Increasing polytetrafluoroethylene demand in variety of industries will propel market growth over forecast timeframe, says this report.
SELBYVILLE, Delaware, October 20, 2020 (Newswire.com) – Based on Global Market Insights Inc., report, the Polytetrafluoroethylene Market was estimated at $1069.1 million in 2019 and is slated to exceed $1.3 billion by 2026, registering a CAGR of 5.5% from 2020 to 2026. The report provides a detailed analysis of the key investment avenues, drivers and opportunities, major winning strategies, wavering industry trends, market estimations as well as size, and competitive scenarios.
PTFE is part of the fluoropolymer family group that is utilized in the end-user sector including automotive, aerospace, chemical processing, electrical & electronics, etc. The product is also utilized in making nonstick coatings that are applied on cookware. Growing research and development activities in the field of PTFE is projected to expand its application area over the coming years.
Some of the ongoing research includes the usage of PTFE in making next-generation plastic lined piping & fittings, new generation sliding bearing materials, etc. These applications will further expand the horizon of PTFE by the end of the forecast timeframe.
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The dispersion segment will be growing at a CAGR of 5.2% in the global polytetrafluoroethylene market by 2026. This form is majorly used in metal coatings, glass cloth coatings, filled bearings, etc. applications. Increasing cookware items demand will enhance PTFE dispersion demand in upcoming years.
The unmodified segment will hold a considerable share of the overall polytetrafluoroethylene market in the projected timeframe. The product is extensively used in applications that require a high degree of non-contamination, purity, and superior dielectric strength. The suspension process will be accounting for a significant portion in the study timeframe. This process converts PTFE into granular or powder form in the absence of dispersant.
The automotive & aerospace sectors are to witness over 5% CAGR over the forecast timeframe. The aerospace industry utilizes PTFE material for cable insulation, doors protection, fuel hoses, wing edge, assembling aluminum rod attached to flaps & slats, etc. The product possesses key properties including inflammability, high dielectric constant, superior temperature resistance, low coefficient of friction, etc., which makes them ideally suited for aerospace applications.
The automotive sector also utilizes PTFE for coating molds that are used in the manifold design, seals, gaskets, fasteners, etc. Rising production of vehicles along with increasing penetration of electric cars across the globe will drive the polytetrafluoroethylene market growth in the automotive sector.
Some major findings of the polytetrafluoroethylene market report include:
- Technological advancement in the field of polytetrafluoroethylene is forecasted to drive its application in the chemical sector
- The advent of 3D printed PTFE will be leveraging profit maximization through driving down manufacturing cost, which is again subjected to its higher volume consumption by end-users
- The Asia Pacific will be the leading region in polytetrafluoroethylene industry size owing to its higher chemical and electrical & electronics production output
- COVID-19 will have a substantial impact on consumption of PTFE from 2019 to 2020 owing to the closure of major manufacturing facilities of end-users
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North America will hold a considerable share in the global polytetrafluoroethylene market over the projected timeframe. Established chemical companies together with growing electrical and electronic production output in the U.S. will form the basis for the success of the industry in this region.
Investment in research and development capabilities along with production capacity expansion will promote the growth of PTFE business worldwide. Some of the key participants include in the polytetrafluoroethylene industry are 3M, Honeywell, Arkema, SABIC, AGC Chemicals, DuPont, DAIKIN Chemicals and Mitsubishi Chemicals.
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Source: Global Market Insights Inc.