The polyvinylidene fluoride (PVDF) Market To Witness Substantial Growth Owing To Rising Demand From Water Treatment Industry
The Polyvinylidene Fluoride Market is estimated to be valued at US$ 1338.27 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The polyvinylidene fluoride (PVDF) market is a fast-growing fluoropolymer utilized in several end-use industries due to its superior properties such as high chemical resistance, thermal stability, high tensile strength, UV and weather resistance. PVDF also offers advantages such as lightweight, flexibility, formability, and durability.
Market Overview:
PVDF is utilized to produce membrane, film and sheeting used in filtration, batteries, building & construction and healthcare industries. It is used to produce films and sheeting for signage's, architectural cladding and facades. Its superior properties such as non-combustibility and high flexibility make it an ideal choice for several applications.
Market key trends:
Rising demand from water treatment industry is expected to drive the polyvinylidene fluoride market growth over the forecast period. PVDF is used to produce membranes for water purification and treatment processes owing to its excellent chemical resistance properties. According to UN, close to 70% of available freshwater is polluted putting pressure on governments worldwide to invest in water treatment infrastructure. Growing population and industrialization is expected to further drive the demand. Moreover, increasing R&D to develop new PVDF grades and composites with enhanced properties suitable for emerging applications such as lithium-ion batteries will also support the market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: The PVDF market has high costs associated with R&D, manufacturing facilities, and brand recognition. This increased capital requirements pose barriers for new entrants.
Bargaining power of buyers: Buyers in the PVDF market have moderate bargaining power due to the availability of substitute products. However, the specialized properties of PVDF make it difficult for buyers to switch to alternatives.
Bargaining power of suppliers: The key raw materials for PVDF production are limited in supply, giving existing suppliers strong bargaining power over manufacturers.
Threat of new substitutes: Alternatives to PVDF include polytetrafluoroethylene and polychlorotrifluoroethylene but they lack certain desirable properties like chemical resistance and flexibility offered by PVDF.
Competitive rivalry: The presence of major players has increased competitive rivalry in the market.
SWOT Analysis
Strength: PVDF has excellent properties like chemical inertness, weatherability, and heat resistance that makes it suitable for various industrial applications. It is recyclable and durable in nature.
Weakness: High manufacturing and R&D costs can affect the profitability of players. PVDF requires specialized production processes that pose technical challenges.
Opportunity: Growing demand from end-use industries like electrical & electronics, construction, and automotive provide major growth opportunities. Rising need for membranes for water treatment also offers scope.
Threats: Stringent environmental regulations over fluorinated emissions during production act as a threat. Volatility in raw material prices can impact profit margins.
Key Takeaways
The Global Polyvinylidene Fluoride Market is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, due to increasing demand from end-use industries like electrical & electronics, automotive, and construction.
Regionally, Asia Pacific dominates the global PVDF market and is expected to grow at the fastest rate during the forecast period. Countries like China, India, and Japan are major PVDF consumers in the region due to extensive manufacturing activities.
Key players operating in the Polyvinylidene Fluoride market are Arkema, Solvay S.A., Daikin Industries ltd, Zhuzhou Hongda Polymer Materials Co. Ltd., Shanghai 3F New Materials Company Limited, Kureha Corporation, Quadrant Engineering Plastics Products, Shanghai Ofluorine Chemical Technology Co. ltd., Dyneon GmbH, and Zhejiang Fotech International Co. Ltd. These players are focusing on new product launches, capacity expansions and mergers & acquisitions to strengthen their market positions.