An innate sub-vertical of the polymers and advanced materials industry, fluorinated ethylene propylene market is slated to witness immense growth prospects over the forthcoming years perhaps due to the product’s abundant use across various industries including the automotive, construction, electronics, F&B, and several others.
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Considering the current COVID-19 pandemic outbreak, it is imperative to mention that medical industry is as well expected to emerge as a newfound genre for the global Fluorinated ethylene propylene market. A vital testament for the same is being offered by a UK based fluroplastic solutions provider- Adtech Polymer Engineering. The company has been potentially working towards meeting the increasing demands for fluoropolymer products used in UVC sterilization during the health crisis.
It has been reported that the company has been making full use of fluorinated ethylene propylene for UVC sterilization owing to its inertness to UV rays and relatively low absorption rate for UVC. Besides, FEP’s robust structure and color retention while being used with strong light over the time, has enabled it to emerge as an ideal material for manufacturing of components for UVC sterilization equipment.
Adtech’s initiative has urged companies operating in the FEP industry to come up with novel solutions that add to the global economy while also bolstering their position in the global market and supporting Fluorinated ethylene propylene market expansion.
Although FEP has been observing considerable gains from medical industry, automotive industry is set to remain a niche market for it in the upcoming years.
FEP adoption in automotive sector
One of the major industrial and economic forces worldwide, responsible for producing over more than 60 million cars and trucks annually, the automotive industry is poised to stand as a remunerative vertical for Fluorinated ethylene propylene market. In the automotive sector, the FEPs are extensively used in small-sized and compact cars, in bellows, tubing, and pressure hoses. What has been propelling the FEP industry across automotive sector is the paradigm shift of car buyers from sedans to more compact cars, with an intent to cut down on the fuel costs.
Small and compact cars form a new trend across the globe as they are the most affordable vehicle to get on to the road and they also require very less parking space. For a middle class family in almost all the emerging economies, a compact car facilitates savings as they are more fuel efficient compared to SUVs and sedans. In fact, numerous studies claim that car makes in India, during 2018, invested hefty amounts on small cars to augment the sales records in smaller parts of the nation.
For instance, Hyundai, on 2018, relaunched its most loved Santro in the country to appeal to Tier 1 and 2 cities where the per capita vehicle ownership is considerably small. Thus, it is needless to mention that rising demand for small vehicles from low middle income and emerging countries would offer a boost to the global Fluorinated ethylene propylene market.
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Growing FEP trends across the construction sector
FEP deployment is said to gain massive traction in the construction sector owing to its demand for paints, adhesives, and sealants. According to statistics by Global Construction Perspectives and Oxford Economics, the construction industry is estimated to grow at a CAGR of 85 per cent through 2030, while recording a valuation of USD 15.5 trillion. This would remarkably surge the need for adhesives and sealants, thus driving the FEP industry share.
Meanwhile, construction of residential housing will witness tremendous growth in the years ahead ascribing to the expanding population in the United States. Increasing government outlay to support homeownership, a sustainable community, and housing developments in an effort to offering access to affordable housing to people with low incomes is likely to fuel the demand for construction projects in the region. More so, thriving construction industry across the States is pushing the demand for paints, sealants, and paints, eventually augmenting Fluorinated ethylene propylene market size.
Although FEP has found intrinsic applications in various domains, features like relatively higher cost, low stiffness and strength are anticipated to hinder the market growth in the upcoming years. Besides, the material has been claimed to release perfluorooctanoic acid and other perfluorinated compounds upon degradation, depicting high risk of contamination in water bodies. However, various manufacturers have been taking strategic steps to eliminate the use of PFOA to abide by the industry and environmental requirement.