Polytetrafluoroethylene (PTFE) Market is Projected to Reach US$5.18 Bn by 2024 - TMR
ALBANY, New York, January 24, 2019 /PRNewswire/ --
The global polytetrafluoroethylene (PTFE) market is likely to experience high competition among its players in the coming years. The presence of a large number of regional and international players in the market has further triggered competition among these players. In addition, few numbers of the small and medium-sized vendor are also functional thus, intensifying the overall vendor landscape. Leading players in the market are engaged in innovation and development with the aim to expand their manufacturing capabilities. Partnership, mergers, and collaboration are few other business development strategies used by these players. By implementing these, these players are likely to hold a significant share in the market and expand their business in different regions. The Chemours Company, Daikin Industries, Ltd., 3M, Solvay, and Asahi Glass Co., Ltd are some of the prominent players operating in the global polytetrafluoroethylene market.
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Considering the growth prospects and rising efforts by the key players in manufacturing polytetrafluoroethylene have significantly fueled demand in this market. The polytetrafluoroethylene market earned US$3.48 bn in 2015. This figure is likely to change by the end of this forecast period in 2024 by reaching US$5.18 bn. This valuation can be attained if the market will rise at 4.60% CAGR between 2016 and 2024.
Based on the product type, the micro powder PTFE segment is projected to dominate the market during the forecast tenure. The demand for fine powder is also expected to rise at a healthy rate. As fin powder can be used through paste extrusion and then can be converted into usable products such as shapes, wire insulation, etc. With respect to geography, Asia Pacific is expected to hold a major share in this market in the coming years. Rapid development in the chemical industry is the main reason behind the increasing demand for polytetrafluoroethylene. The Middle East, Africa, and Europe are also expected to offer lucrative growth opportunity in this market.
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Increasing Demand for PTFE in Medical Application to Boost PTFE Market
As the demand for polytetrafluoroethylene is significantly high in emerging economies, the global polytetrafluoroethylene market is expected to grow at a high rate. Key players in the market are also persistent in their efforts to expand their business in developing regions. This will help the market to grow in emerging economies. In addition, rising use of polytetrafluoroethylene in medical application is also expected to fuel the market's performance.
Furthermore, heat and weather resistance, chemical inertness, low coefficient of friction, and superior electric insulation are the key properties of polytetrafluoroethylene that makes it more efficient substance to be used in the automation and transportation sector.
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Rising Cost of PTFE to Hamper Market Performance
Even though there is a high growth rate of polytetrafluoroethylene, there are still few aspects hindering the growth of this market. The increasing use of reprocessed PTFE and the rising cost of PTFE have limited its demand on a large scale. Moreover, strict regulatory policies protecting the environment are also restricting the use of polytetrafluoroethylene at large. However, the growing use of MPTFE might assist in boosting demand in this market. Companies are also putting efforts in research and development activities and improving supply chain dynamics that will further benefit the market's growth.
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The information presented in this review is based on a TMR 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."
Global Polytetrafluoroethylene (PTFE) Market has been segmented as presented below:
Global Polytetrafluoroethylene (PTFE), by Product:
- Granular
- Fine Powder
- Micro Powder
- Others (include dispersions, liquids etc.)
Global Polytetrafluoroethylene (PTFE) Market, by Application:
- Industrial and chemical processing
- Automotive
- Electrical and Electronics
- Others (Cookware, Building & Construction, and Medical)
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