The global perfluoropolyether (PFPE) market is expected to grow at an exponential rate through 2020 due to increasing demand for perfluoropolyether oil and grease in medical, automotive, electronic, and various other industries owing to its environment-friendly benefits.

Recently, key players in the industry have been increasingly expanding their operations overseas by partnering with competitors to enhance their business standing, thereby improving overall market dynamics. For instance, in January 2022, Solvay S.A., a Belgian multinational chemical firm, as well as Trillium Renewable Chemicals, the U.S.-based chemical manufacturing company, inked a letter of intent to build bio-ACN (bio-based acrylonitrile) supply chain. The goal of this collaboration was to develop carbon fiber for usage in a variety of industries, including aerospace, energy, automotive, and consumer goods.

The perfluoropolyether market has been bifurcated in terms of product, type, application, and region. Based on product, the industry has been divided into PFPE-K, PFPE-Z, PFPE-M, PFPE-Y, and PFPE-D. The PFPE-D segment is slated to record a substantial market valuation of around $95 million by 2028.

With respect to application, the perfluoropolyether market has been classified into automotive, electronics, aerospace, chemicals & petrochemical, metal processing, food processing, medical industry equipment, textile, power generation, pulp and paper, and others. The electronics segment is anticipated to be valued at over $205 million by the end of the forecast period due to rising demand for smart electronics and electric vehicles. Meanwhile, the metal processing segment is estimated to be worth about $4 million by 2028.

In 2021, the medical industry equipment segment garnered a significant revenue of approximately $27.76 million and is primed to expand at a CAGR of above 7.5% over the forthcoming years. The emergence of several chronic diseases is boosting product adoption across medical industry equipment applications.

The perfluoropolyether market share from the textile segment is set to exhibit a steady CAGR of roughly 3% through 2028. The pulp and paper segment is foreseen to expand substantially by more than $1.90 million by the end of the forecast period. The PFPE market is speculated to observe profitable growth opportunities as a result of the rising demand for paper packaging. The others segment exceeded $4.40 million in revenue in 2021 and is primed to exhibit a positive CAGR of nearly 3.9% through the projected timeframe.

From the regional perspective, the LATAM perfluoropolyether market is projected to expand steadily at more than 5% CAGR between 2022 and 2028 backed by significant demand for PFPE in the domestic food processing industry. Meanwhile, the MEA PFPE sector registered a valuation of around $30 million in 2021 and is slated to expand at a robust rate through the forecast period due to booming chemical and petrochemical industries in the Middle East & Africa region.