The latest report by IMARC Group, titled “Polytetrafluoroethylene (PTFE) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, finds that the global polytetrafluoroethylene (PTFE) market size reached US$ 2.4 Billion in 2020. PTFE refers to a synthetic resin that is produced from the polymerization of monomer tetrafluoroethylene. It has a high molecular weight and is unreactive due to the highly stable nature of the fluorine and carbon bonds in its structure. PTFE offers chemical resistance and inertness, low friction, mechanical toughness, stress cracking, flexibility, and thermal resistance. It is non-flammable in nature, due to which it is used in pipe works and containers for corrosive and reactive chemicals. It is also commonly utilized as a nonstick coating for cookware.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Polytetrafluoroethylene (PTFE) Market Trends:
The global PTFE market is primarily driven by its increasing demand in the electrical and electronics sector. PTFE is an excellent insulator over a wide range of frequencies and temperatures. In the healthcare sector, it is utilized as a graft material in bone grafting procedures and as coatings on catheters. In the automotive industry, it is used to manufacture various parts of the engine that improve the performance and durability of automobiles. PTFE-based lubricants also result in lower emissions and increased fuel efficiency as they reduce the wear and improve the fuel consumption in the machinery. Besides this, PTFE is employed as a fire-retardant in aerospace applications, as it emits low smoke and toxic gases while withstanding aggressive conditions under a broad range of temperatures. Furthermore, the employment of PTFE in chemical and industrial processing, along with coatings and form fillings, is also positively influencing the market growth. Looking forward, the market is expected to exhibit a CAGR of 4.7% during the forecast period (2021-2026).
- Based on the form, the market has been segmented into granular, micro powder, fine powder and others.
- On the basis of the type, the market has been classified into virgin, stainless steel filled, carbon filled, bronze filled, glass filled, and other types of PTFE.
- The market has been categorized based on the application into sheet, coatings, pipes, films, and others.
- On the basis of the end use industry, the market has been segregated into industrial and chemical processing, electrical and electronics, automotive, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being AGC Inc., Zhonghao Chenguang Research Institute, Daikin Industries Ltd., Dongyue Group, Gujarat Fluorochemicals Limited, Halopolymer OJSC, Jiangsu Meilan Chemical Co. Ltd, Shanghai 3F New Material Co. Ltd, Solvay SA, The 3M Company, The Chemours Company and Zhejiang Juhua Co. Ltd.
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