# Fluoropolymers (PTFE, PVDF): Cycles

The PVDF battery spike and the crash that followed

Source page: https://www.materialinsights.org/chemicals/fluoropolymers/cycles/

What this tab covers How its prices and margins move: past booms and busts with price levels, the spread or margin that the industry watches, the drivers of the cycle and the metrics to track.

Fluoropolymer prices are not posted like commodity plastics; most volume moves on contracts. The clearest cycle was PVDF: battery binder demand quintupled Chinese prices in 2021-2022, then a wave of Chinese plants collapsed them (indicative). PTFE follows R22 quota policy and fluorspar costs. Western producer margins now also carry PFAS remediation, litigation and abatement costs, while Indian producers have grown revenue strongly. The floor is Chinese integrated cash cost; the ceiling is set by the few qualified suppliers for semiconductor and aerospace grades.
 The spread to watch **Fluoropolymer price minus fluorspar and chloroform cost**

Not published. Margins are best tracked through segment results: Chemours Advanced Performance Materials and GFCL's fluoropolymer vertical (company reports).

#### Booms and busts

1. 2021-2022

EV battery growth made PVDF binder scarce in China; CITIC Securities expected shortages to last two years.

Chinese PVDF about $14,000/t in April 2021 to about $70,000/t by September 2022 (Industrial Info)

2. 2023-2025

Many Chinese PVDF and PTFE units started; battery makers also cut PVDF use per GWh. Western makers faced PFAS costs; 3M moved to exit.

PVDF fell back below about $10,000/t (indicative)

3. FY2025-FY2027

Gujarat Fluorochemicals grew fluoropolymer revenue on volume and price as Western buyers diversified suppliers.

GFCL fluoropolymer revenue up 16% YoY (Q1FY26), 19% YoY (Q4FY26) and 15% YoY (Q1FY27) (ICICI Direct; GFCL presentations)

#### What drives the cycle

- **PFAS regulation.** EU and US rules can remove whole end uses or add large compliance costs.
- **Battery and semiconductor demand.** PVDF binders and high-purity PFA parts are the growth uses.
- **Chinese capacity and R22 quotas.** China sets low-end prices; R22 feedstock is exempt from Montreal Protocol phase-out but quota-managed.
- **Fluorspar prices.** China controls 60% of mining (fluorspar tile).

#### Metrics to track

| Metric | Why it matters | Where to track it |
|---|---|---|
| **Chinese PTFE and PVDF prices** | Global low-end price setter | SunSirs, Baiinfo, Expert Market Research |
| **Chemours APM and GFCL fluoropolymer segment results** | Margin health | company quarterly reports |
| **ECHA PFAS restriction timetable** | Regulatory risk | ECHA, law firm briefings |

## Other sections

- [Summary](https://www.materialinsights.org/chemicals/fluoropolymers/index.md)
- [Overview](https://www.materialinsights.org/chemicals/fluoropolymers/overview/index.md)
- [Correlation](https://www.materialinsights.org/chemicals/fluoropolymers/correlation/index.md)
- [Production route](https://www.materialinsights.org/chemicals/fluoropolymers/routes/index.md)
- [Production](https://www.materialinsights.org/chemicals/fluoropolymers/production/index.md)
- [Feedstocks](https://www.materialinsights.org/chemicals/fluoropolymers/feedstocks/index.md)
- [Trading](https://www.materialinsights.org/chemicals/fluoropolymers/trading/index.md)
- [Movement](https://www.materialinsights.org/chemicals/fluoropolymers/movement/index.md)
- [Regulation](https://www.materialinsights.org/chemicals/fluoropolymers/regulation/index.md)
- [Characteristics](https://www.materialinsights.org/chemicals/fluoropolymers/characteristics/index.md)
- [Emissions](https://www.materialinsights.org/chemicals/fluoropolymers/emissions/index.md)
- [Relationships](https://www.materialinsights.org/chemicals/fluoropolymers/links/index.md)