New York, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The global ethylene tetrafluoroethylene market size is expected to expand at 7% CAGR from 2024 to 2036. The market is anticipated to garner a revenue of USD 900 million by the end of 2036, up from a revenue of USD 350 million in the year 2023. This growth of the market is set to be dominated by growing demand for electricity. During the past 50 years, worldwide electrical consumption has been rising steadily, and in 2022, it was expected to reach over 25,400 terawatt-hours. However, with the growing spread of emissions through the generation of electricity the focus on renewable sources of energy is surging where ethylene tetrafluoroethylene plays a significant role.
The demand for renewable energy especially solar energy is surging all across the world. In the Net Zero Emissions by 2050 Scenario, the total number of homes reliant on solar PV increases from around 24 million presently to over 99 million by 2030. Moreover, since disposing of useless items is a serious concern in the present day and age, the 100% recyclable nature of ethylene tetrafluoroethylene (ETFE) is a great feature. Items that are neither recyclable or biodegradable contribute to environmental contamination and end up as litter. Moreover, ethylene tetrafluoroethylene is generated via a water-based method. In other words, neither the use of petroleum derivatives nor chemical solvents is necessary. Thus, the ozone layer is not diminished by the generation of EFTE. Hence, with the use of this in solar panels, most material used for it also becomes sustainable along with the energy it provides.
Market in Asia Pacific region to garner the highest growth
Films & sheets segment to garner the highest growth
Market in North America region to grow at the highest rate
Growing Population to Boost the Growth of the Global Ethylene Tetrafluoroethylene Market
The overall population of the globe is expected to increase by almost 2 billion people over the span of the next 30 years, from the present 8 billion to 9.7 billion in 2050, with a potential peak of roughly 10.4 billion in the middle of the 1980s. Further, with this, the demand placed on food production is increasing as a result of the fast acceleration of population expansion. Hence, the employment of precision farming is growing which necessities using ethylene tetrafluoroethylene. It is a significant aspect of ETFE that the plastic polymer can transfer as much as about 94% of light from surrounding sources. In environments where this plastic is utilized for agricultural reasons, this implies that plants will receive the best possible UV and natural light.
The global ethylene tetrafluoroethylene market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Manufacturing of Lithium-Ion Batteries to Drive the Growth of the Market in Asia Pacific
The Asia Pacific market for ethylene tetrafluoroethylene is projected to gather the highest market share of about 36% over the forecast period. The major factor to drive the market growth in this region is growing manufacturing lithium-ion batteries. In 2021, China emerged as the world's leader in the production of lithium-ion batteries for electric cars (EVs). Of all the EV Li-ion batteries that were sold worldwide in that year, almost 78% came from China.
Rise in Construction Activities to Influence the Market Expansion in North America
The ethylene tetrafluoroethylene market in North America is estimated to generate the significant share in the market of about 30% over the coming years. This growth of the market in this region is set to rise on account of rising construction activities owing to growing urban population. The urban dwellers of North America in 2022 increased by about 0.76% from 2021 to approximately 308,798,138.
Ethylene Tetrafluoroethylene Segmentation by Application
Films & Sheets
Wires & Cables
Tubes
Coatings
The films & sheets segment is projected to generate the highest market share of about 35% over the coming years. This growth of the segment is set to be encouraged by rising spending on renewable energy. Global energy investment is expected to reach about USD 3 trillion in 2023.
Ethylene Tetrafluoroethylene Segmentation by Product Type
Powder
Granule
The granule segment is projected to capture the highest marker share of about 45% over the projected period. The major element to influence the segment growth is rising construction of buildings. In 2016, there were predicted 794,431 built-up areas (BUAs) worldwide. This figure has been projected to increase to about 849,406 people by 2022. Furthermore, by 2050, it's anticipated that 2 million new buildings would be built.
Ethylene Tetrafluoroethylene Segmentation by Technology
Extrusion Molding
Injection Molding
A few of the well-known market leaders in the global ethylene tetrafluoroethylene market that are profiled by Research Nester are MakMax Group, Daikin Industries, Ltd., Saint-Gobain S.A., DuPont Teijin Films, Chemours Company, Foiltec, and others.
On February 2021, the French multinational company Compagnie de Saint-Gobain S.A. declared that it would invest over USD 400 million to increase its production capacity in the US at four locations in California and the Southern US.
On December 2020, MakMax Australia was selected to design, create, and install the ETFE film cushion roof at Macquarie University in Northeast Sydney.
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