PFPE (Perfluorinated Polyether) Market is forecast to reach $1.4 billion by 2026, after growing at a CAGR of 6.2% during 2021-2026. Owing to its outstanding properties as lubricants, the demand is rising at a considerable pace around the globe. It is also seen in nearly all fields of the industry, from the chemical industry to advanced machinery. Due to its direct usage as lubricants in ball bearings, joints and various pivots used for the manufacture of automotive components, the growing development of vehicles, both commercial and personal, has further improved the market value. Many nations around the globe now dependent on their energy from nuclear power. PFPE is the only lubricant that can tolerate the toxic radiation released during the reaction from this industry, thereby proving valuable in enhancing the lifespan of the machinery. Such aspects have significantly increased the market value.
Impact of Covid-19
Due to the lockdown and various other issues regarding production, the demand of PFPE in automotive and aerospace has reduced drastically, which tends to reduce the consumption of PFPE, and thus constraining the growth of the market in the forecast period.
PFPE Market Segment Analysis – By Type
Oil segment held the largest share in the PFPE Market in 2020 and is anticipated to grow with a CAGR of 5.9% during the forecast period. PFPE oils have low vapor pressure and are chemically inert, non-reactive, and non-flammable, with anti-seizing properties. They are used in various machines as lubricants in bearings, devices with moving parts, oxygen systems, and valves. Moreover, owing to lipo and hydrophobic properties, perfluoropolyether oil is added to dry and oily skin.
PFPE Market Segment Analysis – By End Use Industry
Aerospace sector held the largest share in the PFPE Market in 2020 and is estimated to grow at a CAGR of 5.8% during the forecast period 2021-2026. Perfluoropolyether products are commonly used in the aerospace industry due to their excellent efficiency and lower environmental impact in challenging circumstances. These products also increase efficiency by reducing the loss of parts, a crucial consideration in the aerospace industry. The oil and grease used in the aircraft boost the service life of the components and have high resistance at high altitudes to vapor losses. There is a steady upsurge in the aerospace industry, which can be due to high passenger demand and increasing military spending. In 2019, in aerospace exports, the United States contributed around USD136 billion. In the next five years, the industry is projected to gain a firm foothold, driven by increased commercial aerospace demand and the need for successful aircraft design to boost overall performance.
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PFPE Market Segment Analysis – By Geography
Asia Pacific dominated the synthetic wet silica market in 2020 in terms of revenue with a share of 37% and is projected to dominate the market during the forecast period (2021-2026) followed by Europe and North America. The air passenger base has been increased by the increase in the number of low-cost airlines in the Asia Pacific region. Due to the need for these products in high-temperature applications, the expanding aerospace industry would result in the use of PFPE oil. The continuous growth of the Asia Pacific aerospace industry has created a market for lubricants suitable for low atmospheric radiation, pressure and very low maintenance components. The high performance and long-lasting components were guaranteed by its use at a high temperature application. Asia Pacific’s continuous growth of the manufacturing, transportation and construction industries has resulted in strong demand for vehicles, trucks, power tools and industrial machinery. PFPE goods have a large temperature range that supports the lubrication provided by the machines. Such products are specially designed for high temperature ranges and dynamic conditions.
PFPE Market Drivers
Due to its stable ‘chemical’ bonds in intense conditions improve ‘inertness’ acts as preferable material, which increases the market demand
Due to the presence of extremely stable C-O and C-F bonds in perfluoropolyether (PFPE) it is basically inert against chemical and oxidizing pressures, making it a perfect match for environments where intense chemical exposure and high temperature instability, particularly in the aerospace bracket. In applications that require superior vacuum, including mass spectrometers, ion implantation, and particle accelerators, the high viscosity of PFPE, around 144, provides flexibility. In addition, perfluoropolyether is used in vacuum pumps for the treatment of gases such as ozone and nitric oxides, owing to its high susceptibility to highly oxidative and reactive compounds, without impacting the parent fluid. Since most fluids are impermeable to the PFPE chain, perfluoropolyether is cross-linked with elastomers during dye diffusion experiments to prevent swelling-induced leakage. In microfluidic experiments, PFPE-based elastomers show substantially lower swelling ratios against legacy polydimethylsiloxane (PDMS), thus replacing PDMS as the material option.
