The growth of the perfluoropolyether market is driven by growing demand for fuel-efficient vehicles, increasing government expenditure in medical industry, and rapid uptake of paper-based packaging, says this report.
Selbyville, Delaware, June 27, 2022 (GLOBE NEWSWIRE) -- According to the report published by Global Market Insights Inc., the global Perfluoropolyether Market (PFPE) was estimated at USD 600 million in 2021 and is anticipated to surpass a valuation of USD 905 million by 2028, progressing at a CAGR of 6% from 2022 to 2028. This report offers a detailed analysis of market drivers & opportunities, wavering market trends, top winning strategies, market size & estimations, competitive scenario, and major investment pockets.
PFPE lubricants offer numerous benefits such as maintaining the overall performance of the process even when subjected to extreme pressures, non-flammability, excellent radiation stability, low volatility, CFC-free, and others. These factors have increased the use of these oils and greases in different industries like cleaning, oil & gas, paper, pulp, personal care, and food processing, driving product demand in different end-use applications. Moreover, product usage in the medical industry due to the surge in chronic diseases is also likely to boost market growth. Notably, Europe is set to record notable progress in the EV landscape, which is likely to foster market outlook through the review timeline.
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PFPE greases maintain stability under high & low vacuum when they are exposed to acids and are ideal for various static applications. Mounting utilization of greases in passenger & commercial vehicles attributed to their efficient properties like stability and ability to enhance overall performance is expected to bolster product uptake. Driven by these factors, the grease type perfluoropolyether market held over USD 435 million market value in 2021 and is anticipated to grow at a CAGR of more than 6.5% over the forecast period.
Meanwhile, with regards to end-use, the perfluoropolyether market size from the chemicals & petrochemicals segment is projected to exceed USD 180 million valuation by 2028. Growing use of PFPEs due to their exceptional corrosion resistance, low permeability toward liquids & gases, and high temperature resistance is set to augment segmental growth.
Key reasons for perfluoropolyether market growth:
Growing demand for grease type PFPE.
Increasing consumer preference for PFPE-Z.
Surging prominence in automotive industry.
Rising uptake in chemicals & petrochemicals applications.
2028 forecasts show the ‘PFPE-Z’ segment retaining its dominance:
The perfluoropolyether industry from the PFPE-Z product segment was valued at over USD 95 million in 2021 and is poised to gain momentum through 2028 owing to its high flexibility. These lubricants can enhance efficiency even under critical parameters, such as low-torque and low-temperature, due to which they are highly used in delicate precision instruments, bearings, and sensors. PFPE-Z has a pouring point of –90°C, hence it offers wide temperature serviceability, which is a major driving factor for PFPE-Z market growth.
Europe to continue its top status in terms of revenue:
In the regional landscape, the Europe perfluoropolyether market is projected to expand at approximately 6% CAGR up to 2028. As PFPE aids in reducing vibration, noise, and harshness levels, they have found extensive use in the domestic automotive industry. Soaring prevalence of electric & hybrid cars manufacturing in the region is expected to bolster product demand in Europe.
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Impact of COVID-19 pandemic on perfluoropolyether market:
The COVID-19 pandemic adversely impacted PFPE market demand due to a slowdown in the manufacturing and chemical & petrochemicals industries. Subsequently, many market players witnessed a halt in business operations as a result of the decline in product demand during lockdowns. Moreover, several firms performing in the industry adopted effective growth strategies to regain their pre-COVID impetus. For instance, in April 2020, Solvay, a prominent chemicals firm, partnered with Boeing for making COVID-19 face shields. These factors have been profitable for overall industry in recent years.
Leading market players:
Key market players studied in the global PFPE market report include Daikin Industries Incorporation, The Chemours Company, Solvay, Kluber Lubrication, Miller-Stephenson, and others.
About Global Market Insights Inc.
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