The Market for perflouroalkoxy alkane (PFA) is expected to grow at a CAGR of 5.1% during the forecast period of 2019
NEW YORK, Sept. 11, 2019 /PRNewswire/ --
Market Overview
The Market for perflouroalkoxy alkane (PFA) is expected to grow at a CAGR of 5.1% during the forecast period of 2019- 2024. One of the key factors driving the market growth is the increasing demand for high and ultra-high-purity PFA in critical fluid transport tubing applications. However, rising environmental concerns and stringent regulations are likely to restrain the market.
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- Increasing application of PFA Resin in the semiconductor industry is also a key driving factor for the market studied.
- Growing Prominence of PFA Labware is likely to provide a major growth opportunity for the PFA market in the coming years.
- Asia-pacific is likely to dominate the global PFA market during the forecast period.
Key Market Trends
Chemical Processing Application to Dominate the Market
- Perfluoroalkoxy (PFA) has a wide range of applications in the chemical processing industry, as the product is resistant to thermal- and mechanical-shocks and is non-brittle in nature.
- Corrosion is the key factor to equipment failures, reduction in processing efficiencies, leakages and emissions, and production delays in chemical processing and manufacturing operations, thus enhancing equipment costs and ultimately leading to higher production cost. In order to cut down the cost and reduce the rate of corrosion, sustainable solutions, such as perfluoroalkoxy, are used at a greater extent in these industries.
- Components made of PFA resins provide excellent corrosion resistance over a wide range of temperatures. PFA is more economical and universal than other metals and alloys.
- Seals, O-rings, gaskets, braided packing, mechanical seals, valve seats, valve stem packing, lined valve, fittings, pumps, sight glasses, flow meters, lined pipes, dip pipes, columns, tanks, expansion joints, bellows, hose, tubing, convoluted tubing, filters, de-misters, strainers, column packing, heat exchanger tubing, and lining and trace heating cables are some of the applications of PFA in the chemical processing industry.
- Hence, the chemical processing application is likely to dominate the market during the forecast period.
Asia-Pacific to Dominate the Market
- In 2018, Asia-Pacific accounted for the major share of the global PFA market.
-China is the largest importer of oil and gas. The primary energy consumption in the country is dominated by coal. However, owing to air pollution and environmental concerns, the country is employing policies to increase the share of the gas, and reduce the share of coal in the total energy mix.
-To increase the investments in the oil and gas sector, the Government of China announced the market reforms in the oil and gas industry in May 2017. The reforms are aimed at liberalizing the oil and gas market in the country. In 2018, CNPC has also planned to commercialize its domestic unconventional resources and continue to invest into large gas projects in Tarim, Ordos, and Sichuan Basins, in order to increase its total domestic natural gas production.
-As per China's five year plans (2016-2020), the government's plan is to increase the proportion of natural gas in the energy consumption mix to about 10% by 2020, from about 5.9% in 2015, through enhanced domestic exploration and production activities.
-India was the fourth-largest consumer of oil in the world, in 2018. The growing fuel demand is augmenting the demand for increasing the refining capacity, due to the increasing sales of passenger cars, replacement of LPG as a cooking fuel, increasing urbanization, along with the demand for infrastructure and consumer goods.
-Hence, owing to the above-mentioned factors, Asia-Pacific is likely to dominate market studied during the forecast period.
Competitive Landscape
The global perfluoroalkoxy alkane (PFA) market is majorly consolidated in nature, with the top five or six players accounting for more than 80% of the market. The major players of the market include The Chemours Company, AGC Ltd., Solvay, Daikin, and Mitsubishi chemicals among others.
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