Increasing production of automotive vehicles will boost the demand
Automotive vehicle manufacturing has improved dramatically in recent years. In regions such as Asia Pacific, rapid industrialization is anticipated to increase automotive production. In the foreseeable future, the rise in automobile output is thus anticipated to raise the market for lubricants such as perfluoropolyether. Any factors driving demand for automotive vehicles in emerging regions are rising per capita spending, growing availability, and increasing population growth. This in turn, is expected to generate substantial business growth opportunities in the OEM industry. Perfluoropolyether holds an important role as one of the non-toxic lubricants used in various automotive applications, which is expected to fuel the development of the perfluoropolyether industry in the coming years. The US has one of the best automobile industries in the world, according to the International Trade Administration. U.S. light vehicle sales reached 17.2 million units in 2018, the fourth straight year of sales of 17 million or more. Therefore, as demand for the automotive sector rises, demand for the PFPE industry is projected to rise during the forecast period.
PFPE Market Challenges
Fluctuating Raw Material Prices
The downstream components of crude oil are the raw materials also used to manufacture PFPE. Therefore, the market fluctuation of crude oil often hinders the price of raw materials from PFPE. In the last year, the market volatility of crude oil, such as the price of crude oil, has risen from $98.95 in 2014 to $52.39 in 2015 and increased from $43.73 in 2016 to $71.31 in 2018, according to the BP Statistical Analysis of World Energy. And because of this confusion regarding the price of crude oil, the PFPE price is also increasing. Thus, the uncertainty in crude oil prices is anticipated to be a major challenge for the manufacturers of the PFPE industry, hampering the development of the PFPE market during the forecast era.
Covid-19 outbreak
For oil, gas, and chemical industries, the effects of COVID-19 and the oil price war is proving to be a two-pronged problem. Oil prices are declining due to the collapse of production reduction negotiations and the demand for chemicals and refined goods is slowing in the midst of this global pandemic due to manufacturing slowdowns and travel restrictions. Global chemical production decreased by 3.1 percent in March 2020 because of the impact of the COVID-19 coronavirus. While chemical production in some categories increased in January 2020 compared to December 2019, production in each category declined in February compared to January and in March compared to February. Given the recession, leading producers are reducing capital and operating spending. Owing to labor shortages and delays in the procurement of raw materials, manufacturing activities for these industries have been scaled down to 40 percent-60 percent availability. The COVID-19 pandemic crisis could affect development until the end of the year 2020, considering the rise in investment. In addition, the COVID-19 pandemic has further weakened the sector impacted by the PFPE market.
PFPE Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the PFPE Market. Major players in the PFPE Market are Solvay, Daikin Industries, Inc., Klüber Lubrication, The Chemours Company, Nye Lubricants, M&I Materials Limited, LUBRILOG SAS, Miller-Stephenson, Inc., Metalubgroup, TECCEM GmbH, IKV Tribology, HUSK-ITT Corporation, Fluorotech USA, Setral Chemie GmbH, Jet lube, among others.
Acquisition/Product Launches:
In 2018, M&I Materials Ltd has begun producing PFPE Material for fire resistant and biodegradable ester dielectric fluids for electricity transformers.
Key Takeaways
The growth of the perfluoropolyether industry is assisted by its coverage of a wide variety of spectrums distinguished by the phase of fuel used, generators, operation and combustion. The PFPE oil used in the aerospace and automotive industries is characterized by performance and viscosity additives. In addition to the need for sealing, cooling, washing and rust protection, the need to minimize wear and friction has contributed to the trend of using various classes of lubricants.
Less commonly used vehicles and aircraft have the ability to acquire rust & corrosion and need to be repaired and lubricated in a timely manner. Perfluoropolyether products aim to maintain the materials and solve the challenges of aircraft and truck downtime of rust and corrosion.
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