Photovoltaic Modules is fastest growing segment fueling the growth of Polyvinylidene Fluoride Market

The Global Polyvinylidene Fluoride Market is estimated to be valued at US$ 1338.27 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Polyvinylidene fluoride (PVDF) is a specialty plastic popular for its strength, flexibility, thermal stability, and non-combustibility. It provides protective and functional coating on photovoltaic modules, wire, and cable. These unique properties make it the perfect material for applications in industries including semiconductor, construction, and automotive.

Market key trends:
One of the primary drivers for PVDF demand is its increased use in photovoltaic modules. PVDF provides dielectric and environmental barrier coatings on crystalline silicon solar cell components. The demand for renewable energy sources is rising continuously. Governments of many countries are promoting the installation of solar rooftops and large-scale solar parks, driving the photovoltaic market. With over 80% of solar modules using a backsheet made from PVDF, the growth in the solar sector directly increases the consumption of PVDF. The rising solar installation target of countries like China, India, US, and European nations is expected to augment the demand for PVDF over the forecast period.

Segment Analysis
The global polyvinylidene fluoride market is dominated by the piping systems segment. PVDF has excellent chemical resistance, mechanical strength, and stability, making it suitable for use in piping systems for transportation of chemicals in various end-use industries. It is corrosion resistant and does not rust, scale, or peel, thus finding extensive applications in chemical plants, oil refineries, paper & pulp factories, and semiconductor manufacturing plants. These properties have increased its preference over conventional piping materials like steel, copper, and plastic.

Key Takeaways

The Global Polyvinylidene Fluoride Market is expected to witness high growth, exhibiting a CAGR of 6.0% over the forecast period, due to increasing demand from end-use industries like chemicals, petrochemicals, oil & gas, and semiconductors.

Regional analysis:
North America dominates the global PVDF market, with the largest share. This is attributed to high demand from industries like oil & gas extraction, chemical processing, and water treatment in the region. Asia Pacific exhibits the fastest growth on account of rapidly expanding end-use industries and rising investments in infrastructure development.

Key players:
Key players operating in the polyvinylidene fluoride market are Arkema, Solvay S.A., Daikin Industries ltd, Zhuzhou Hongda Polymer Materials Co. Ltd., Shanghai 3F New Materials Company Limited, Kureha Corporation, Quadrant Engineering Plastics Products, Shanghai Ofluorine Chemical Technology Co. ltd., Dyneon GmbH, and Zhejiang Fotech International Co. Ltd. Arkema and Solvay S.A. hold significant shares in the global market.

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