Perfluoroalkoxy Alkane (PFA) - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

Perfluoroalkoxy Alkane (PFA) - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

The Perfluoroalkoxy Alkane Market size is estimated at 3.66 kilotons in 2024, and is expected to reach 4.54 kilotons by 2029, growing at a CAGR of greater than 4% during the forecast period (2024-2029).

The COVID-19 pandemic had a negative impact on the market because of the travel restrictions causing supply chain disruptions. However, the market has since recovered. Since then, steady growth in the oil and gas, chemical processing, and semiconductor industries has driven the market.

Key Highlights

• The growing need for high- and ultra-high-purity PFA in critical fluid transport tubing applications is one of the main drivers of market growth. The growing use of PFA resin in the semiconductor industry is also expected to increase market growth.
• On the other hand, the environmental and health risks of PFA are likely to slow the growth of the market.
• The growing use of PFA in lithium-ion batteries may also boost the growth of the market.
• Due to high demand from industries like chemical processing, oil and gas, electrical insulation, and semiconductors, Asia-Pacific is likely to lead the PFA market over the next few years.

Perfluoroalkoxy Alkane (PFA) Market Trends

Chemical Processing Applications are Expected to Dominate the Market

• Perfluoroalkoxy alkane, or PFA, is used a lot in the chemical processing industry because it can withstand high temperatures, mechanical shock, and thermal stress.
• PFA is used for corrosion protection liners and coatings because it has good chemical resistance and low permeation, good light transparency, good resistance to UV and visible light, smooth surface, low surface energy, good resistance to weathering, high temperature and thermal stability, water repellent and anti-staining, high purity, excellent electric properties, and does not burn and makes little smoke.
• Some of the applications of PFA in the chemical processing industry include seals, o-rings, gaskets, braided packing, mechanical seals, valve seats, valve stem packing, lined valves, fittings, pumps, sight glasses, flow meters, lined pipes, dip pipes, columns, tanks, expansion joints, bellows, hoses, tubing, convoluted tubing, filters, de-misters, strainers, column packing, heat exchanger tubing, and lining and tracing heating cables.
• The United States is one of the world's leading producers of chemical products. In 2022, the chemical production index in the country was 95.5, indicating a 2.24% growth over the previous year.
• According to the Bureau of Economic Analysis, the value added by the chemical products industry in the United States in 2022 was around USD 501.39 billion, a 12% rise over the previous year.
• With the rising chemical processing sector, several big firms throughout the world have begun to develop their operations or enter the chemical processing industry. For example, in December 2022, Saudi Aramco cooperated with TotalEnergies, a French oil company, to develop a petrochemical complex in Saudi Arabia for an anticipated USD 11 billion investment.
• Thus, it is likely that chemical processing applications will lead the market during the next few years.

Asia-Pacific is Expected to Dominate the Market

• Asia-Pacific has grown to be the hub for chemical processing across the world. The chemical industry in countries such as China, India, and Japan has been growing rapidly. Asia holds the largest share of the global chemical market. Over the last decade, the region has continuously accounted for more than half of the global chemical market.
• China is not just the largest market for chemicals, but it is also one of the fastest expanding. According to the VCI (Association of the Chemical Industry e.V.), in 2022, China was the world's third-largest chemical exporting nation, with a share of 9.3% of global chemical exports based on value.
• India, on the other hand, is the third-largest consumer of polymers, the fourth-largest producer of agrochemicals, and the sixth-largest producer of chemicals in the world. The demand for chemicals is expected to expand by 9% per year by 2025. According to IBEF, the chemical industry is expected to contribute USD 300 billion to India's GDP by 2025.
• Perfluoroalkoxyalkane (PFA) is used in semiconductors because it lasts longer under changing loads. Also, its better electrical properties and resistance to cracking under stress make it a great choice for the semiconductor industry. According to the India Electronics and Semiconductor Association, the country's semiconductor component business will be valued at USD 32.35 billion by 2025. The government's ongoing "Make in India" campaign is likely to lead to investments in the country's semiconductor industry.
• Japan accounts for more than 30% of global semiconductor manufacturing equipment and material sales. SEMICON Japan 2022 brought together Japanese and international companies from across the microelectronics manufacturing supply chain in December 2022 at Tokyo Big Sight for insights into the latest technological innovations, developments, and trends. The growing efforts in the country to make more semiconductors are driving up the demand for PFA.
• PFA has a low coefficient of friction and is resistant to heat and chemicals. This makes it a popular choice for seals, gaskets, and slide bearings in the oil and gas industry. China is the world's second-largest consumer of oil and gas, yet it ranks just sixth in terms of production. The country's crude oil production rose to 208 million metric tons in 2023, marking a 1.6% increase compared to 2022.
• Thus, because of the above factors, it seems likely that Asia-Pacific will lead the market during the forecast period.

Perfluoroalkoxy Alkane (PFA) Industry Overview

The perfluoroalkoxy alkane (PFA) market is majorly consolidated in nature, with the top five or six players accounting for the majority of the share in the market. The major players in the market include The Chemours Company, Daikin Industries, Gujarat Fluorochemicals, Solvay, AGC Inc., and 3M, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support