Published: Oct, 2018
The global polytetrafluoroethylene (PTFE) market is expected to register steady growth in the forthcoming years, as reported by Transparency Market Research (TMR). The vendor landscape of the global PTFE market is currently highly concentrated. The report identifies Asahi Glass Co., Ltd., Solvay, 3M, and Chemours Company as the leading vendor in the global market. These enterprises held more than 62.7% of the total market share in 2015. While the market also comprises of small-and medium-scale vendors, they are relatively low in numbers.
The key strategy that vendors in this market could adopt is increasing the extent of their production capacity. Several companies are investing in research and development activities in order to gain momentum over their competitors in the market. Companies are also seen exploring the potential of untapped markets and expanding to regional market with the aim of increasing their geographical presence. The steep prices of raw materials could challenge the growth of vendors, inciting further exploration and shifting base to developing economies over the coming years.
TMR projects that the global polytetrafluoroethylene market is likely to expand at a 4.6% CAGR over the forecast period 2016 to 2024. The market was estimated to stand worth US$3.48 bn in 2015, and is prognosticated to achieve a value of US$5.18 bn by 2024.
Among the different product type segments, micro powder PTFE held 30.8% of the global market share in 2015. Geographically Asia Pacific is predicted to lead the global market. The region held a 44.3% share of the global market in 2015, and the trend is expected to continue over the forecast period.
Rising Adoption in Multitude of Industrial Application to Augment Demand
The automotive industry is witnessing high demand for PTFE in recent times. The material offers low friction and chemical as well as thermal resistance. The capacity of PTFE to withstand high temperatures, even exceeding 2500 C, makes it an ideal for fluid transfer at high temperature in automotive applications. It is widely adopted in clutch, brake line, sump hoses and fuel for improving the performance of the vehicle.
PTFE also see immense application in semiconductors and is extensively used to avoid contamination of the substances. Easy cleaning, washing and brisk drying of the product is possible on account of the use of PTFE in semiconductor products. The material is further used in fuel cells, wire and cable insulation for high performance, and as gas diffusion layers. Vast demand for the product is being witnessed in domestic applications such as cookware range as a non-stick coating.
The burgeoning applications and wide adoption of polytetrafluoroethylene across industrial and domestic applications is thus driving the growth of the global market.
Cost Effective Raw Materials to Provide Market Opportunity in Emerging Regions
The vendors operating in the global polytetrafluoroethylene market are likely to witness a shift in geographical inclination, and move their production base to developing economies such as Asia Pacific. The region has an abundance of raw material, cost effective production and operational costs, along with cheaper labor. This is expected to spur the market to shift towards these regions.
Additionally, a number of manufacturers now have production sites in Asia Pacific and are aggressive in their production capacities on account of soaring demand for the product. This factor is expected to provide an impetus to the growth of the regional as well global polytetrafluoroethylene market in the coming years.
This review is based on TMR’s report titled, “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.”Top of Form
The market is segmented along the following lines:
Global Polytetrafluoroethylene (PTFE), by Product:
- Fine Powder
- Micro Powder
- Others (include dispersions, liquids etc.)
Global Polytetrafluoroethylene (PTFE) Market, by Application:
- Industrial and chemical processing
- Electrical and Electronics
- Others (cookware, building & construction, and medical, etc.)
Global Polytetrafluoroethylene (PTFE) Market, by Region:
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.”