Aerospace Fluoropolymers Market Size
|Market Size (2023)||USD 707.51 Million|
|Market Size (2028)||USD 839.49 Million|
|CAGR (2023 - 2028)||3.48 %|
|Fastest Growing Market||Asia-Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Aerospace Fluoropolymers Market Analysis
The Aerospace Fluoropolymers Market size is expected to grow from USD 707.51 million in 2023 to USD 839.49 million by 2028, at a CAGR of 3.48% during the forecast period (2023-2028).
- The supply chain disruption and aircraft order backlogs caused during the COVID-19 pandemic in 2020 greatly affected the aerospace fluoropolymers market. Major fluoropolymer original equipment manufacturers (OEMs) had to reduce their production rate due to less demand from the end-users, leading to trickling revenue streams and raising sustainability issues for small market players. However, post-COVID, the demand witnessed rapid growth due to the recovery demonstrated by the aviation sector and was likely to remain robust as the use of fluoropolymers is expected to increase in aerospace applications.
- Fluoropolymers have been witnessing high demand from the aerospace industry due to their unique properties that make end-user platforms such as aircraft safer and more fuel-efficient. High durability and effective protection against heat, specialty fuels, humidity, and engine vibrations, are a few of those characteristics of fluoropolymers that are catching the eyes of aerospace and aerospace component manufacturers. In addition, the lightweight nature of fluoropolymers in comparison to other materials is another reason leading to the greater adoption of fluoropolymers in aerospace. However, the costs of some of the fluoropolymer resins are at the higher end, which can act as a hindrance to market growth.
Aerospace Fluoropolymers Market Trends
Commercial Aviation Segment is Expected to Lead the Market During the Forecast Period
- The commercial aviation platform is expected to lead the market in the years to come. In 2020, there was a decline in commercial aircraft deliveries due to the COVID-19 pandemic. However, aircraft deliveries improved in 2021, and the major commercial aircraft OEMs, like Airbus and Boeing, increased their aircraft production and delivery rates. With the lifting of travel restrictions, air passenger traffic started to improve.
- With the increase in air passenger traffic, airlines have started operating on all major routes and have also added new routes. United Airlines has announced that it has started operating on new routes, describing it as its "largest transatlantic expansion." With everything returning to normal, new airlines have started operations. Akasa Air, a new Indian airline, started its operations in August 2022, starting with one route with 28 flights a week and gradually adding two more routes.
- In October 2022, Alaska Airlines placed an order for 52 Boeing B737 MAX aircraft with a plan to expand its fleet. The airline announced plans to have an all-Boeing mainline fleet by the end of 2023. With the increase in the production of commercial aircraft, the demand for fluoropolymers will also increase, resulting in the growth of the market.
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Asia Pacific to Register the Highest CAGR During the Forecast Period
- Asia-Pacific is anticipated to witness tremendous growth over the assessment period in the fluoropolymers market. Asia-Pacific has become a significant hub for the aviation industry over the years. The emerging economies in the region, like India and China, are experiencing a massive surge in their respective commercial aviation markets due to an increased demand for air travel. China is leading the recovery of global commercial aviation due to great domestic demand, helping the airlines witness financial recovery.
- China is the largest market in aviation due to an increase in domestic air passenger traffic, which has surpassed the North American region and is expected to grow rapidly at a rate of 4.4% by 2040, according to Boeing. With the increase in military spending of the countries in the region due to tensions between neighboring countries and with foreign nations investing in arranging military base stations in countries like Australia, military aviation in the Asia-Pacific region is also increasing.
- China is increasing its military airborne capabilities, and a new stealth fighter aircraft, the new version of the J-20, which is the world's first twin-seat stealth fighter aircraft, was unveiled in October 2022. In addition, countries in the Asia-Pacific are cost-friendly due to the low cost of labor and require low investments to set up manufacturing capabilities. Thus, due to the rapidization of the aerospace industry in Asia Pacific, the aerospace fluoropolymers market will continue to experience growth in the region.
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Aerospace Fluoropolymers Industry Overview
The aerospace fluoropolymers market is consolidated in nature. Daikin Industries, Ltd., The Chemours Company, AGC Group, Arkema S.A., and Solvay S.A. are the prominent players in the market. These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
However, there are several smaller players that function in the aerospace fluoropolymers market. The companies are trying to increase their presence across all regions to increase their customer base. For example, in March 2021, Arkema announced to increase its investment to further increase its fluoropolymer production capacities in Changshu (China) by 35%.
Aerospace Fluoropolymers Market Leaders
Daikin Industries, Ltd.
The Chemours Company
*Disclaimer: Major Players sorted in no particular order
Aerospace Fluoropolymers Market News
January 2023: Saint-Gobain, through its Chryso business, made an announcement regarding the acquisition of Matchem in Brazil. Additionally, they entered into exclusive negotiations to acquire IDP Chemicals in Egypt.
August 2021: Arkema S.A. signed an agreement for the acquisition of Ashland's Performance Adhesives business, a first-class leader in high-performance adhesives for industrial applications. This acquisition is part of Arkema's strategic plan to become a pure Specialty Materials player by 2024.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.1 Commercial Aviation
5.1.2 General Aviation
5.1.3 Military Aviation
5.2 Resin Type
5.2.5 Other Resin Types
5.4 Component Type
5.4.2 Wires & Cables
5.4.3 Hoses & Tubes
5.4.6 Other Component Types
5.5.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia Pacific
5.5.4 Latin America
184.108.40.206 Rest of Latin America
5.5.5 Middle East and Africa
220.127.116.11 Saudi Arabia
18.104.22.168 United Arab Emirates
22.214.171.124 South Africa
126.96.36.199 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Daikin Industries, Ltd.
6.1.2 The Chemours Company
6.1.3 AGC Group
6.1.4 Arkema S.A.
6.1.5 Solvay S.A.
6.1.7 Plastics Europe
6.1.8 Dongyue Group
6.1.9 The 3M Company
6.1.10 HaloPolymer, OJSC
6.1.11 Saint-Gobain Group
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Frequently Asked Questions
How big is the Aerospace Fluoropolymers Market?
The Aerospace Fluoropolymers Market size is expected to reach USD 707.51 million in 2023 and grow at a CAGR of 3.48% to reach USD 839.49 million by 2028.
What is the current Aerospace Fluoropolymers Market size?
In 2023, the Aerospace Fluoropolymers Market size is expected to reach USD 707.51 million.
Who are the key players in Aerospace Fluoropolymers Market?
Daikin Industries, Ltd., The Chemours Company, AGC Group, Arkema S.A. and Solvay S.A. are the major companies operating in the Aerospace Fluoropolymers Market.
Which is the fastest growing region in Aerospace Fluoropolymers Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Aerospace Fluoropolymers Market?
In 2023, the North America accounts for the largest market share in Aerospace Fluoropolymers Market.
Aerospace Fluoropolymers Industry Report
Statistics for the 2023 Aerospace Fluoropolymers market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Aerospace Fluoropolymers analysis includes a market forecast outlook to for 2023 to 2028) and historical overview. Get a sample of this industry analysis as a free report PDF download.