According to the report published by Global Market Insights Inc., the global fluorinated ethylene propylene market was estimated at $695 million in 2018 and is expected to hit $1.2 billion by 2025, registering a CAGR of 8.3% from 2019 to 2025. The report provides a detailed analysis of the market size and estimations, major investment pockets, top winning strategies, drivers and opportunities, competitive scenario, and wavering market trends.
The rise in demand for pickup trucks and small passenger cars has driven the growth of the fluorinated ethylene propylene (FEP) market over the past few years. FEP granules are well-suited for manufacturing the brake line tubing used in vehicles while being widely deployed to boost coolant circulation. Consistent sales of premium SUVs worldwide are expected to drive FEP consumption over the forecast period. An increase in the purchasing power of consumers across emerging economies will boost the auto manufacturing sector.
Fluorinated ethylene propylene tubing is a robust engineering fluoropolymer that offers excellent fluid visibility, low-temperature resistance, and low coefficient of friction and is perfect for flow control monitoring. Hence, the product finds significant use in chemical processing applications, as well as the petroleum and oil and gas industry. Additionally, fluorinated ethylene propylene will continue to attract huge demand from numerous industries, owing to its vast benefits.
Based on products, the granules segment contributed to nearly 120 million FEP market revenue in 2018 and is expected to lead the trail throughout the forecast period. The dispersions segment, on the other hand, is likely to register over 5% gains during the study period.
Based on geography, North America, driven by the U.S., Canada, and Mexico, surpassed $175 million in 2018 and is anticipated to maintain the lion’s share during the estimated period. Simultaneously, the European region would register over 6% gains until 2025.