Polytetrafluoroethylene (PTFE) Market Analysis
Polytetrafluoroethylene (PTFE) Market - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027
Polytetrafluoroethylene (PTFE), also known as Dupont’s Teflon, is a high molecular weight compound wholly consisting of carbon and fluorine. It is a fluoropolymer of tetrafluoroethylene and is produced through the process of free-radical polymerization of tetrafluoroethylene. Some of the properties of PTFE include high electronegativity, high molecular weight, inflammability, low coefficient of friction, non-stickiness, hydrophobicity, thermoplasticity, low chemical reactivity, and good dielectric properties. Moreover, it is highly resistant to chemicals and is insoluble in all known solvents.
In 2017, the global polytetrafluoroethylene market was valued at US$ 2.91 billion and is expected to witness a CAGR of 5.5% over the forecast period (2019-2027). Increasing use of PTFE in various end use applications such as textile, chemical processing, textile, medical, cookware, electrical, and electronics is one of the major factors that is driving growth of the polytetrafluoroethylene market. Moreover, increasing use of PTFE in photovoltaic modules, fuel cells, and batteries is expected to drive demand for PTFE in the near future.
However, factors such as high cost of PTFE due to increase in raw material prices for fillers, pigments, and fluoropolymer resins and increasing demand for premium-grade products globally are expected to hinder growth of the global polytetrafluoroethylene market over the forecast period.
On the basis of region, the global polytetrafluoroethylene market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Asia Pacific is expected to be the fastest growing region in the global polytetrafluoroethylene market over the forecast period, owing to increasing demand for PTFE in emerging economies such as China and India. Moreover, growing automotive industry in the region is expected to increase demand for PTFE. This is due to rising demand for lightweight automotive materials from PTFE manufacturers. According to Coherent Market Insights’ analysis, the production of passenger vehicles, trucks, and buses in South Asia increased by around 3.0% and reached 9.2 million units in 2017. Also, vehicle production in China increased by 3.5% and accounted for 29.5 million units in 2017.
Increasing technological advancements for end products is projected to increase demand for PTFE in North America and Europe over the forecast period. Africa, Latin America, and the Middle East are showing rapid economic and industrial growth over the past few years.
Some of the major players operating in the global polytetrafluoroethylene market include Dynalab Corp., Daikin Industries Ltd., HaloPolymer, Asahi Glass Co. Ltd., Dongyue Group Ltd., Saint-Gobain, Solvay Solexix S.p.A, and E.I. Dupont de Nemours.
Polytetrafluoroethylene Market Key Developments: