Polytetrafluoroethylene Market Overview
Polytetrafluoroethylene, aka PTFE, is a fluorocarbon solid that is formed through the process of polymerization of the monomer tetrafluoroethylene (TFE). As PTFE is non-reactive in nature, it is extensively used in pipeworks and containers for reactive and corrosive chemicals. It is even used as a lubricant due to its striking ability of reducing the consumption of wear and fuel in machinery and as graft material in the healthcare sector.
The global polytetrafluoroethylene market is extremely lucrative in nature and is primarily driven by the demand from automotive and industrial and chemical processing industries. As per the report released by the team of Market Research Future (MRFR), the globular market is anticipated to exhibit a CAGR of 6% during the forecast period.
Polytetrafluoroethylene Market Segmentation
The global polytetrafluoroethylene market segmentation is done in terms of application, form, and region.
By form, the market includes fine powder, granular/molded powder, micronized powder, and dispersion. The granular/molded powder segment held the largest share of the market in 2017 and is expected to hold onto the same in the near future. The growth of the segment can be attributed to the cost-competitive nature of granular PTFR and ease of production. Additionally, granular PTFE provides various key and excellent properties like water repellency, high thermal resistance, and enhanced chemical resistance. These properties make it highly ideal for the manufacturing of valves, plates, gaskets, rods, expansion joints, pistons, and seals,
By application, the market segments into chemical and industrial processing, aerospace, consumer goods, building and construction, automotive, pharmaceuticals electrical and electronics, and others. The chemical and industrial processing segment holds the largest share of the market and is expected to remain dominant in the forthcoming years.
By region, the market covers North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa.
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The global polytetrafluoroethylene market growth is regionally spearheaded by the North American market as per the last research undertaken in 2017. The regional market is expected to maintain its dominance during the forecast period due to the presence of major contributing nations like the US and Canada. The well-established and developed automobile and aerospace industries in these countries contribute significantly to the overall market growth of this region. Add to this, the growing adoption of polytetrafluoroethylene in the electronic, pharmaceuticals, and healthcare industries is also driving the demand for the product in North America.
The European market closely follows the North American market and is expected to grow further during the review period. Herein, the developed healthcare and automobile sector strikingly contributes to the overall market demand and growth of this region.
The Asia Pacific region is expected to be the fastest-growing regional market in the global market. The increasing production of automobile in the region acts as a major growth driver of the Asia Pacific region. Add to this, rapid scale industrialization, particularly in developing economies like China, India, and Japan, is further expected to drive the demand for polytetrafluoroethylene in both chemical and industrial processing applications.
The global polytetrafluoroethylene market hosts a number of key and prominent players. This includes names such as Daikin Industries (Japan), Solvay (Belgium), Halopolymer (Russia), The Chemours Company (U.S.), Hubei Everflon Polymer CO., Ltd (China), 3M (U.S.), Solexis SA (Switzerland), Asahi Glass Company (Japan), DowDupont (U.S.), China Haohua Chemical Group (China), and others.