opportunities
During the forecast period, the market for PVDF resin is anticipated to be propelled by the renewable energy industry's rapid expansion. The Asia-Pacific region has the highest renewable energy growth rate due to increased investment in renewable energy projects and capacity and utilization. Rapid growth in renewable energy sectors, such as hydropower, ocean energy, wind & solar, is meeting the electricity demands of residential, commercial & industrial, and utility customers. To provide insulation, PVDF resins are increasingly used in electrical and electronic components, which is expected to create diverse opportunities for the PVDF resin market in the coming years. In addition, PVDF resins are utilized on the surfaces of photovoltaic cells and panels to ensure excellent weather resistance, fouling/dirt resistance, extended reflectivity, chemical resistance, and exceptional burn/smoke resistance. Consequently, an increase in investments in renewable energy sectors is anticipated to propel opportunities for the PVDF resin market over the forecast period.
The global market for PVDF resin is classified based on the type of crystalline phase, application, end-use industry, and region.
Based on the type of crystalline phase, the fragments are alpha, beta, gamma, and delta.
The alpha segment is anticipated to grow at a CAGR of 7.74% and hold the largest share during the forecast period. The most common polymorph is the alpha form of PVDF resin, obtained by crystallizing molten material at atmospheric pressure. During the period forecasted, the growth in the demand for alpha phase PVDF resin from various end-use industries, including chemical processing, electrical & electronics, construction, oil & gas, and others, is anticipated to drive the global market. As a result of its non-polar conformation and lack of piezoelectric properties, the alpha phase of PVDF resin is progressively used as an insulator in numerous electrical and electronic applications.
The beta segment will hold the second-largest share. Ferromagnetic properties are primarily attributable to the beta form conformation, which has been extensively studied. The electrical properties of the beta form of PVDF resins, including piezoelectric, pyroelectric, and ferroelectric properties, make it a dependable material for use in electrical and electronics applications. Consequently, the increased demand for beta PVDF resins from the electrical industry is anticipated to drive market expansion during the forecast period.
Based on the application, the fragments are resins and filaments.
The resin segment will likely hold the largest market share during the forecast period and grow at a CAGR of 7.21%. The primary raw material produced by polymerization is PVDF resin. It is also known as vinylidene fluoride homopolymer resin. Increased demand for PVDF resin from applications requiring high temperature, high chemical resistance, and mechanical strength is anticipated to drive the PVDF resin market's expansion in the coming years.
The filament segment will hold the second-largest share. Polyvinylidene fluoride (PVDF) filaments can be used in various applications, such as 3D printing material, fishing lines, and chemical processing equipment. Increased demand for PVDF filaments from 3D printing applications is anticipated to drive the market's expansion over the next few years.
Based on the end-use industry, the fragments are Chemical Processing, Electrical & Electronics, Construction, New Energies, Oil & Gas, Pharmaceuticals & Biomedical, and others.
The chemical processing industry is expected to hold the largest share during the forecast period and grow at a CAGR of 7.5%. The increase in demand for PVDF resins from the chemical processing sector for use in applications like filtration & separation equipment, high purity water systems, and protective coatings, among others, is anticipated to fuel the PVDF resin market growth over the forecast period. In addition, macroeconomic factors such as urban development and economic growth in developing countries have propelled the market for PVDF resin.
The construction segment will hold the second-largest share. Upsurge in building & construction and infrastructural development activities across developing & developed regions is anticipated to drive the demand for PVDF resins for use in coatings and other protection applications from the industry, which is expected to fuel the PVDF resin market's growth in the coming years. In addition, the increase in infrastructure development projects, such as utility structures, sports complexes, and commercial buildings, will increase the demand for PVDF resin.
The region-wise segmentation of the global market for PVDF resin includes North America, Europe, Asia-Pacific, and LAMEA.
The Asia Pacific and North America will Dominate the Regional Market
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Asia Pacific will command the market with the largest share during the forecast period and grow at a CAGR of 7.8%. The Asia-Pacific PVDF resin market is primarily driven by emerging countries such as China, Japan, India, and Australia. This is a result of the large number of key players that can be found in these countries as well as the availability of manufacturing facilities. The rise in urbanization and industrialization in countries like China, India, and others is growing the need for architectural coatings, which further pushes the expansion of the market during the forecast period.
In addition, the rapid pace of urbanization has led to an increase in the use of PVDF resins in the construction and food processing industries. These resins are used in membranes, which are applications that are used for the treatment of water. Additionally, new government regulations for wastewater management have fueled the use of these resins in membranes. Emerging applications, like photovoltaic modules, lithium-ion batteries, and specialty films for architectural and automotive glazing, are the primary market growth drivers. As a result, the market for PVDF is anticipated to expand substantially during the forecast period.
North America will grow at a CAGR of 7.65% and reach USD 478 million during the forecast period. The growing prevalence of low-frequency PVDF in applications like the production of semiconductors, coating in building projects, and wire and cable insulation is anticipated to drive product innovation and material expansion in the region's market. In addition, the robust growth in the defense and aerospace industries has accelerated alongside the enhancements to manufacturing plants, thereby increasing the demand for PVDF resin in the region.
In addition, the U.S. manufacturing of lithium-ion batteries from Tesla's Gigafactory is anticipated to increase the long-term demand for PVDF resin, thereby boosting the market's growth in the coming years. In addition, the increase in demand from the water & wastewater treatment segment in North America will propel the development of the PVDF resin market over the forecast period. In addition, the expansion of infrastructures and residential construction has led to an increase in the use of PVDF resin in pipes, valves, pumps, paints, and coatings, as well as membrane solutions in water purification systems.