Mar 08,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Perfluoropolyether Market.
It was estimated prior to this unanticipated outbreak that the Perfluoropolyether Market was expected to grow at a CAGR of 4.0% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Perfluoropolyether is basically a nonreactive and non-flammable fluorinated synthetic oil, in which every atom of carbon has been replaced by fluorine. It is of two different types, i.e. oil and grease, out of which, oil is highly used in various manufacturing sectors including automotive, chemicals, electronics, and aerospace.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the product type, the Perfluoropolyether market is segmented as PFPE-K, PFPE-M, PFPE-Z, PFPE-Y, and PFPE-D. PFPE-Y is estimated to be the major product type in the market during the forecast period, owing to its cost-effective nature on comparing with its other counterparts. These fluids are utilized for various applications such as in gears, slides, bearings, where there is requirement for high-temperature elastomers compatibility, where performance of machines components are affected by heat, corrosion, solvents, toxicity, flammability, and can also be used as grease in various end-use industries including chemical, electronics, automotive, and data processing. They offer various excellent features such as thermal, chemical, electrical & solvent resistance, and are non-reactive with elastomers, metal, plastic and rubber, eventually accelerating the product demand in the market during the forecast period.
In terms of regions, Asia-Pacific is estimated to be the leading region in the market, the growth is attributed to the rising number of low-cost airlines in the region during the forecast period. Factors such as the expansion of aerospace industry generating demand for lubricants, and the continuous expansion of manufacturing, automobile and other industrial sectors leading to high demand for cars, power tools and industrial equipment are expected to fuel the growth of the regional market in the upcoming years. Europe and North America are also expected to offer substantial growth opportunities during the forecast period.
Some of the major players in the perfluoropolyether market are-