The Polytetrafluoroethylene (PTFE) market is estimated to be USD 1.97 Billion in 2017 and is projected to reach USD 2.66 Billion by 2022, at a CAGR of 6.1% from 2017 to 2022. The high demand for PTFE in various end-use industries, such as chemical & industrial processing, electronics & electrical, automotive & aerospace, consumer goods, and building & construction is expected to drive the PTFE market.
Based on form, the PTFE market has been segmented into granular, dispersion, fine powder, and micronized. Granular PTFE is the largest form due to its properties, such as chemical inertness, high-temperature resistance, outstanding chemical resistance, low coefficient of friction, exceptional adhesion, low-temperature toughness, electrical properties, and excellent water repellant properties. The availability of granular PTFE at cheap rates and wide usage in various industries are the major reasons for the high growth of the granular form segment of the market. Fine powder is the fastest-growing form segment of the PTFE market, owing to its superior stress-crack resistance, higher thermal stability, lower permeability, and higher clarity. These properties make it suitable for use in high-performance materials, low-density tapes, and comfortable sealing materials.
Based on end-use industry, the PTFE market has been segmented into chemical & industrial processing, electronics & electrical, automotive & aerospace, consumer goods, building & construction, and others. Chemical & industrial processing is the largest end-use industry segment of the PTFE market. PTFE is used in the production of vessel linings, seals, gaskets, spacers, plain bearings, gears, pipes, slide plates, and drilling parts, which are used in industrial machinery. High growth potential in the chemical industry is driving the demand for PTFE. Electronics & electrical is the fastest-growing end-use industry segment of the PTFE market, as PTFE offers excellent electrical insulation properties under harsh conditions, such as high temperatures and aggressive chemicals. It also provides outstanding chemical & temperature resistance and design flexibility for component manufacturers and equipment designers in this end-use industry.
The PTFE market has been studied for Asia Pacific, North America, Europe, the Middle East & Africa, and South America. APAC is the largest and the fastest-growing market for PTFE. The high growth of the chemical industry has led to increased investments in chemical manufacturing units in APAC. Moreover, countries such as China and India are at the forefront of the ongoing industrial revolution. These factors have provided growth opportunities to the PTFE market.
The key factor restraining the growth of the PTFE market is the increasing price of fine powder and micronized PTFE. Companies such as Chemours (US), Daikin (Japan), 3M (US), Solvay (Belgium), Asahi Glass Company (Japan), Shandong Dongyue (China), Zhejiang Juhua (China), Shanghai 3F New Materials (China), HaloPolymer (Russia), and Gujrat Fluorochemicals (India), among others, have adopted various developmental strategies such as new product launches, mergers & acquisitions, and investments & expansions to enhance their foothold in the market.
Post time: Sep-28-2017