Perfluoropolyether Market to cross $1.1 Billion by 2032, says Global Market Insights Inc.
Some of the major players operating in the perfluoropolyether industry are The Chemours Company, Daikin Industries, Inc., Solvay, M&I Materials Limited, LUBRILOG SAS, IKV Tribology, Fluorotech USA, Metalubgroup, Setral Chemie GmbH, and Jet lube.
Selbyville, Delaware, Nov. 29, 2022 (GLOBE NEWSWIRE) -- According to a recent report by Global Market Insights Inc., the global Perfluoropolyether Market is slated to exceed a valuation of USD 1.1 billion by 2032.
Mounting demand for fuel-efficient vehicles is driving the perfluoropolyether industry trends, says the report. The booming aerospace & defense sector, along with the escalating demand for food processing equipment, is likely to increase the demand for PFPE products. For instance, in 2021, the industry revenue of food processing machinery and equipment in Japan reached USD 4 billion. The booming food & beverage business is set to shift the focus of manufacturers towards automated technologies, fueling product penetration.
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Lack of sufficient research tools to impede industry progression
Limited availability of research tools may emerge as a major restraining factor for perfluoropolyether market growth, cites the report. The lack of proper R&D infrastructure to improve product performance and increase the penetration of PFPE oils and greases in various verticals is hindering the adoption rate. However, with increasing investments in the automotive industry and government efforts to promote EVs, the uptake of PFPE for supporting smooth engine operations is expected to encourage players to eventually overcome the issue.
Ultra-low volatility to push the demand for PFPE-D
Based on product, perfluoropolyether market into PFPE-Y, PFPE-K, PFPE-M, PFPE-D, and PFPE-Z. The PFPE-D segment is speculated to surpass a valuation of USD 115 million by 2032 owing to its ultra-low volatility and oxide-induced catalysis resistance. Mounting consumer inclination toward the use of superior quality lubricants for enhancing longevity and optimizing performance yield is likely to stimulate product demand.
Ability to prevent contamination and corrosion to benefit the grease segment
The report identifies that perfluoropolyether greases are anticipated to showcase notable demand through 2032 as a result of their beneficial properties, including high stability of fluorocarbons, wide temperature range operation, and low volatility. Driven by its ability to control leakage and contamination and restrict corrosion between parts that are prone to friction, the grease segment is poised to depict considerable growth in the coming years.
Browse key industry insights spread across 301 pages with 234 market data tables and 61 figures & charts from the report “Perfluoropolyether Market Statistics By Product (PFPE-K, PFPE-M, PFPE-Z, PFPE-Y, PFPE-D), By Type (Oil, Grease), End-Use (Automotive, Aerospace, Electronics, Chemicals & Petrochemical, Food Processing, Metal Processing, Medical Industry Equipment, Power Generation, Textile, Pulp and Paper), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Rising food consumption to stimulate food processing application segment expansion
Perfluoropolyether market growth from the food processing end-use segment is slated to remain positive until 2032. The increased consumption of food & beverages has pushed the manufacturing of processed food products, thereby leading to the significant use of manufacturing equipment in the food processing industry, which is set to boost the utilization of PFPE oils and greases in the sector. Driven by the aforementioned factors, the food processing segment is likely to exhibit over 5% CAGR between 2023 and 2032.
Growing preference for EVs to help Europe emerge as a prominent regional ground
Europe perfluoropolyether market is projected to reach more than USD 315 million in revenue by the end of 2032. Perfluoropolyether products offer good thermal conductivity and undergo extreme temperatures in e-vehicles due to their high dielectric property, which is expected to spur regional growth. In addition, favorable government incentives, including reduced taxes on EVs, along with growing investments and consumer preference for EVs, are primed to further foster the Europe perfluoropolyether industry outlook.
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Product innovation to remain a major growth strategy
Competitive landscape of the perfluoropolyether market is inclusive of Setral Chemie GmbH, M&I Materials Limited, IKV Tribology, Metalubgroup, Fluorotech USA, LUBRILOG SAS, and Jet-Lube, among others. These companies mainly engage in product launches, strategic mergers & acquisitions, and expansion of production facilities to maintain their market position.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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