Polytetrafluoroethylene (PTFE) Market
Polytetrafluoroethylene (PTFE) Market (Product - Granular, Fine Powder, Micro Powder, Dispersions, and Liquids; Application - Industrial and Chemical Processing, Automotive, Electricals, Electronics, Cookware, Building & Construction, and Medical) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
- Chemicals & Materials
- 140 Pages
Global Polytetrafluoroethylene (PTFE) Market – An Overview
As per Transparency Market Research, the global Polytetrafluoroethylene (PTFE) Market is set to grow at a sturdy rate, compounded annually from 2016 to 2024. It also notes that the market growth would be a result of some very notable factors. It is significant to note here that the market would witness growing popularity of the product because of its superior attributes such as high chemical resistance and good heat tolerance. This is the reason that it is being extensively used in nonstick cookware. Additionally, it is worth noting here that its use in electronics is growing along with its use in electricals. And, this is set to contribute to the growth curve of the global Polytetrafluoroethylene (PTFE) Market.
Other notable factors of growth are explained below:
- Growth in chemicals and industrial processing is anticipated over the forecast period and this is set to drive growth in the global Polytetrafluoroethylene (PTFE) Market. It is significant to note here that it is a preferred material in manufacturing of rings, seals, vessel linings, spacers, gaskets, dip tubes, and so on. As extraction and exporation of oil and gas increases, demand is therefore created for Polytetrafluoroethylene (PTFE).
- In the year 2019, new hotspots of oil and gas were in the news. The regions include Latin America, Africa, and the Mediterranean. About 26 discoveries were made offshore. That comes to a massive volume of discovery in terms of Barrels of Oil Equivalent or BOE.
- It is significant to note here that demand for oil and gas is only increasing as demand for energy and fuel rises. An increase in global population is set to drive it further up. By the year 2050, world population will be an extra 2 billion – taking the total up to 9.7 billion.
Global Polytetrafluoroethylene (PTFE) Market: Snapshot
The global polytetrafluoroethylene (PTFE) market is developing at a healthy pace and is expected to witness high growth in the coming years, thanks to the rising opportunities from developing nations across the globe. The rise in the development of the cookware industry and the rising demand for non-stick cookware are estimated to ensure the growth of the global polytetrafluoroethylene (PTFE) market in the next few years. With these factors, the Global polytetrafluoroethylene (PTFE) market is projected to register high growth in the coming few years. Among the key products, the micro powder PTFE segment is anticipated to witness a high demand in the next few years and hold a major share of the overall market.
Rising Number of Application Segments to Propel PTFE Market
A research study by Transparency Market Research stated that, in 2015, the global market for PTFE stood at US$3.48 bn and is projected to reach a value of US$5.18 bn by the end of year 2024. Furthermore, the global polytetrafluoroethylene (PTFE) market is predicted to register a healthy 4.60% CAR between 2016 and 2024.
The rise in the demand for PTFE from the diverse industrial sectors is likely to enhance the development of the market in the next few years. The rise in the need for PTFE, especially in emerging economies, which is projected to support the growth of the overall market in the coming years. In addition to this, the rising penetration in the medical applications is another factor that is estimated to ensure market growth in the near future. On the flip side, the increasing cost of PTFE and the increasing use of reprocessed PTFE and the strict rules and regulations for environment are predicted to restrict the market growth in the near future. Nonetheless, the rise in the use of MPTFE is expected to support the market growth and offer growth prospects for players in the near future.
Development of Chemical Industry to Push Market Growth in Near Future
From a regional viewpoint, Asia Pacific led the global polytetrafluoroethylene (PTFE) market with a massive share of the market and is likely to remain in the same position over the next few years. The rapid development of the chemical industry is projected to enhance the growth of this region in the coming years. Furthermore, the growing demand for PTFE from the industrial and chemical industries and the developing automotive sector are some of the other factors estimated to enhance the growth in the near future. Furthermore, Europe and the Middle East and Africa markets for PTFE are projected to grow at a healthy pace in the next few years.
The global polytetrafluoroethylene (PTFE) market is concentrated in nature with a few international and local players operating in it across the globe. In addition to this, several small-size and medium-size vendors are also operating in market, however, they are comparatively less in number. The developments and innovations in this field and the expansion of the manufacturing capacities are likely to enhance the competitive scenario of the global polytetrafluoroethylene (PTFE) market in the coming few years. Also, the rise in the research activities is expected to ensure market growth in the next few years. Some of the leading players in the global PTFE market are Daikin Industries, Ltd., The Chemours Company, Solvay, 3M, and Asahi Glass Co., Ltd.
Polytetrafluoroethylene (PTFE) Market predicted to Gain from Growing Demand from Automobile Industry
The fast development in the electrical and gadgets industry, driven by macroeconomic development and expanding interest for inventive items in the non-industrial countries of APAC, has supported the creation of electrical and electronic gadgets. This, alongside an increment in the reception of polytetrafluoroethylene coatings for semiconductors, wires and links, electrical tapes, and protections, is relied upon to drive the material interest in the coming years.
