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.
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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.
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