The
global fluoropolymer tubing market is anticipated to grow at a rate of 5.7%,
from USD 518.4 Million in 2021 to USD 807.7 billion in 2029. Increasing demand
for electric vehicles (EVs) and increasing use of fluoropolymer tubing in the
Solar industry is anticipated to drive the market for the estimated forecast
period. However, the high cost of fluoropolymers compared to conventional
material remains one of the factors that hinder the global fluoropolymer tubing
market.
The
properties of fluoropolymer tubing, such as excellent chemical resistance,
electrical Insulation to high purity, toughness, and many others, have led to
significant demand in various automotive and aerospace industries. The unique
characteristics of fluoropolymer tubing and innovations in mobility solutions
drive the automotive and aerospace industries.
Furthermore,
the rise in green technology and various government projects to protect the
environment propel the solar industry over the years. Fluoropolymer tubing
helps protect against corrosion, Insulation against electricity, extreme
temperatures, and chemicals. Hence, fluoropolymer tubing in various solar panels,
wiring, and components has led the market positively.
However,
the high cost of fluoropolymer and complexity while handling them compared to
plastics is seen to restrain the market growth over the forecast period.
Eventually, limiting the market only to the high-end product segments reduces
the use of fluoropolymer tubing in various low-end products, thus restraining
the market's growth.
COVID-19 Impact on Global Fluoropolymer
Tubing Market
Fluoropolymer tubing is an essential component
for any healthcare equipment or system—the rise in the number of COVID-19 cases
across the globe inclined fluoropolymer tubing applications in the medical
field. Besides, during the Pandemic, there was a decrease in the raw material
supply, due to which there was a negative impact on the fluoropolymer tubing
market.
Market Segmentation
For the purpose of this report, the global fluoropolymer
tubing market is segmented on the basis of form type, material type,
application, and region:
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Form Type Outlook (Revenue, USD million; 2018-2029)
|
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Heat Shrink Tubing
|
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Multi-layer Tubing
|
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Single- and Multi-lumen Tubing
|
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Others (Braided Tubing, Tapered Tubing)
|
|
|
Material Type Outlook (Revenue, USD million; 2018-2029)
|
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ETFE
|
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FEP
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PFA
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PTFE
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PVDF
|
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Others (H2 Tubing, Heat Shrink Tubing)
|
|
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Application Outlook (Revenue, USD million; 2018-2029)
|
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Aerospace
|
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Automotive
|
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Energy
|
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Fluid management
|
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General industrial
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Wire Coating
|
|
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Optical Fibers
|
|
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Monofilament
|
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Medical
|
Diagnostic equipment
|
|
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Insulin Production
|
|
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Sterile filling and dispensing systems
|
|
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Other Medical Applications (General laboratory
use, Analytical and process equipment)
|
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Oil & gas
|
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Semiconductor
|
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Other Applications
|
Form Type Outlook:
Based on the form type, the market is segmented
into heat shrink tubing, multi-layer tubing, single- and multi-lumen tubing,
others (braided tubing, tapered tubing). Based on the form type, multi-layer
tubing dominated the global market in 2021 during the forecast period. The
significant share is contributed by its high prevalence across the globe.
Heat shrink tubing is projected to rise from 2022
to 2029 at the highest CAGR of 6.4%. The market is expected to register
substantial growth. Furthermore, the increasing development and
industrialization in the Asia Pacific are the factors responsible for the
market's growth across the globe.
Figure
1- Fluoropolymer Tubing Market, By Form Type (Market Size and Forecast by Value
- USD Million, 2021 & 2029)