It likewise noticed that the market development would be an aftereffect of some entirely prominent elements. It is important to note here that the market would observer developing prominence of the item on account of its prevalent ascribes like high substance obstruction and great warmth resilience. This is the explanation that it is as a rule widely utilized in nonstick cookware. Also, it is significant here that its utilization in hardware is developing alongside its utilization in electrical.
PTFE can withstand amazingly high temperatures (up to 2500 degree Celsius). Simultaneously, the item offers low compound opposition and erosion. Because of these properties, polytetrafluoroethylene is by and large generally embraced in the auto business. A few parts utilized in vehicles, for example, brake lines, sump hoses, grip, and brake can utilize PTFE. Rally vehicles which need pressure driven liquid, grasp liquid, and cooling, can likewise utilize the item generally. The developing interest from these areas is adding to the development of the polytetrafluoroethylene market.
3D assembling measure is relied upon to give improved adaptability to plastics producers. Novel advancements, for example, these are relied upon to help the development of the worldwide polytetrafluoroethylene (PTFE) market throughout the next few years. a vital seller in the worldwide polytetrafluoroethylene (PTFE) market 3M has built up a novel PTFE preparing innovation. The procedure utilizes 3D printing innovation as another and to measure completely fluorinated polymers like PTFE. This cycle permits the creation of mind boggling and little volume PTFE parts without the requirement for costly customary handling strategies.
Global Polytetrafluoroethylene (PTFE) Market: Overview
The report estimates and forecasts the polytetrafluoroethylene (PTFE) market on the global, regional, and country levels. The study provides forecast between 2016 and 2024 based on volume (kilo tons) and revenue (US$ Mn) with 2015 as the base year. The report comprises an exhaustive value chain analysis for each of the end-use segments. It provides a comprehensive view of the market. The study includes drivers and restraints for the polytetrafluoroethylene (PTFE) market along with their impact on demand during the forecast period. The study also provides key market indicators affecting the growth of the market. The report analyzes opportunities in the polytetrafluoroethylene (PTFE) market on the global and regional level. Furthermore, the report analyzes substitutes of PTFE. It also provides the global average price trend analysis.
The report includes Porter’s Five Forces Model to determine the degree of competition in the PTFE market. The report comprises a qualitative write-up on market attractiveness analysis, wherein end-use and countries have been analyzed based on attractiveness for each region. Growth rate, market size, raw material availability, profit margin, impact strength, technology, competition, and other factors (such as environmental and legal) have been evaluated in order to derive the general attractiveness of the market.
The study provides a comprehensive view of the polytetrafluoroethylene (PTFE) market by dividing it into product, application, and geography. In terms of product type, the polytetrafluoroethylene (PTFE) market has been segmented into Granular, fine powder, micro powder, others. In terms of application, the polytetrafluoroethylene (PTFE) market has been segmented into Industrial and chemical processing, Automotive, Electricals and electronics and others. Application segments have been analyzed based on historic, present, and future trends, and the market has been estimated in terms of volume (kilo tons) and revenue (US$ Mn) between 2016 and 2024.
Global Polytetrafluoroethylene (PTFE) Market: Research Methodology
In-depth interviews and discussions with wide range of key opinion leaders and industry participants were conducted to compile this research report. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. Key players’ product literature, annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. This helped in validating and strengthening secondary research findings. Primary research further helped in developing the analysis team’s expertise and market understanding.
Secondary research sources that were typically referred to include, but were not limited to company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings. Other sources such as internal and external proprietary databases, statistical databases and market reports, news articles, national government documents, and webcasts specific to companies operating in the market have also been referred for the report.
Global Polytetrafluoroethylene (PTFE) Market: Regional Segments
Regional segmentation includes the current and forecast demand for PTFE in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). Additionally, the report comprises country-level analysis in terms of volume and revenue for end-use segments. Key countries such as the U.S., Canada, Germany, France, the U.K., Spain, Italy, Japan, India, China, Mexico, South Africa, and Brazil have been included in the study. Market segmentation includes demand for individual application in all the regions and countries.
Companies Mentioned in Report
The report covers detailed competitive outlook that includes market share and profiles of key players operating in the global market. Key players profiled in the report include The Chemours Company, Daikin Industries, Ltd., 3M, HaloPolymer OJSC, Shamrock Technologies, Micro Powders, Inc., Reprolon Texas Solvay, and Asahi Glass Co., Ltd. Company profiles include attributes such as company overview, number of employees, brand overview, key competitors, business overview, business strategies, recent/key developments, acquisitions, and financial overview (wherever applicable).
The report segments the global PTFE market as follows: