Market Overview
Polytetrafluoroethylene (PTFE) market 2020 can observe a steady growth pattern at a rate of more than 6% over the forecast period (2020 to 2027), confirms Market Research Future (MRFR). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Key Boosters and Deterrents
Over the years, the demand for polytetrafluoroethylene across industries like electrical and electronics sector has spiked considerably, inducing major market growth. PTFE is a vital fluoropolymer, forming a substantial chunk of the world market. It is highly flexible, robust and non-resilient, with excellent thermal and chemical resistance properties. Other than this, it is a material with impressive insulation properties over a broad range of temperatures and frequencies. PTFE finds countless applications across diverse industries such as transportation, chemical processing and automotive because of its chemical inertness, weather and heat resistance, lower coefficient of friction and superior electric insulation.
Furthermore, the demand for polytetrafluoroethylene application has also been bolstered by the rapidly growing chemical industry, with rising applications in several production sectors such as agrochemicals, specialty chemicals, fertilizers and petrochemicals. However, the market’s growth rate can be deterred by the high costs of PTFE, which could slacken its demand to some extent in the near future.
On a brighter note, the demand rate of PTFE is expected to soon exceed the supply rate in the coming years, especially in novel applications, which can be favorable for the global market. The global industry for PTFE observes intense competitive rivalry, with a large pool of renowned participants actively trying to reduce their production costs, fortify their supply chains and introduce high-quality and advanced products with more spending on RD activities.
To illustrate, in August 2020, Zeus Industrial Products Inc. developed a range of PTFE catheter liners with a thickness close to 0.0004 inches/0.0102 mm. It is claimed to be the thinnest extruded liner in the industry, which allows healthcare device manufacturers to create smoother, stronger and safer catheters that is able to go deep into the patient's vasculature.
Segmental Insight
The PTFE market has been considered for form and application.
Form-wise, the key categories focused on include fine powder, micronized and dispersion powder. In 2017, the lead was taken by the granular/molded powder segment and this can be the case even during the review period. Granular PTFE notes high demand in the market owing to its high water repellency, thermal resistance, and excellent chemical resistance. These properties make it ideal for use in manufacturing of gaskets, rods, seals, plates, valves, expansion joints, pistons, and more.
The main application areas listed in the report are automotive, chemical and industrial processing, pharmaceuticals electrical and electronics, aerospace, consumer goods, building and construction, and others. The top segment in the market is chemical and industrial processing, where PTFE is used for forming coatings, components, machinery and films.
Regional Outlook
The polytetrafluoroethylene industry can be regionally categorized as Europe, North America, Latin America, the Middle East Africa/MEA and Asia Pacific/APAC.
The APAC market’s growth has been top notch and it is advancing at the fastest rate, in view of the expanding automobile production and the rapid industrialization in India, Japan and China. The high availability of lower priced raw materials as well as low labor costs also boosts the market size in the region. The fast growth of the construction industry, which is another prominent end-user, is also expected to drive the market expansion in the following years.
However, North America has remained the most lucrative market since 2017 and can garner further impetus during the conjectured period. The extensive presence of automobile and aerospace industries contributes majorly to the market growth, especially in the United States as well as Canada. The escalating consumption of PTFE in healthcare, electrical and electronic and pharmaceuticals industries also fosters business growth in the region. Right behind is the European market, where the product demand is scaling rapidly in highly developed industries like healthcare and automobile.
Renowned Players
Some of the most renowned players in the worldwide market for polytetrafluoroethylene include China Haohua Chemical Group (China), Hubei Everflon Polymer CO. Ltd (China), Solvay (Belgium), 3M (U.S.), Halopolymer (Russia), The Chemours Company (U.S.), Daikin Industries (Japan), Asahi Glass Company (Japan), DowDupont (U.S., Solexis SA (Switzerland), to name a few.
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